Hotels|

Steve Wynn announces expansion of Las Vegas hotel portfolio

The Wynns VegasSteve Wynn has confirmed planned expansions to the Wynn hotels collection will double its properties in Las Vegas. Speaking to investors yesterday, the US casino tycoon explained that a new hotel would be built on the opposite side of Las Vegas Boulevard to the group’s existing two properties.

Mr Wynn said the Wynn West would feature around 2,500 guestrooms and would be built on a 38-acre plot of land beside the so-called Las Vegas Strip. The site was home to the now demolished New Frontier Hotel, one of the original casinos on the Strip. Wynn paid a reported US$336 million (£240 million) for the site just before Christmas.

Investors were told an air-conditioned walkway would be built across the Strip to link the Wynn West to the Wynn Resort and the Wynn Encore Resort. The new resort will add to the already announced construction of the Paradise Park lake and hotel project.

Mr Wynn said provisional draughts showing plans for the Wynn West, Paradise Park and the two current properties would be ready by the summer. The total expanse of the development is 280 acres and stretches from the west side of the Strip to close to the Las Vegas Convention Center.

Explaining the ambitious expansion plans, the casino magnate stated that hotels generated big profits. He said profit margins on room rates were generally more than 50 per cent and so it made perfect sense to build more of them. The announcement is expected to provide a welcome boost for a city still recovering from a massacre last October which claimed the lives of 58 innocent people.

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