Wynn Plans to Start Work on 47-Story Hotel in January
Posted on: October 29, 2017, 10:00h.
Last updated on: October 29, 2017, 08:13h.
Wynn Resorts chairman and CEO Steve Wynn described details of his Paradise Park project during an earnings call on Thursday, plans that include the building of a new hotel tower that will be 47 stories tall and include 1,500 rooms.
The Paradise Park project will require the closure of the golf course that is currently located east of the Wynn Las Vegas and Encore hotel towers. The new venture will utilize a lagoon on what is now the golf course, and will offer up a twist on the Carnivale concept.
“We have decided to take the theme of Carnivale and turn it on its edge and make a series of attractions and interactive experiences that in some way have its roots in everything we grew up with carnivals,” Wynn said.
A Carnival with an Edge
The carnival feel will be generated with rides and attractions similar to those that might be seen in amusement parks and traveling carnivals. That will include bumper cars that are chased around by fake police officers, parades with massive floats that guests will be able to pay to ride in, zip lines, fireworks, and much more.
“There will be 10-12 floats in an audio-visual parade every night right after dark,” Wynn said. “That parade is a musical and visual extravaganza, but it’s not the Rose Bowl parade. It’s a much edgier kind of thing.”
Wynn expressed enthusiasm for the project due to the fact that the new development would be surrounded by other attractions that generate significant traffic. That includes the Las Vegas Convention Center, which is being expanded, and Resorts World Las Vegas, which is currently under construction.
While crews will begin preparing the site in January, Wynn said that construction on the new facility would begin in earnest in March or April. The Wynn Resorts board of directors will review the plans next week, though Wynn said that management is in favor of the concept.
Wynn Describes Strong Third Quarter
Other topics were also discussed on the phone call. According to Wynn, the company managed to beat their estimates on revenues and earnings for the third quarter. In fact, he said that it was the “best third quarter in its existence.”
“We’re particularly happy because our non-casino revenue was so strong,” Wynn said.
The CEO also responded to a question about the October 1 shooting that killed 58 people by noting that it did not appear to have any substantial impact on his company’s business. He also touted the corporation’s extensive spending on security, though he noted that began years ago.
“I believe that the self-consciousness about security has been continuous with all of the operators in Las Vegas for some time,” Wynn said.
Wynn also noted that shooter Stephen Paddock had been a customer at Wynn Resorts properties since 2006, when he was “a typical slot player with a modest credit limit of $50,000.”
“He just had a screw loose and snapped or something,” Wynn said of Paddock.
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