When Wynn Resorts announced last month it was purchasing 38 acres of land where the Frontier once stood — across from its Wynn and Encore resorts on the Las Vegas Strip — many analysts assumed it would be years before the site was developed.
But during Monday’s fourth-quarter earnings call, Steve Wynn said he would build a hotel there with up to 3,000 rooms as fast as he can to take advantage of visitor traffic in the coming decades. He referred to the recent groundbreaking of the Las Vegas Convention Center’s $1.4 billion expansion project as an essential Strip growth factor.
Wynn has already started work on the Paradise Park project to replace the 130-acre golf course east of his existing hotel towers, a lagoon roughly three times the size of Bellagio’s lake surrounded by a boardwalk and beach plus a hotel tower that could have 1,500 to 2,000 rooms. Wynn and Encore have 4,750 hotel rooms, and the new projects could boost the company’s holdings to 8,000 rooms.
More notes from Monday’s announcement and December’s deal:
- The land for the new hotel, which is being referred to as Wynn West, was purchased for $336 million. The 38 acres includes the site where the Alon resort project was being developed and four additional acres. The site stretches from Las Vegas Boulevard to Sammy Davis Jr. Drive. Wynn Resorts now has 280 total acres of land and a combined frontage on the Las Vegas Strip of more than 3,500 feet. Wynn West’s neighbors will be the Fashion Show mall and the Genting Group’s Resorts World.
- Wynn said he expects Paradise Park and Wynn West to be finished in about three years, which matches the expected timeframe for Resorts World, the Convention Center expansion and the stadium close to the south end of the Strip for the NFL’s Oakland Raiders.
- Wynn said the new hotel will be connected to Wynn and Encore by an enclosed, air-conditioned hallway running over Las Vegas Boulevard. It would be the first enclosed pedestrian bridge across the Strip. There is a bridge connecting the Fashion Show to the Wynn resort near Spring Mountain Road.
- The exact number of hotel rooms at the Paradise Park and Wynn West towers is still to be determined, but they are expected to be mostly suites and should command a higher price point than the rooms at the original Wynn hotel tower that opened in 2005.