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Construction on Steve Wynn’s Paradise Park, the lagoon development with a new hotel planned for behind the Wynn and Encore, will begin Jan. 3.
The Wynn Golf Club will close Dec. 22 to make way for the project, Wynn said today during a conference call with investors to discuss his company’s third-quarter earnings.
“We’re in the very final stages of getting building permits, and hard construction should start by March and April,” he said.
The carnival-themed new development will have a 103-foot diameter carousel rotating over the man-made lagoon, electric bumper cars that light up when bumped and a nighttime parade with 10-12 floats that guests can pay to join. He will present a budget for the project to his board within 90 days.
The development will also have a new 47-story, 1,500-room hotel with its own convention space, casino and restaurants. It will sit roughly between the Encore and the Wynn Las Vegas.
Wynn had spoken about plans for a hotel in early discussions about the project. But in his 2017 first-quarter earnings, he said he had temporarily shelved plans for the hotel.
“We would leave room for our new tower that could be a couple of thousand rooms,” Wynn said at the time. “We would leave room for everything, master plan it, but build at first the park that would immediately power up our existing restaurants, our existing casino, our existing convention meeting and catering operation.”
Today’s call was the first time he revealed that he had decided to retain the hotel.
Wynn said the new lagoon will have a midway that takes the theme of a carnival and turn it on its edge. He said the nighttime parade will feature “edgier” floats with themes like King Kong, spiders and the devil.
In addition, he said, there will be regular fireworks, zip lines and other attractions on the boardwalk that surrounds the lagoon.
Wynn has long said the development will include space for other developers to build projects. And today, he said he is in talks with companies who are interested in building on the land.
We are leaving 40- 60 acres on the far east of the project open for development in the future. And we are talking with several applicants or possibilities who already in negotiations with us,” he said.
Third-quarter earnings
Wynn Resorts, which owns and operates Wynn Las Vegas and Encore in Las Vegas as well as Wynn Macau and the Wynn Palace in the Special Administrative Region of Macau in the People’s Republic of China, announced third-quarter earnings Thursday.
Company: Wynn Resorts, Limited (Nasdaq: WYNN)
Revenue: The company experienced net revenues for the third quarter of 2017 of $1.61 billion, an increase of 45.3 percent, or $502.5 million, compared to $1.11 billion for the same period last year.
Income: 2017 third-quarter net income was $79.8 million, compared to a third-quarter 2016 net loss of $17.4 million.
Income per share: Third-quarter income per diluted share was $0.78, compared to $0.17 per diluted share, for the third quarter of 2016.