Wynn plans US$1.6B project in Las Vegas

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The new development will include a 1000-room hotel-casino.

The development will be called Paradise Park and it would comprise a 38-acre lake, a new 1,000-room hotel, additional nightlife and dining attractions and a small gaming floor on land.

US.- Steve Wynn announced that he is planning a new development on the Strip worth US$1.6 billion. Wynn plans to build a 38-acre lake, a new 1,000-room hotel, additional nightlife and dining attractions and a small gaming floor on land where a golf course sits next to his two existing Strip casinos, Wynn Las Vegas and Encore. Visitors would have to pay admission.

“This really does reinvent Las Vegas. And I’m not a guy that does developer-speak very often — I let our projects talk for themselves,” Wynn told investors.“The people are gonna be here. I don’t give a damn if they put a nickel in a slot machine. I want them to pay my admission, I want them to stay in my rooms—I want them to drink my booze and eat our food.”

The remark refers to the fact that overall revenue for Las Vegas casinos is being less and less connected to gaming win than ever. Nevada’s largest casinos had total revenue of nearly US$24.6 billion in fiscal year 2015, the most in seven years. Statewide gaming revenue during FY 2015 was US$10.6 billion, or 43.2 percent of total revenue. In 1984, the farthest back the data goes, gaming win represented nearly 62 percent of total casino revenue in the fiscal year.

On the Strip, gaming win was just 34.9 percent of the total revenue of US$16.74 billion during FY 2015, also an all-time low. Nevada casinos made US$11,114,081,000 from gamblers in 2015, which was an increase of 0.87 percent compared to 2014. Gaming win has remained flat over the past several calendar years.