Wynn Resorts reported third-quarter earnings in an anticipated call last week. Similar to other Las Vegas casino operators, they reported poor revenue for the quarter at their Las Vegas properties.
Additionally, there was some positive news shared about future happenings at the famous Las Vegas hotel.
Convention center and golf course construction
During the earnings call, Wynn Resorts CEO Matt Maddox announced that company has decided to revisit their expansion plans for Las Vegas. The 400,000 square foot convention center that’s under construction is to be completed by the end of 2019. That’s all that’s on track as planned, however, the redevelopment of the golf course has changed.
Instead of creating a massive, themed lagoon called Paradise Park, Wynn Resorts will redevelop the golf course. During the earnings call, Maddox said that Wynn Resorts has lost somewhere between $10 million and $15 million in green fees, room reservations and related revenues due to the closure of the golf course.
It’s now due to get a shiny new makeover, replacing the torn out holes and giving the area a sparkling refresh. Once again, Tom Fazio will be designing the Wynn Las Vegas golf course. The reinvention of the course should be complete by the time the convention center opens in 2019.
More Wynn On The Vegas Strip
A new hotel tower was once going to be included in the Wynn Paradise Park development, but that is seemingly squashed. After Steve Wynn left the company due to ongoing claims of sexual harassment, the new regime decided to revisit that plan.
The strategy for the Wynn West development of the land across the street is being redone. And now that the Paradise Park idea is nixed, the hotel tower plans have been shifted to the 38 acres of land they own on the Vegas Strip.
Beginning in 2019, Wynn Resorts will take the next two years to develop a plan for the nearby land.
Wynn Resorts expects to have a game plan for the new property by the end of 2020. Actual construction on the new land should start the following year.
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Current Wynn Expansion
Wynn Plaza is the new retail and lifestyle complex that leads from Las Vegas Boulevard to the casino. The new upscale mall opened this past weekend and features a few firsts, including the first Soul Cycle spin studio in Las Vegas and the first Vegas outpost for famed New York restaurant Cipriani.
According to the call, Wynn Las Vegas will be adding two new “high energy” restaurants that are different than anything currently at the property. These new eateries are for guests who want to continue the party after the meals but don’t want to visit one of the nightclubs.
In total there will be five new restaurants opening at Wynn Las Vegas next year.
