- Site is directly opposite the Wynn Las Vegas
- Includes former New Frontier plus four adjacent acres
The 38 acre casino site was acquired for $336 million. In addition to land once occupied by New Frontier, the deal includes an additional four acres of development space connected to the site.
The land is located opposite Wynn’s existing Strip property, the Wynn Las Vegas.
The purchase gives Wynn control of 280 connected acres in the middle of Las Vegas’ gambling zone.
It is hoped that investment in the casino site will bring tourists back to the northern end of the Strip, which has seen a decline in visitors and revenues over recent years.
No date yet for new casino by Wynn
Though Wynn has confirmed the purchase in a statement released Wednesday, it gives no indication as to when development will begin, or when the casino will open its doors. The casino brand’s focus has been on other expansion projects, including the Wynn Plaza in Las Vegas which is under construction and due to open in 2018.
However, the empty New Frontier lot could be putting off those visitors, and a new casino resort could kickstart the economy on the north side of town.
“The future development of the land will further change tourist visitation patterns in Las Vegas,” read Wynn’s statement on Wednesday.
Site once housed Vegas’ second casino resort
The New Frontier Hotel and Casino opened in 1942, becoming the Las Vegas Strip’s second casino resort. Though it had a series of owners over the years, it remained open for decades before finally shutting its doors in 2007. It was demolished later that year.
In 2014, the New Frontier site was acquired by Crown Resorts and Oaktree Capital Management. Construction of a new casino, the Alon Las Vegas, began in 2015. Unfortunately for Crown and Oaktree, a series of development setbacks slowed the project to a halt. In December 2016, Crown announced plans to sell its stake in the casino site.
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