$1.6 Billion Disneyland-Like Project For Wynn Las Vegas Receives Green LightConstruction Could Begin As Early As December |
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About a year after Las Vegas casino mogul Steve Wynn announced plans for a $1.5 billion project called Paradise Park, the casino operator’s board has given it the green light.
CNBC reported that construction of a 20-some-acre lagoon, along with a new hotel, additional nightlife and dining attractions and a small gaming floor, could begin as early as December. The project is on land where a golf course sits next to Wynn’s two existing Strip casinos.
Wynn said the lagoon will have “a great show like they have at Disneyland, only bigger.” He added that “we have no better use for our money” than to build Paradise Park.
The Disneyland-like project comes at a time when Nevada is relying less on gaming revenue than ever before. The casino industry gets about 40 percent of its revenue from gambling, with the rest coming from hotels, nightlife, food and beverage, and so on.
Back in the early 1980s, gambling accounted for more than 60 percent of total revenue.
On the Strip, gaming win was just 35 percent of the total revenue of $16.74 billion during FY 2015, an all-time low percentage for the industry.
“The people are gonna be here," Wynn said last April. "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.”
The industry’s pivot toward non-gaming offerings included a citywide shift toward a paid parking model. With that said, Strip area gaming revenue of $1.67 billion in the first quarter of 2017 was up 5.5 percent year-over-year.
Nevada gambling does appear to be inching closer to pre-Great Recession levels. A record $12.85 billion was won off of gamblers statewide in 2007.
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