Work is expected to commence by the end of the year or in early 2018 on the first stage of Steve Wynn’s next giant Las Vegas conception, Wynn Paradise Park, a 20-acre creek that would host watersports by day and fireworks shows at night.
Wynn Chairman and CEO Steve Wynn dedicated much of the company’s first-quarter incomes conference call Tuesday giving details of the project that will be built on what is now an 18-hole golf course just east of Wynn Las Vegas and Encore.
In primary descriptions of the project, Wynn proposed a lagoon encircled by new convention amenities, new restaurants and retail, a hotel room tower, a white-sand beach and a boardwalk. Wynn even devoted time on the call to his expectation that the relocation of the Oakland Raiders to Las Vegas and construction of a new Las Vegas stadium to house the team would be a huge success for Southern Nevada.
“I love that the Raiders are coming,” expressed Wynn, who spoke to NFL football with Washington Redskins owner Dan Snyder, New England Patriots owner Robert Kraft and Baltimore Ravens owner Steve Bisciotti during a recent vacation in the Bahamas. “This was whipped cream and a cherry on the cake.”
He stated that when the Super Bowl is staged in Las Vegas – and he projected there would be several appearances – that “this city will go bonkers.”
Wynn forecasted Las Vegas would become known as the sports capital of the state when the Raiders arrive and that the National Basketball Association would sooner or later locate a franchise at the T-Mobile Arena.
Nevertheless, the biggest news for Wynn was the start-up strategy for Paradise Park, which may be somewhat smaller than formerly publicised. Wynn stated it will be a staged project with the lagoon and beach amenities expected to be finished by early 2019. Wynn said the idea of phasing construction is to launch a place that should drive other amenities in a “conservative but dynamic approach.”
“We would masterplan the entire event and build beach-front meeting space, ballrooms, cabanas and pools that represented the certain need we had at the moment,” Wynn described to investors.
He said sketches and strategies will be finalised by the end of the year.
“The first phase begins in December or January and should go rather quickly,” he said. “We realized we had an immediate problem, the (trade) shows (the resort hosts) are getting bigger every year and are outgrowing us.
“We would build the lagoon 1,500 feet long and 800-odd feet wide with a 4,000-foot boardwalk with white-sand beaches and watersports and attractions, bar, food service … build that first.
That would energize the real estate, the 130-odd acres that is the golf course. We’d build at first the part that would immediately power up our existing restaurants, our existing casino, our existing convention and meeting and catering operation with an absolute certain return on that investment of in excess of 10 or 15 percent.”
Confidence upon incomes
Wynn is self-confident about his investment after seeing the company’s first-quarter incomes. For the quarter that ended March 31, the company reported a 47.9% increase in net revenue to $1.48 billion and a 34% increase in incomes attributable to Wynn Resorts to $100.8 million compared with the same quarter a year earlier. Results exceed Wall Street outlooks of 74 cents a share with 99 cents a share. The company also declared a 50% per share surplus on May 23 for stakeholders of record May 11.
Company stock profited from the positive report with shares up in after-hours trading by $4.68, 4%, to $122.90 a share on heavy trading. Wynn said in the conference call that the company currently has a 16% percent market share in Macau that has grown progressively over the past three years.
He said that should ascent even more once a mass-transit system that has a stop in front of Wynn Palace is finalised later this year. What’s more, the system now serves as “a barricade” to visitation, but once it and MGM Resorts International’s new Cotai project are open, visitation should cultivate even more.
Make sure to check out our bi-weekly blogs for all the latest updates about all the hottest happenings in Vegas. And don’t forget, check out all the services 702 ENT offers: we can help you plan an fun and unforgettable holiday.
With our reliable Las Vegas Concierge Services, we will show you what to do, and where to go, with recommendations for activities to suit your tastes and preferences.
Click here for more information.