Wynn Las Vegas Ditches $1.6 Billion Paradise Park Lagoon, Will Reopen Golf CourseWynn Resorts Shares Tumble 15 Percent After CEO Reports "Slowdown" In Macau |
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The ambitious $1.6 billion Wynn Resorts (WYNN) Paradise Park project has been scrapped, paving the way for the reopening of the casino’s Las Vegas Strip golf course.
The initial plans for the site called for the construction of a 20-acre lagoon with water recreation, a new hotel, nightlife options, a carousel, and an additional gaming floor. Instead, the project will conclude once construction is done on the convention center, set to open in January of 2020.
“That project was over $3 billion today, looking at construction costs, including the convention center,” said Wynn Resorts CEO Matt Maddox, on a third-quarter earnings call. “From April 2016 to today, we always struggled with Phase 2 of Paradise Park. How are we going to make a room tower in a town with a lot of rooms pencil along with a lagoon? We weren’t really interested in building a large public swimming pool for the Las Vegas Strip. So we just decided, ‘Let’s go with Phase 1.’ We know the convention center is going to work.”
The Wynn Las Vegas golf course will now return, albeit with a slightly modified layout. Part of the original course was infringed upon by the new convention center, so Wynn has enlisted the help of original course architect Tom Fazio to redesign the affected holes.
Wynn Resorts shares tumbled 15 percent Thursday following comments by Maddox that the company was seeing “a slowdown” in Macau from their big-money players.
Maddox took the reigns of the company from 77-year-old billionaire Steve Wynn, who resigned in February following accusations of sexual misconduct dating back decades.
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