Wynn Resorts Granted Extension for Third Las Vegas Project
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In late 2017, Wynn Resorts purchased 38 acres of land across the street from its current Wynn Las Vegas casino for $336 million. During Wynn’s fourth-quarter earnings call in early 2018, the company revealed plans to build a new casino and resort.
Multiple expansion plans for Wynn in Las Vegas were paused shortly after the purchase. The land between the Fashion Show Mall and Resorts World Las Vegas remains vacant and there are no plans to move forward yet.
This week, the Clark County Zoning Commission voted unanimously (7-0) to extend Wynn’s for the land.
Wynn Resorts now has approval to begin construction on the new property until April 2026.
Wynn West Plans
2017 and 2018 were wild rides for Wynn Resorts. In 2017 the company announced plans to remove the golf course and develop the property to be more family friendly.
Wynn Paradise Park was a wild idea from Steve Wynn. The expansion would have taken place on the golf course.
Plans for Wynn Paradise Park included a new hotel tower, lagoon, boardwalk, and even water skiing. (Image: A model of Wynn Paradise Park)
In early 2018, the company announced plans for what it still calls “Wynn West.” This would be another luxury casino and resort built on the land once occupied by the New Frontier, plus a few more acres on the west side of the Vegas Strip.
Steve Wynn discussed both Las Vegas expansion projects during an earnings call in early 2018. However, neither project made it much further than the planning stage.
Shortly after that earnings call, Steve Wynn’s fall from grace for sexual misconduct started and he departed the company he founded.
The demolition of the golf course at Wynn for the Paradise Park expansion was stopped. Wynn would later redesign the golf course. The company never started the expansion west.
Wynn currently owns 280 acres of land on both sides of the Vegas Strip. For reference, this much land is equal to about 200 football fields.
Wynn Resorts shifts focus from Las Vegas to their new Al Marjan Island property in the UAE, set to open in 2027. (Image: A model of Wynn Al Marjan)
If Wynn finally expands west, it would have one connected property that extends from the I-15 to Las Vegas Convention Center.
Unfortunately for Las Vegas, the company is more focused on expanding elsewhere. Additionally, Wynn has decided to step back from the $400M expansion at Encore Boston Harbor to prioritize other projects.
Wynn’s Current Expansion Plans Outside Of Las Vegas
Wynn Las Vegas is currently riding high. During the first quarter of 2024, the company reported double-digit income increases from hotel rooms, food and beverage, and entertainment.
The average daily hotel room rate for Wynn Las Vegas during this period was $595 and 80% of the available hotel rooms were occupied. The 20.7% increase from the first quarter last year was boosted by the addition of the Super Bowl to the Las Vegas entertainment calendar in February.
The company is also attempting to obtain a downstate New York casino license. If the company receives this license, it could begin construction on Wynn New York City on the west side of Manhattan.
This casino is still quite a while away. According to NY1, the state could approve licenses before the end of 2025.
Billings also said that the company is keeping an eye on Thailand for expansion.
