Wynn Paradise Park Development To Begin By Early 2018

Wynn Resorts recently announced that work on its mega project, the Wynn Paradise Park is expected to begin by end-2017 or early 2018. Wynn Chairman and CEO Steve Wynn made the announcement in a conference call where Wynn Resort’s 2017 first-quarter results were discussed.

The 20-acre lagoon will be developed on what is now an 18-hole golf course near the Las Vegas Strip and will offer exciting water sports during the day and fireworks displays at night. Describing current design plans, Steve Wynn said that Paradise Park will have a lagoon which will be surrounded by various attractions such as convention facilities, restaurants, retail stores and a hotel tower. Visitors will also have access to a white-sand beach and a boardwalk.

According to Wynn the project will opened phase wise and be finished by early 2019. He said that the phase-wise approach would involve developing and opening an attraction that would drive the growth of other amenities. He stated that the entire project would be based on a master plan to be finalized by the end of this year. The lagoon and beach-facing meeting rooms, cabanas, ballrooms and pools will be developed first to address immediate business needs.

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In a statement Steve Wynn said,

The first phase begins in December or January and should go rather quickly. We realized we had an immediate problem, the (trade) shows (the resort hosts) are getting bigger every year and are outgrowing us.

The lagoon will be 1,500 feet long and 800-odd feet wide featuring a 4,000-foot boardwalk, along with white-sand beaches. Several attractions including watersports, bars, dining facilities will come up in adjacent areas. Wynn asserted that the first phase will additionally energize existing Wynn properties such as neighboring casinos, restaurants and bars, and generate a return on investment of over 10 or 15 percent Wynn Resort’s first quarter results have further boosted expectations of the Paradise Park investment doing well.

For the March-ending quarter of 2017, Wynn Resorts reported net revenue of $1.48 billion a 47.9 percent increase for the same period last year. Net earning was $100.8 million which was a 34 percent increase compared to the same period last year.

The results bettered analysts’ expectations of 74 cents a share by reporting 99 cents a share. In his conference call, Wynn stated that the company’s market share in Macau was now 16 percent. He noted that once an under development mass-transit system which has a stop at the Wynn Palace in the Cotai Strip is completed, the number of visitors will increase.

Adrian Sterne

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