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Steve Wynn announces an ambitious project in Las Vegas


American gambling magnate Steve Wynn announced plans to build an entertainment center on the lake directly behind his famous Wynn and Encore in Las Vegas. Wynn Paradise Park will be built on the site of a golf course; among other things, it will provide opportunities for boating and water skiing.

In a presentation to investors, the businessman said that the new complex will include a hotel, casino, catering, and other interesting options. He said that every night for the guests will arrange fireworks.

Wynn, who personally designed some of his casinos, said that he continues to work on the detail of the establishment looks. He will ask for approval of the Board of Directors of Wynn Resorts this fall, probably in September.

What the new casino will be like

It is expected that the entertainment center will include as many as 1000 rooms. Wynne, who is the executive director and chairman of Wynn Resorts, told investors that the luxury complex will cost up to $ 1,600,000,000. Moreover, it is important to note that it will be the first major project undertaken by the company in Las Vegas since 2008, when Encore opened its doors.

Last week, the head of the company said that the golf course for its existing institutions of the Strip every year brings him EBITDA of about $ 5 000 000. analyst David Katz said in his note that Wynn Paradise Park will be able to earn up to $ 400 million a year.

In its first investor day Wynn Resorts reported as additional information about the Wynn Palace. This gaming complex for $ 4.1 billion, which is currently under construction in Macau on the Cotai Strip (the equivalent of the Las Vegas Strip). It was expected that the facility will open its doors in June, but recently the event was moved to July – August. Gambling operator said that a year can bring costly complex EBITDA of $ 850 million.