Wynn to develop fourth Las Vegas hotel
Casino magnate Steve Wynn will build a fourth Wynn Resorts hotel in Las Vegas.
The new hotel will be developed on the site of the former Frontier hotel which is across from the Wynn and Encore hotels properties which will be linked by an ‘air-conditioned umbilical hallway’ he said.
The company is also currently building a third hotel and convention center called Paradise Park.
"Hotels are extremely profitable. With our room rates, we operate 50-to-60% margins in the hotels. So I want to add more rooms," Wynn said on an earnings call.
Average room rates will be about $400, Wynn said.
With the fourth hotel featuring up to 2,500 keys, Wynn will have more than 8,000 rooms in Sin City.
It is a vote of confidence in the market after visitation fell 1.7% to 42.2 million in 2017, the Las Vegas Convention & Visitors Authority said.
That was due mostly to a steep decline in the last three months of the year after the Mandalay Bay mass shooting.
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