Wynn Paradise Park should open in 2020, if Steve Wynn can convince the board of directors to okay the project.
Las Vegas casino legend Steve Wynn said he plans to build a lake and a hotel between two of his Las Vegas Strip casinos. Wynn’s Paradise Park lake project would cost $1.6 billion, if it happens.
According to an article in Vegas Inc., visitors to Paradise Park would pay admission to visit. The lake would include 38 acres of real estate. Also on the grounds would be a 1000-room hotel, along with new nightclubs and restaurants in the area.
Between Encore and Wynn Las Vegas
The plan is to eliminate a golf course which sits between Wynn Las Vegas and Encore, two casinos owned by Wynn Resorts. Where the golf course sits right now, lake visitors would visit Paradise Park. The complex would contain a small gaming area.
In discussing the plan with the Las Vegas media, Steve Wynn was his usual irrepressible self. He said, “This really does reinvent Las Vegas. And I’m not a guy that does developer-speak very often– I let our projects talk for themselves.”
“Pay My Admission”
Wynn said he is not building the lake resort in order to draw more gamblers. Instead, he wants to create a unique holiday setting for Las Vegas tourists. He believes Paradise Park will revolutionize how visits to Las Vegas go.
He told the reporters, “The people are gonna be here. I don’t give a damn if they put a nickel in a slot machine. I want them to pay my admission, I want them to stay in my rooms — I want them to drink my booze and eat our food.”
Another Foray into Non-Gaming Revenues
Steve Wynn’s plan takes into consideration stark new realities on the Las Vegas Strip. Gaming revenue becomes less a part of the Las Vegas Strip’s attractions every year.
In 1984, gaming revenues were 62% of the casino’s total revenues. In 2015, that number had dropped to 43%. The restaurants, retail chains, museums, attractions, and nightclubs draw more dollars than slots row does anymore.
Good News for Steve Wynn
The announcement of Paradise Park is good news for Steve Wynn, in what has been a recent stream of bad news (as bad as it gets for a billionaire). Steve Wynn is going through a lawsuit over 21% of Wynn Resorts stock with his former wife, Elaine Wynn. He is engaged in a squabble with a local mayor near Everett, Massachusetts, site of the upcoming Wynn Boston Harbor. Steve Wynn has shut down building on the site, until an environmental issue is resolved.
Meanwhile, he’s seen stock in his gaming company decline by nearly 50% over the past two years, as the windfall profits from Wynn Macau have cratered in the wake of Xi Jinping’s corruption crackdown in China.
Macau junket operators could no longer bring VIP high rollers from mainland China, which has caused a 21-month drop in Macau’s gaming revenues. Steve Wynn also announced delays (and a possible lawsuit against the construction company) in the much-anticipated Wynn Palace on the Cotai Peninsula in Macau. The casino, which is opening during a huge economic downturn, is a multi-billion dollar risk for Steve Wynn.
In the past week, Steve Wynn has been dealing with media criticism of his comments before a group of investors. He was recorded referring to “poor people” in a derogatory fashion. Therefore, it is a good time for Steve Wynn to announce the big project, which should increase Wynn share prices.
Paradise Park Details
Las Vegas Weekly suggested Steve Wynn wasn’t trying to get over the blues, but steal the spotlight from MGM Resorts as it was opening the T-Mobile Arena. Whatever the reason for the timing of his introductory press conference, Steve Wynn suggested that the development might be the beginning of something grander.
The new complex is going to place a 38-acre lagoon (and island) where the Wynn Golf Course once was. The lagoon is going to be large enough for visitors to water ski and parasail. The resort around the lake is going to include a 1,000-room boutique hotel, restaurants, a convention hall, and a small casino.
The Las Vegas Weekly noted that the complete might not be finished. The area still has 100 acresl, so the 74-year old Wynn could add to the amenities in the next few years. For the time being, Paradise Park is expected to open in 2020.
