- Resort will be more oriented around family-friendly entertainment
- Move echoes similar plans in other traditional casino hotspots
Excitement is building over the new $1.5bn Las Vegas ‘Paradise Park’ and is already being dubbed the Disneyland of Sin City.
The resort, which will be based around a 20 acre lagoon, incorporates a white sand waterfront and will be constructed next to the existing Wynn casino, on a 130-acre golf course owned by the company. While the plans were revealed last year, construction is now expected to begin as soon as December.
The move is an intriguing one both for Wynn and Las Vegas in general. The move towards more family-friendly resorts and entertainment is an increasingly popular one in Vegas, as many companies seek to diversify their attractions to catch a wider market and protect against concerns over the future of the casino industry.
However, Wynn may also be casting its eye further afield with such plans. The move away from entertainment specifically focused on traditional casinos is far from unique to Vegas – Macau is arguably the epicentre of the shift, and other plans for the market across Asia have also seen family-friendly resorts planned to capture as many visitors as possible. CEO Steve Wynn had already previously attempted to move into the Singapore market and the company is rumoured to be interested in the potential emergence of Japan as a territory for casino gaming.
Like Disneyland, only bigger
Chairman and CEO Steve Wynn indicated the intention of the move, promising that among other things, the resort would include “a great show like they have at Disneyland only bigger.” As well as attracting new demographics, however, the plan is also likely to boost land values of their existing assets, causing a “tremendous uptick in the value of our surrounding real estate.”
“We have no better use for our money,” said Wynn. “We keep $1.5 billion or $2 billion in the parent company and this would allow us to take the most conservative, but the most dynamic approach to creating this.”
Whether the move will prove instrumental in spearheading this new direction for Vegas – and indeed other similar hubs for casinos across the world – remains to be seen. But if successful, the face of the strip could soon start to change forever.
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