Wynn adding final touches to USD 1.5B Paradise Park

The project will include a lagoon for water sports, surrounded by white-sand beaches, a convention facility and new hotel rooms.

Wynn, chairman and CEO of Wynn Resorts Ltd., made the comments Tuesday in a conference call with investors.

Wynn said he is encouraged by receiving inquiries from other developers interested in partnering to build on 140 acres between the existing resort presence and Paradise Road frontage.

“That area is the most precious piece of real estate in the whole resort industry in Las Vegas,” Wynn said. “The conversations I’ve had have been very exciting and gives me a lot of optimism about how we will continue over the next four to five years.”

Wynn also said the company’s newest improvement at the sports book on the north end of the Las Vegas property would be unveiled Friday. “The entire north end will look different,” he said. “We’ll have a new bar and new VIP seating. None of these hotels stay the same. If you’re not growing, you’re going backward.”

Clark County recently issued a permit for a US$ 500,000 project at the property.

Earnings report

Wynn Resorts Ltd. rode a 44.5 percent increase in revenue and boosts in operations at the Wynn Macau and in Las Vegas to post second-quarter earnings that exceeded Wall Street expectations.

 The revenue increase to US$ 1.53 billion for the quarter that ended June 30 was primarily attributed to US$ 414.7 million generated by the Wynn Palace near the Cotai Strip in Macau, which opened in August.