LAS VEGAS, Dec. 14, 2017 /PRNewswire/ -- Wynn Resorts
announces it has reached an agreement to purchase approximately 38
acres of land on the Las Vegas Strip directly across from Wynn Las
Vegas. The purchase includes the 34 acre site of the former New
Frontier, formerly the Alon Resort site, as well as 4 additional
acres connected to the site for a total of $336 million.
The agreement completes a unique assembly of contiguous real
estate of approximately 280 acres that spans from the Las Vegas Convention Center on Paradise Road
from the east, to Industrial Road on the west. The combined
frontage on the Las Vegas Strip is over 3,500 feet, including
rights to approximately 1,000 acre feet of water. It is
adjacent to nearly 6 million square feet of convention and
exhibition space. The average cost of the full assembly of 280
acres is less than $3 million per
acre.
The future development of the land will further change tourist
visitation patterns in Las Vegas
drawing more visitors to the north end of Las Vegas Blvd and its
collection of luxury resorts, including the existing Wynn Las Vegas
and the Paradise Park development slated to begin construction in
January 2018 on the site of the
former Wynn Golf Course.
Forward-looking Statements
This release contains
forward-looking statements regarding operating trends and future
results of operations. Such forward-looking statements are subject
to a number of risks and uncertainties that could cause actual
results to differ materially from those we express in these
forward-looking statements, including, but not limited to, our
dependence on Stephen A. Wynn,
general global political and economic conditions, adverse tourism
trends, dependence on a limited number of resorts, competition in
the casino/hotel and resort industries, uncertainties over the
development and success of new gaming and resort properties,
construction risks, extensive regulation of our business, pending
or future legal proceedings, cybersecurity risk and our leverage
and debt service. Additional information concerning potential
factors that could affect the Company's financial results is
included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2016 and the
Company's other periodic reports filed with the Securities and
Exchange Commission. The Company is under no obligation to (and
expressly disclaims any such obligation to) update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
About Wynn Resorts
Wynn Resorts, Limited (Nasdaq:
WYNN) is traded on the Nasdaq Global Select Market under the ticker
symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns
and operates Wynn Las Vegas (www.wynnlasvegas.com), Wynn Macau
(www.wynnmacau.com) and Wynn Palace, Cotai
(www.wynnpalace.com).
Wynn and Encore Las Vegas feature two luxury hotel towers with a
total of 4,750 spacious hotel rooms, suites and villas,
approximately 192,000 square feet of casino space, 22 dining
experiences featuring signature chefs and 11 bars, two
award-winning spas, approximately 290,000 square feet of meeting
and convention space, approximately 103,000 square feet of retail
space as well as two showrooms; three nightclubs, a beach club and
recreation and leisure facilities. A luxury retail Strip-front
expansion, Wynn Plaza, is currently
under construction and is scheduled to debut the third quarter of
2018.
Wynn Macau is a luxury hotel and casino resort located in the
Macau Special Administrative Region of the People's Republic of China with two luxury
hotel towers with a total of 1,008 spacious rooms and suites,
approximately 281,000 square feet of casino space, casual and fine
dining in eight restaurants, approximately 31,000 square feet of
meeting and convention space, approximately 59,000 square feet of
retail space, and recreation and leisure facilities including two
opulent spas, a salon and a rotunda show.
Wynn Palace is a new luxury integrated resort in Macau that opened August 22, 2016. Designed as a floral-themed
destination, it boasts 1,706 exquisite rooms, suites and villas,
approximately 420,000 square feet of casino space, 11 food and
beverage outlets, approximately 37,000 square feet of meeting and
convention space, approximately 106,000 square feet of designer
retail, SkyCabs that traverse an eight-acre Performance Lake, an
extensive collection of rare art, a lush spa, salon and recreation
and leisure facilities.
Wynn Resorts is currently constructing Wynn Boston Harbor located in Everett, Massachusetts.
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SOURCE Wynn Resorts, Limited