Last week, in an anticipated call, Wynn Resorts announced their third-quarter earnings. Like other Las Vegas casino operators, they reported low revenue for the quarter from their Las Vegas properties.
Furthermore, some promising news about upcoming events at the renowned Las Vegas hotel was shared.
Convention center and golf course construction
Wynn Resorts CEO Matt Maddox, during the earnings call, announced the company’s decision to review their expansion plans for Las Vegas. The construction of the 400,000 square foot convention center is set to be completed by the end of 2019 as planned. However, there has been a change in the redevelopment plans for the golf course.
Wynn Resorts has opted to redevelop their golf course rather than constructing a large, themed lagoon named Paradise Park. Maddox indicated in the earnings call that the closure of the golf course has resulted in a loss for Wynn Resorts, amounting to between $10 million and $15 million in green fees, room bookings and other related revenues.
The area is now set to receive a gleaming new transformation, replacing the worn-out holes and providing a vibrant rejuvenation. Tom Fazio is once again tasked with the design of the Wynn Las Vegas golf course. The course’s reinvention is expected to be finalized by the time the convention center opens its doors in 2019.
More Wynn On The Vegas Strip
A new hotel tower was initially planned to be part of the Wynn Paradise Park development, but this idea appears to have been abandoned. After Steve Wynn’s departure from the company amid continuing sexual harassment allegations, the new management decided to reconsider the plan.
The development strategy for Wynn West, situated across the street, is undergoing revision. In light of the Paradise Park concept being dismissed, plans for the hotel tower have been redirected to the 38-acre land owned by them 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 construction on the new land is expected to commence the subsequent year.
Current Wynn Expansion
The latest retail and lifestyle complex, Wynn Plaza, stretches from Las Vegas Boulevard to the casino. The high-end mall, which just opened last weekend, 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 restaurant, Cipriani.
The call revealed that Wynn Las Vegas plans to introduce two unique “high energy” restaurants, unlike anything currently available at the property. These new dining spots are designed for guests who wish to extend their celebrations post meals, without having to visit a nightclub.
Next year, Wynn Las Vegas will be opening five new restaurants in total.
