Wynn Resorts Confirms Strip Project and Remains Silent on Japan Casino Interest

Earlier this week, casino developer and operator Wynn Resorts announced that the company’s board has approved the proposed project for the construction of a $1.5-billion integrated resort on the Las Vegas Strip.

The project was first introduced last year but it was only in 2017 that it received the necessary support. Construction of Phase 1 is expected to commence in December. It has become known that the resort will be rolled in several phases, but it has not been revealed how many of them there will be.

Wynn Paradise Park, as the future resort was introduced, will feature a waterfront lagoon, convention space, a 1,000-room hotel, and numerous attractions. It all shows that Wynn Resorts is gearing up to create a new gathering place for conference activity as well as to provide future visitors with family-friendly entertainment options.

The choice of Las Vegas as home to the developer’s new resort should not be a surprise. However, it may be a bit curious why a major company like Wynn Resorts has remained tight-lipped on whether it is interested to invest in the newly legalized Japanese casino market.

Fellow gambling operators such as MGM Resorts International and Las Vegas Sands made it known almost instantly that they were ready to spend big for a spot in the casino market of the Pacific Ocean nation. They put $10-billion price tags for lavish integrated resorts in Japan, in case they get the nod to build such resorts there.

Existing projects are probably the reason why Wynn Resorts has remained silent on the Japan topic. The company is currently building Wynn Boston Harbor, a $2-billion-plus resort on the Everett waterfront in Massachusetts, and, as understood this week, it is determined to move forward with Wynn Paradise Park’s construction, despite the delayed approval from the board.

The legalization of casino gambling in Japan was a long-anticipated move, particularly due to forecasts that the local market could be worth $10 billion, when opened. As mentioned above, some of the world’s largest integrated resorts developers voiced interest in a share of the Japanese market.

A similar effect was produced by Singapore’s government more than a decade ago, when casino gambling was legalized in the city-state. Back then, Wynn Resorts announced that it would enter contention for one of the two licenses announced up for grabs. However, the company’s $1.5-billion bid turned out to be too small to compare with Las Vegas Sands and Genting Group’s, the two operators that eventually built casinos in Singapore.

The scale of Wynn Paradise Park is yet to be revealed, as the company is to hold a press event on the matter in the months to come. However, it seems that Wynn Resorts will miss another opportunity to enter a new market with great potential in favor of what seems to be a less risky endeavor in its domestic market.

Follow us on Facebook and Twitter to keep up with the latest news from the global gambling industry.

Related News

CasinoNewsDaily is a media focused on providing daily news from the casino industry as well as in-depth gaming guides. Our guides cover roulette, blackjack, slots and video poker.
Tweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Share on Reddit
Reddit