![]() ![]() investment Morgan Stanley last week said it expects Macau gaming revenue to nearly double over the next five years to $60 billion as growing economic prosperity drives more Chinese to the gaming enclave. “The Macau market is still only touching a tiny percentage of the potential market that is there,’’ he told investors. Macau provided the biggest boost to the company’s fourth-quarter earnings and Wynn said he believes there’s even greater potential on the Chinese gaming enclave. “I am being pretty enthusiastic today about Las Vegas, but this is probably the first conference call” where we have been able to present our whole development plan,” he said. Wynn said he hoped to have rendering for all his Las Vegas projects in the next four to five months. “It is the non-gaming that produces all the fancy gamblers and the high-income type of patrons,” Wynn told analysts. Wynn stressed that attractions and recreation are key to attracting the so-called whales that drop from tens of thousands to millions on gaming. “We are creating a new kind of experience that is addressed to the modern era, taking advantage of technology.” “We are not competing with Disney,” Wynn said of the lagoon and surroundings. Wynn envisions a nightly Carnivale parade of floats on the hourglass-shaped lagoon. The lagoon, to be placed on the existing 130-acre Wynn Golf Club land, will be surrounded by a one-mile boardwalk and a white-sands beach. Wynn Las Vegas and Encore have about 4,800 rooms combined. The company already has begun work on Wynn Paradise Park, which includes a 47-story, 1,500-room hotel between the the existing Wynn and Encore towers off a lagoon 1,600 feet long and 650 to 700 feet wide. They would be surrounded by 6 million square feet of meeting space and could command rates of $400 to $500 a night by then. Wynn said that his company could have 8,000 of the approximately 160,000 Southern Nevada hotel rooms by the time his projects finish. “I am going to get those damn buildings up as fast as I can because I want to capture more of the absolutely inevitable visitor and tourist traffic that Las Vegas will experience in the next 15 to 20 years,” Wynn said about his projects. 1 shooting that raised concerns about safety in the city. Las Vegas suffered its first yearly decline in visitations last year in nearly a decade amid a slew of factors including weaker foreign currencies, major Strip room renovations and the Oct. Anyone that doesn’t understand that is missing the boat.” “If you believe that, then you can be fearless about accommodating these people at the best level and giving the highest level of value. ![]() “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. The Las Vegas Convention and Visitors Authority this month started construction on a $1.4 billion convention center expansion opposite the Wynn Las Vegas and Encore that will finish in three years. Drive because he expects Las Vegas will boom over the next 20 years as tax breaks stimulate an “economic renaissance.”Īlso more meeting space is built in the city to accommodate deep-pocked business travelers. Wynn said he wants to push ahead with development on his undeveloped land stretching from Paradise Road to Sammy Davis Jr. While he did not give a specific schedule, he added he expected to complete work on his Las Vegas projects “in three years or so.” I don’t think the design and development period is going to be very long,” he told analysts during his fourth-quarter conference call. “What we are going to do across the street is going to go rather quickly because I have been giving it thought for a long time. Wynn said he has already built the necessary infrastructure outside the Beach Club because he knew he would eventually buy the plot that stood barren a decade. Wynn West will connect to the Beach Club outside Encore and Wynn Las Vegas via an “air conditioned umbilical hallway” that will run over the boulevard, Wynn said. ![]() Wall Street analysts had believed Wynn was planning to warehouse the land, the former site of the New Frontier, for future use when market conditions were appropriate for expansion. The new hotel, Wynn West, will be a 2,000-3,000-room property on the 38-acre Alon site Wynn purchased on Dec. will move quickly to build a new hotel on land recently acquired on the north Strip, Chairman Steve Wynn said Monday in his first public comments on the topic. (Bizuayehu Tesfaye Las Vegas Review-Journal Resorts Ltd. Wynn Resorts will purchase approximately 38 acres of the land including the 34 acre site of the former New Frontier, formerly the Alon Resort site, as well as 4 additional acres connected to the site for a total of $336 million. A vacant lot across from Wynn hotel-casino photographed on Thursday, Dec. ![]()
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