Wynn Las Vegas Ditches $1.6 Billion Paradise Park Lagoon, Will Reopen Golf Course
The rough $1.6 billion Wynn Resorts (WYNN) Paradise Park project was scrapped, paving the way for the reopening of the casino’s Las Vegas Strip golf program.
The first plans for the site called for the construction of a 20-acre lagoon with water diversion, a brand new resort, nightlife options, a carousel, along with an extra gaming floor. Instead, the job will finish once construction is completed on the conference centre, set to start in January of 2020.
“That project was over $3 billion today, looking at construction costs, including the convention center,” said Wynn Resorts CEO Matt Maddox, on a third-quarter earnings telephone. “From April 2016 to today, we always struggled with Phase 2 of Paradise Park. How are we going to make a room tower in a town with a lot of rooms pencil along with a lagoon? We weren’t interested in creating a large public swimming pool to your own Las Vegas Strip. We just chose, ‘Let’s go with Phase 1. ‘ We all know the conference center will get the job done. “
The Wynn Las Vegas golf course will now return, albeit with a slightly modified layout. Part of the original course was infringed upon by the new convention center, so Wynn has enlisted the help of original course architect Tom Fazio to redesign the affected holes.
Wynn Resorts stocks tumbled 15 percent Thursday following comments by Maddox that the company was seeing “a recession ” in Macau from their big-money players.
Maddox took the reigns of the company from 77-year-old billionaire Steve Wynn, who resigned in February following accusations of sexual misconduct dating back decades.