Last week, Wynn Resorts announced their third-quarter earnings in a projected call. Like other Las Vegas casino operators, they reported weak revenue for the quarter at their Las Vegas establishments.
Moreover, some encouraging news about future events at the renowned Las Vegas hotel was shared.
Convention center and golf course construction
Wynn Resorts CEO Matt Maddox declared in the earnings call that the company intends to reevaluate their Las Vegas expansion plans. The construction of the 400,000 square foot convention center is set to finish by the end of 2019, adhering to the original schedule. However, plans for the golf course redevelopment have been altered.
Wynn Resorts has decided to redevelop the golf course rather than creating a large, themed lagoon named Paradise Park. Maddox stated in the earnings call that the closure of the golf course has resulted in a loss of approximately $10 million to $15 million for Wynn Resorts in green fees, room reservations, and associated revenues.
The area is set to receive a gleaming makeover, with the worn-out holes being replaced for a dazzling revamp. The Wynn Las Vegas golf course will once again be designed by Tom Fazio. The transformation of the course is expected to be finished in time for the opening of the convention center in 2019.
More Wynn On The Vegas Strip
Initially, a new hotel tower was to be included in the Wynn Paradise Park development, but that idea appears to have been abandoned. Following Steve Wynn’s departure from the company amid ongoing allegations of sexual harassment, the new management decided to reevaluate the plan.
The development strategy for Wynn West, situated across the street, is undergoing revisions. With the scrapping of the Paradise Park concept, the blueprint for the hotel tower has been relocated to the 38 acres of land they possess on the Vegas Strip.
Starting in 2019, Wynn Resorts will spend the following two years devising a plan for the adjacent land.
By the end of 2020, Wynn Resorts anticipates having a strategy for the new property. The actual building on the new land is expected to commence the subsequent year.
Current Wynn Expansion
The newly opened Wynn Plaza, a retail and lifestyle complex, connects Las Vegas Boulevard to the casino. This upscale mall, which opened recently, boasts several unique features. These include the first Soul Cycle spin studio in Las Vegas and the inaugural Vegas branch of the renowned New York eatery, Cipriani.
The call revealed that Wynn Las Vegas is set to introduce two distinctive “high energy” restaurants that are unlike any currently on the property. These new dining spots cater to guests who wish to extend their party after dining, without necessarily visiting any of the nightclubs.
Next year, Wynn Las Vegas will be opening five new restaurants in total.
