- Wynn Resorts has approved construction of a $1.5 billion Las Vegas resort.
- No word from the company about expansion into the new Japanese market.
The Wynn Resorts company board has given approval for the construction of a new resort, Wynn Paradise Park, on the Las Vegas Strip.
The project for a $1.5-billion integrated resort was first announced in 2016, but waited until now to get the green light.
Construction will take place in several phases, starting in December.
The Las Vegas resort will feature a 1,000-room hotel as well as attractions, a convention space and a waterfront lagoon, creating an entertainment venue for both conferencing and family holidays at the heart of the world’s biggest casino hotbed.
This move into Las Vegas is no surprise to industry watchers, but Wynn has raised eyebrows by not yet revealing any interest in the newly legalized Japanese casino market.
Who are Wynn Resorts?
Wynn Resorts was founded in 2002 by Stephen A. Wynn, formerly a CEO of Mirage Resorts.
Wynn Resorts has become a large entity in the American casino industry, developing five properties including Wynn Las Vegas and Wynn Macau, both with ‘Encore’ extensions. Wynn Las Vegas includes a country club and an iconic curved building.
The company suffered a slight split when Wynn’s partner Kazuo Okada chose to go ahead with the Entertainment City development in the Philippines, despite company reservations about corruption in the country’s gaming industry.
The future for Wynn
Legalization for Japanese casino games has been anticipated for some time, with industry forecasts suggesting that the market could be worth $10 billion.
While other large operators like MGM and Las Vegas Sands have already announced intentions to secure a slice of Japan’s new casino market, Wynn remains tight-lipped. Wynn previously attempted to move into the Singapore market after legalisation over a decade ago, only to be outbid.
Construction is still under way for Wynn’s Boston Harbor resort, a $2 billion resort on the water in Massachusetts. The newly-given approval for Paradise Park will also tie the company up with construction in Las Vegas.
The full size and scale of the project is currently unknown, but it will involve several phases. For the time being, it seems Wynn is content to double down on domestic land-based casino properties with less risk involved.
Wynn Resorts’ decision to invest in Vegas isn’t surprising given the huge potential for revenue generation on the strip, but by continuing to remain tight lipped over their plans for the Japanese market the group have raised plenty of eye brows.
The race to the land of the rising sun is well and truly on and is only going to heat up over the coming months as casino moguls from around the world fighting to make the most of the opportunities bought about by a recent law change. Given Wynn Resorts’ reputation I can’t imagine they will let this opportunity pass but they are running out of time to make the most of the Japanese market.
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