Wynn Planning Massive New Las Vegas ProjectDevelopment To Be Called Paradise Park, Could Cost $1.6B |
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Las Vegas casino mogul Steve Wynn said Wednesday that he is planning a new project on the Strip that could cost as much as $1.6 billion.
According to a report from Vegas Inc, Wynn is looking to build a 38-acre lake, along with a new 1,000-room hotel, additional nightlife and dining attractions and a small gaming floor on land where a golf course sits next to his two existing Strip casinos, Wynn Las Vegas and Encore.
The project would be called Paradise Park, and visitors would pay admission.
“This really does reinvent Las Vegas,” Wynn reportedly told investors. “And I’m not a guy that does developer-speak very often — I let our projects talk for themselves.”
He added: “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.”
He was referring to the fact that overall revenue for Las Vegas casinos is being dictated less and less by gaming win than ever before. Nevada’s largest casinos had total revenue of nearly $24.6 billion in fiscal year 2015, the most in seven years. Statewide gaming revenue during FY 2015 was $10.6 billion, or 43.2 percent of total revenue. According to research done by the University of Nevada Las Vegas, that percentage was a historic low. In 1984, the farthest back the data goes, gaming win represented nearly 62 percent of total casino revenue in the fiscal year.
On the Strip, gaming win was just 34.9 percent of the total revenue of $16.74 billion during FY 2015, also an all-time low.
Nevada casinos won $11,114,081,000 from gamblers in 2015, which was an increase of 0.87 percent compared to 2014. Gaming win has remained flat over the past several calendar years.
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