Wynn Las Vegas Ends Lagoon Project, Will Restore Golf Course

Clear the swimming trunk and grab the golf club.

Wynn Las Vegas announced Wednesday on its earnings conference call that it will no longer build the luxury lagoon theme park it had planned for years, but will instead restore the 18-hole Wynn Golf Club. 온라인카지노

In early 2016, then-CEOs of Wynn Resorts Steve Wynn and Wynn Las Vegas announced they would build Paradise Park, which will include a 400,000-square-foot convention center and a 38-acre lagoon with three hotel towers. The entire project will cost more than $3 billion.

The lagoon was supposed to be built on the site of the golf course behind the Angkor Resort and Win Las Vegas. However, the $1.5 billion lagoon project will no longer proceed and the golf course, which closed in December 2017, will reopen.

The convention center’s plans are continuing, and the hope is that it will open in 12-18 months.

According to Wynn Resorts CFO Craig Billings, the company will turn to Tom Fazio, who originally designed the golf course. Fazio will redesign the two halls it occupied for the convention center. The goal is to get the golf course back up and running before the convention center is completed.

Another part of the project is hotel and casino expansion. To pursue it, Wynn purchased 38 acres on the Las Vegas Strip. According to Billings, it will take two years for the design and development to begin.

In addition, Wynn Resorts is seeking to build a $2.6 billion resort near Boston and plans a seven-acre site next to Wynn Palace in Macau. But at the same time, the company seems very confident in its Las Vegas project, despite other developments underway.

“From April 2016 to today, we always wrestled with Phase II of Paradise Park,” Matt Maddox, the CEO of Wynn Resorts, told analysts during the conference call. “How do we build a room tower in a town where many rooms are equipped with pencils and 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 to Phase I’. We know that the convention center will work.”

Leave a Reply

Your email address will not be published. Required fields are marked *