Las Vegas casino mogul Steve Wynn revealed plans for the establishment of a lake resort right behind its famous Las Vegas Strip hotel and casino complexes Wynn and Encore. Wynn Paradise Park is to be built at the site of the Wynn Golf Club and would provide paddle-boarding and water-skiing options among other things.
Mr. Wynn said in a presentation to investors that the new resort would feature a mile-long board walk and a lake as well as hotel, casino, and numerous entertainment, food and beverage, and other exciting options for visitors. The casino billionaire revealed that guests will also be treated with fireworks shows every single night.
Mr. Wynn, who was behind the design of some of his casinos, said that he is still working on details regarding how exactly his new property would look and that he would be seeking an approval from Wynn Resorts’ board members this fall, probably in September.
Wynn Paradise Park is expected to feature 1,000 hotel rooms and 250,000-square-foot meeting venue. Mr. Wynn, who is CEO and Chairman of Wynn Resorts, told investors that the luxury complex could cost up to $1.6 billion. Here it is important to note that the new lake resort will be the first major construction project Mr. Wynn has undertaken in Las Vegas since Encore was completed and opened doors in 2008.
The casino executive explained earlier this week that the golf course behind his two existing properties on the Strip annually earns EBITDA of about $5 million. If they launch Wynn Paradise Park, however, the complex could generate up to $400 million per annum, David Katz, analyst at Telsey Advisory Group, said in a Thursday note.
During its first-ever investor day, Wynn Resorts also revealed a bit more information about Wynn Palace, a $4.1-billion casino resort which is currently being built on Macau’s Cotai Strip, known to be the Asian equivalent of the Las Vegas Strip. Although the venue was expected to open doors in June, its opening has recently been rescheduled for July or August. The expensive resort could generate EBITDA of $850 million by 2017, the gambling operator said this week.
Wynn Resorts is also the holder of one of three casino licenses for full-fledged casinos in Massachusetts. The operator is to build Wynn Boston Harbor, a $2-billion luxury resort on the Everett waterfront. Construction was expected to start this spring but was delayed due to Wynn Resorts’ prolonged court battle with opponents of the project.
