More Vegas and More Wynn
Casino operator earnings season is quite fun when business is good. It’s at least interesting when the businesses are in flux. Earnings calls and reports from casino operators can be downright sad too. This was one of those sad weeks in corporate earnings.
The Third quarter earnings report for Wynn Resorts wasn’t good. It appears as though that’s mainly because of Macau. Las Vegas was barely an earnings topic. However, the real news was from Las Vegas and they saved it for the earnings call.
Traffic alert: There will be lots of road closures today (11/11/18) if you’re driving on the Vegas Strip today. See them all here.
RIP Wynn Paradise Park
On this week’s Wynn Resorts earnings call CEO Matt Maddox officially ended any hopes that we would ever experience Wynn Paradise Park. The unique expansion project was initially pitched by Steve Wynn in early 2016. The initial ideas were a bit off the wall to say the least.
Wynn Paradise Park was still going to be bananas in late 2017. The plan for the expansion was to remove the golf course and add a 38-acre lagoon and boardwalk, rides, parades, restaurants, nightlife, casino, and hotel tower. Construction workers started digging up the golf course in early January 2018.
Shortly after work started on Paradise Park, Steve Wynn stepped down as CEO of Wynn Resorts. In April of this year, the new CEO said that construction would continue on Wynn Paradise Park but it wouldn’t be quite as bananas as Steve Wynn envisioned.
New plans for Wynn Paradise Park (below 18 Fremont plans) lost the unique vision under new leadership. The project was more modest but made sense for a company trying to keep the dream alive. Oh well, much like the man himself, Steve Wynn’s vision for the next phase of Wynn Las Vegas is gone. This week, Maddox announced that Wynn Paradise Park was no longer part of their expansion plans. RIP Wynn Paradise Park.
Wynn Golf Club Is Alive!
With plans for Paradise Park over, Maddox announced that the golf course at Wynn Las Vegas will return. He estimated that the company lost somewhere between $10 million and $15 million because of the closure.
Tom Fazio, the designer of the original golf course, will return to bring the golf course back to life. This won’t be an entirely new golf course. He will rebuild the holes that will be home to the convention center that’s currently under construction.
Both the convention center and golf course at Wynn Las Vegas should be finished by this time next year.
Wynn West Lives…Sorta
Just before the Wall Street Journal reported on Steve Wynn’s sexual misconduct he dropped a bomb about building a new casino-resort tentatively called Wynn West.
Maddox also announced that the 38 acres of land across the street from Wynn will be used for a new casino and resort…eventually. Once again the company is scrapping Steve Wynn’s vision. They will spend two years developing a new plan for the expansion.
Expect to hear lots rumors about the company and project over the next two years. They don’t expect to start working on the expansion until 2021.
There’s a 99.99% chance that this won’t be called Wynn West when it’s built.
Wynn Quick Hits
- The Wynn Plaza Shops are officially open. Read more about the mall here.
- Here’s some analysis of Wynn Resorts earnings.
- Steve Wynn sold his stake of the company and “made out like a bandit.” Read more here.
- Expect more rumors that Wynn is for sale with its stock tanking right now.
Sigma Derby At MGM Grand Is MIA
The Sigma Derby group on Facebook has eyes on the games at all times. This week they noticed that the game has been removed from the casino floor at MGM Grand. While the game is often down for repairs it seems this might be a bit more severe.
The group has added “Save The MGM Sigma Derby” to its group name. They’re even starting a letter writing campaign to keep the game on the floor.
While Fortune Cup seems to be a popular alternative, it’s not a replacement for the diehard Sigma Derby fans. We’ll keep an ear to the ground to see if Sigma Derby returns to the casino floor at MGM Grand. In the meantime, head to The D for the other Sigma Derby game in Las Vegas or give Fortune Cup a whirl.
Sambalatte At The Smith Center
Sambalatte is one of my favorite coffee shops in Las Vegas. They just opened a new location at the Smith Center in downtown Las Vegas. Coincidentally, I was in the area shortly after they opened.
The coffee is as good as ever and ample seating. Unlike the other downtown Las Vegas location at the Molasky Center, there’s easy access to parking. It’s a nice relaxing place to grab a great cup of coffee but might get a little loud if parents bring their kids in for coffee after visiting the Discovery Children’s Museum.
I rarely drink anything but black coffee but this location will have fun drinks that tie in with performances at the Smith Center. Even I had a chuckle at the Hakuna Ma-Latte for The Lion King.
Caesars Expands Property-Wide Progressive Table Games
Caesars Entertainment has been talking about adding progressive jackpots for their table games for about a year. The side bets have a fairly large house edge but people seem to enjoy them. The company started the progressives on nearly 40 Pai Gow Poker tables. Now they’re expanding to nearly 250 blackjack and poker derivative games (3 card poker, etc.).
The progressives can be found at all nine of Caesars’ Las Vegas casinos. This is the largest linked table network in the nation. The $5 wager and the number of tables included mean that the side bet should create high jackpots. We’ve already seen at least one million dollar progressive winner from the Pai Gow game at The Cromwell.
Quick Hits – More Vegas
There’s a good amount of new in Las Vegas this week. Personally, there’s no bigger news than learning that there’s a new Meltz in town. A restaurant called Texas Meltz recently opened on Sahara. Meltz’s taking over this town! Here are some more news bites that you might find interesting.
- The source sharing all the Caesars rumors at the NY Post is at it again. Now MGM is looking to merge with Caesars. Read more here.
- The Zipline at The Linq just opened. People are already getting hurt. Read more here.
- Evidently, Hooters Casino is on the market again. Read more here.
- Here’s a rendering of the arches that Las Vegas is proposing as a gateway to downtown.
- Las Vegas sports books lost a bunch of money last week. Don’t worry, they’re still open for business. Read more here.
- SLS hired some new people. Read more here.
- Just in : RM Seafood and RX Boiler Room at Mandalay Bay are closing.
- Treasure Island has a new sports bar. Check it out:
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