Casino magnate Steve Wynn says his new proposed project, a 38-acre lake resort with hotel, dining, and a small gambling floor located just off the strip, will be “just like Disney.”
Tentatively called Paradise Park, the project would feature a 1,000-room hotel and allow for water-skiing and paddle boarding on the land just behind the Wynn & Encore Casinos currently, which is currently occupied by a golf course.
“This is the most fun project in my 45 years,” Wynn told investors on Wednesday.
Wynn announced the project would likely open in 2020 and cost roughly $1.5 billion.
“We have a chance to reinvent Las Vegas and make the whole venue an entertainment attraction … an idyllic beach paradise surrounded by white sand beaches,” Wynn said. “People come to Las Vegas from all over the world to live large and have a good time and we can dish up an irresistible entertainment attraction.”
Paradise Park would have 260,000 square feet of meeting space and guest suites (with a living room and balcony), and expand the existing Country Club restaurant at Wynn Golf Club. The tower wouldn’t be as large as the existing Wynn casinos on the strip, and meeting spaces would be on the shoreline.
The edge of the lake would feature a one-mile perimeter with sand beaches and a boardwalk, in addition to a 120-foot island in the center for launching fireworks.
Telsey Advisory Group analyst David Katz told Bloomberg that the golf course behind the Wynn and Encore Casinos earns roughly $5 million annually, where Paradise Park could bring in $300 to $400 million.
Wynn plans to seek board approval in September.
At the same investors meeting, Wynn also gave details of the soon-to-open Wynn Palace in Macau. This project, which cost $4.1 billion, is set to open in late July or early August and could earn up to $850 million by 2017, he said. The new venue features a gondola ride, in-restaurant entertainment, and a lake with Bellagio-esque fountains.
(Photo credit: Wynn Resorts Ltd.)
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