Sustainability and environmental, social and governance (ESG) practices are all the rage in Corporate America and gaming companies, including Wynn Resorts, are participating in that trend.
The integrated resort operator is one of six hoteliers to win a “Global Vision Award” from Travel + Leisure. Las Vegas-based Wynn is the only gaming company in the group.
The award spotlights international companies, individuals, destinations, and organizations taking strides to develop more sustainable and responsible travel products, practices, and experiences,” according to a statement issued by Wynn.
The Encore operator has an in-house sustainability program known as Goldleaf, which includes the company’s sustainability initiatives such as carbon reduction and boosting use of renewable energy. Wynn is aiming to be net-zero, meaning it reduces or offsets all its carbon emissions, by 2050.
Wynn, Rivals Making ESG Inroads
The award from Travel + Leisure is another accolade for Wynn and further confirmation gaming companies are actively bolstering their ESG credibility.
Last December, Las Vegas Sands announced its Sands China unit was added to the Dow Jones Sustainability Asia Pacific Index. In 2020, the casino operator was also included in the Dow Jones Sustainability North America Index, making it the first gaming equity to be included in both of those benchmarks.
As for Wynn, the company’s a pioneer in gaming industry environmental sustainability efforts. That started with its 160-acre solar farm in Las Vegas that debuted in 2018. That helped the operator trim carbon emissions by 20 percent and set the stage for the casino giant to expand those efforts to other venues.
“Wynn Resorts expanded its sustainability efforts to all of its properties, from the Encore Boston Harbor, which gets energy from a rooftop solar array and four-megawatt batteries, to the Wynn Macau, where restaurant kitchens have cut 70 percent of food waste since 2019,” reports Travel + Leisure.
Wynn is aiming to have renewable energy account for at least half its procured power by 2030.
Potential Investment Implications
Over time, Wynn’s sustainability efforts could open the stock open to a broader audience of investors.
ESG investing is an increasingly popular style among money managers and retail investors. However, many of the equity benchmarks that adhere to ESG principles intentionally exclude specific industries. Those typically include adult entertainment, alcohol, civilian firearms manufacturers, tobacco, and, yes, casino gaming.
However, the investment style is expanding and a new wave environment-focused funds don’t rely on old guard exclusionary tactics. That could be a sign that more gaming equities could eventually find their way into sustainability funds.
The post Wynn Resorts Wins Travel + Leisure Sustainability Award appeared first on Casino.org.