Development of Wynn Paradise Park Likely to Begin by Early 2018

Proposed Wynn Paradise ParkIn a recent press conference, Wynn Resorts announced that it is working on its mega project named as the Wynn Paradise Park. The development of the project is likely to begin by early 2018.

The news was confirmed by Steve Wynn who is the CEO and Chairman of Wynn casino. The announcement was made in a conference call where the Q1 results of 2017 for Wynn Resort were discussed.

A 20-acre lagoon is likely to be developed on an 18 hole golf course near Las Vegas Strip and it will offer a number of different water sports in the day and firework display during the night.

According to Steve Wynn, a lagoon will surround the Paradise Park and it will have a number of different attractions like for instance hotel tower, retail stores, restaurants and convention facilities. People who visit the casino will have access to a boardwalk and white sand beach.

The working on this Wynn project will be done on a phase-wise and is likely to be completed by early 2019. In the phase-wise development, an attraction centre will be opened and developed that will contribute to the growth of other amenities. According to Steve, the entire project will be a master plan which will be finalised by the end of 2017. In order to address the immediate business needs, pools, ballrooms, cabanas, beach facing meeting rooms and lagoons will be developed.

KTNV Channel 13 Las Vegas

Steve Wynn made the following statement in media:

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

The lagoon will have the dimensions of 1500 feet long and 800 feet wide with a 4000-foot boardwalk along with white sand beaches. A number of different attractions like bars, water sports and dining facilities will be developed in the adjacent areas. Wynn properties like bars, restaurants, neighbouring casinos will be energised in the first phase and will generate a return on investment of over 10 or 15 percent of Q1 results of Wynn Resort have further enhanced expectation of Paradise Park investment doing well.

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

The results are better than the expectations of analysts of 74 cents a share by reporting 99 cents a share. Wynn in his conference call said that the market share of the company in Macau was 16 percent at the moment. He further said that the number of visitors is likely to increase in future after the development of a mass transit system which will have a stop at Wynn Palace.

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