I knew there was big news coming from Wynn Resorts today. On top of a massive revenue increase, Steve Wynn dropped a Las Vegas news bomb.
Wynn West
Wynn West will actually be 38 acres instead of 34 acres planned for Alon since Wynn recently purchased 4 more acres in front of Trump Tower. The property will extend from the Las Vegas Strip to Frank Sinatra Boulevard. Wynn now has 280 acres of land in Las Vegas from Paradise Road to Frank Sinatra Boulevard.
Wynn West will connect with Wynn and Encore by an air-conditioned “hallway.” I use quotes around the word hallway because there was once talk of a bridge connecting Alon and Wynn above Las Vegas Boulevard. A bridge isn’t quite a hallway. Additionally, Steve Wynn says that they already have escalators in place to build the “hallway.”
Anyway, Wynn is stoked that his connected property will eventually extend from the I-15 to Paradise Road. Wynn West is the maturing of his vision. Today, Wynn and Encore have a combined 4,750 hotel rooms. The company expects to have 8,000 total rooms and suites when the Wynn Paradise Park and Wynn West expansions are complete.
The plans for Wynn West are not final but they are considering this a full-fledged expansion of Wynn Las Vegas. Between Wynn West and Wynn Paradise Park, they are expecting to add a total of approximately 3,000 hotel rooms.
The Wynn West hotel tower could have about 2,000-3,000 hotel rooms. This could mean that the Wynn Paradise Park tower could have fewer than 1,000 hotel rooms. The plans for each hotel tower aren’t complete and Wynn mentioned that the Wynn Paradise Park tower could have 1,500-2,000 hotel rooms. Note that plans for either tower aren’t 100% solid and the size of each tower aren’t exact today.
The board of directors will see renderings of the new hotel rooms next week. Wynn says the new hotel rooms will be 650 square feet with two bathrooms and an 80” TV. The window will be 27 feet from the door. The window for the rooms will be 24 feet wide. He expects the new rooms/suites will bring $400-$500 per night.
Wynn West and Wynn Paradise Park hotel rooms should all be suites and command a higher price point than the original Wynn hotel tower. The property will be a full casino-resort in its own right but will “piggyback” on the existing property. The plan, or name, for Wynn West, isn’t fully fleshed out just yet. We should expect to see renderings of the entire Wynn development in the next four or five months.
This is all initial information and could change by the time they send an official press release to the media.
Other notes from the Wynn earnings call:
- Wynn Paradise Park lagoon and boardwalk will be a little more than 3 times the size of Bellagio lake which is eight acres.
- Gaming, restaurants, etc. for Wynn Paradise Park will be in the west part of the property.
- Revenue for Wynn is about 65% non-gaming. Wynn says non-gaming “produces all the fancy gamblers.”
- Wynn Resorts sees 50%-60% margins on hotel rooms.
- Loves the tax bill. Will bonus employees.
- They will build convention and meeting space as the first part of Wynn Paradise Park. It’s about 450,000 square feet. Will be opposite of Sands Convention Center.
- Wynn Paradise Park is not a theme park and not compete with Disney.
- Wynn Boston scheduled to open mid-2019. The hotel should see a topping off in the next few weeks.
Update: Las Vegas Review-Journal tweets that the hallway will be above the Vegas Strip.
