Wynn Resorts is planning to build its fourth hotel in Las Vegas with construction to complete in three years, according to Steve Wynn, the company’s chairman.
The new hotel will be located on a 15-hectare plot on the north Strip purchased for $336m in December last year. It will feature 2,000-3,000 rooms and a bridge across Las Vegas Boulevard connecting it to the Beach Club outside Encore and Wynn Las Vegas via an “air-conditioned umbilical hallway”.
Wynn made the announcement during the fourth-quarter conference call held on Monday. He said: “What we are going to do across the street is going to go rather quickly because I have been giving it thought for a long time. I don’t think the design and development period is going to be very long.”
He did not cite a specific schedule but said he expects work to be completed “in three years or so”. Construction has already started on the $1.5bn Wynn Paradise Park, a 47-story hotel featuring a lagoon and carnival attractions located between the existing Wynn and Encore towers.
Wynn said: “I am going to get those damn buildings up as fast as I can because I want to capture more of the absolutely inevitable visitor and tourist traffic that Las Vegas will experience in the next 15 to 20 years.”
Wynn is banking on tax breaks stimulating an “economic renaissance” in Las Vegas over the next 20 years. The city is also expecting to see more business travel in the future driven by a $1.4bn extension of the Las Vegas Convention Center that is expected to complete in three years.
The company hopes to have design renderings for all of its Las Vegas projects in the next four to five months.