Wynn Palace Macau
Wynn Resorts Ltd. is building a lake resort behind its two Las Vegas casinos, creating a place for water-skiing and paddle-boarding just off the desert city’s famous Strip.
The Las Vegas-based company will convert its Tom Fazio-designed Wynn Golf Club into the resort, which will feature a lake and a mile-
long boardwalk, founder Steve Wynn said Wednesday [US time] in a presentation to investors in Las Vegas. The resort, which is tentatively called Paradise Park, will offer ice cream and a fireworks show every night.
“Just like Disney,” said Wynn, who’s still working on the details and plans to seek approval from his company’s board in September.
The proposed project is the first major construction Wynn has undertaken in his home city since Encore Las Vegas opened there in 2008. The new resort, which will feature 1,000 hotel rooms and 250,000 square feet of meeting space, could cost as much as USD1.6 billion, said Wynn, the company’s chairman and chief executive officer.
“This is the most fun project in my 45 years,” Wynn told investors. “Somebody take the other side, tell me what’s wrong with this idea? We’ve all drunk the Kool-Aid.”
Wynn also used the event, the company’s first-ever investor day, to reveal details of its Wynn Palace casino under construction in Macau and another property under way in the Boston suburb of Everett, Massachusetts.
The Macau resort, now scheduled to open in late July or August, will feature entertainment in its restaurants, including an animatronic King Kong grabbing a banana in a mock New York skyline, Wynn said. The $4.1 billion resort could earn as much as $850 million in earnings before interest, taxes, depreciation and amortization by 2017, the company said.
The roughly $2 billion Boston-area resort could generate as much as $400 million in Ebitda, according to a slide presentation that accompanied the event.
Wynn rose 4.4 percent to $93.52 in extended trading. The stock fell 1.5 percent to $89.55 at the close in New York and has gained 29 percent this year. Christopher Palmeri, Bloomberg
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