Wynn Announces Plan For New Las Vegas HotelSteve Wynn Makes Project Public In Earnings Call |
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Las Vegas-based casino giant Wynn Resorts has announced plans for recently-acquired land near its flagship casino.
According to the Las Vegas Review-Journal, the new hotel is set to be called Wynn West, the company’s chairman Steve Wynn said in a Monday earnings call. Wynn is eyeing as many as 3,000 hotel rooms for the building.
It doesn’t appear that the casino operator is planning a gaming floor for the property.
It was announced in December that Wynn Resorts would be acquiring some 38 acres of mostly vacant land, including the site of the unfinished Alon casino from Australia’s Crown Resorts. Wynn paid $336 million for the land, and at the time the firm didn’t say what it would do with it.
An estimated price tag for Wynn West wasn’t released Monday.
Before the Alon project, the land was home to the former New Frontier casino. The New Frontier was demolished in 2007. The Alon site traded for $1.2 billion a decade ago.
“Do you believe that Las Vegas will, for the next decade or two, continue to be a major destination city in the United States of America and the world?” Wynn asked on the conference call. “If you believe that, then you can be fearless about accommodating these people at the best level and giving the highest level of value. Anyone that doesn’t understand that is missing the boat.”
Wynn said he expects to have renderings available in four to five months.
The plan for the new hotel comes as Wynn also prepares for 1,500 additional rooms in its Wynn Paradise Park development, located on Wynn’s former golf course.
In the earnings call, Wynn said that it had net revenues of $6.31 billion in 2017, an increase of 41.2 percent, or $1.84 billion, from $4.47 billion during 2016. The increase in net revenues was the result of increases of $1.56 billion, $221.7 million and $62.5 million from Wynn Palace, which opened in August 2016, Wynn Macau and the firm’s Las Vegas operations, respectively.
Nevada regulators said earlier this month in a revenue report that the state’s largest casinos generated $6.1 billion in revenue from their hotel rooms in fiscal year 2017. That was 23.6 percent of total casino industry revenue in Nevada. That percentage was an all-time for the hotel rooms.
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