Home » VT News » The Steve Announces Cotai's Wynn Palace

The Steve Announces Cotai's Wynn Palace

By Chuckmonster on Monday, 29th July 2013 11:00am
  » filed under Macau  comments: 13


On this morning's Wynn earnings call, Steve Wynn purposefully pulled back the curtains on their forthcoming project in Cotai, called Wynn Palace. The company has signed a 'guaranteed maximum' agreement with construction firm Leighton for $4b, with an opening target between January and April 2016. Wynn describes Wynn Palace as "the most aggressive, ambitious and lovely project" he has ever undertaken.

When asked by an analyst to describe some of the Cotai project's features, Steve responded:

We earned our bones by havng public entertainment starting with Mirage volcano, pirate ships that sank [at Treasure Island], dancing waters [at Bellagio], etc etc, Tree of Prosperity and fountains [in Macau]. Cotai is going to be in one respect, reminiscent of Bellagio - an 8 acre lake strategically placed in front, placed high end gaming and restaurants on water.

[We've] filled the lake with new technology of water that dances, colors of lights, very complex, very expensive, very advanced water and light show including fire. Then, from the street in front, surrounding the lake and going into the hotel, is a gondola that holds 8 people... equipped with music and air conditioning.

The Wynn Palace is the name of the hotel.

Light rail stops at mid point of lake, bridges go west to City of Dreams, Hyatt and MGM, and east to our sidewalk. People load the gondola as they come down the escalator from the monorail. They rise above the lake, go around and through the lake, through the fountains and are inserted into the hotel promenade.

Three ways of entry in addition to gondola. North/South atrium plus bus entrance on east side. In each of these three arrival moments we have placed features.

The theme of this hotel is flowers, floral things. The use of flowers, of water and natural light and flowers has been taken to a new level for our company. We have in these atriums, floors that open and big huge displays of flowers ascend, change very month. One of those things I was chiming about Bellagio is that it was seasonal, we had fall and winter, spring and summer. [Describes Bellagio floral displays] In this hotel, huge - if you can imagine the floats of the Rose Bowl parade - imagine instead they are intricate 5,6,7 meter tall sculptures that are 10 or 12 meters wide on variable height lifts, that are like wedding cakes. And these things vary from a full carousels of horses like a merry go round, that go round and round with calliope music, to hot air balloons of multi colors like in "Around the World In 80 Days" to peacocks! And tigers! And other fanciful objects that change every month, all made of flowers. Multi story atrium, that go up. These kind of fantasies take place to music, 24/7.

Am I beginning to shape the picture for you Harry?

Yes, Steve, you are beginning to shape the picture for us.... you're taking back Bellagio, because obviously MGM isn't going to do anything with your ideas. Good for you. And great for Cotail.

Also noted on the call... Wynn stated that Wynn Macau's hotel rooms are currently being renovated using the recent Wynn room renovation design themes.

Tagged: wynn   wynn palace   cotai   macau   


Comments & Discussion:

Someone's walking that fine line between genius and lunatic you walk when you start banging 49 year old socialites.

"The theme of this hotel is flowers, floral things." For some reason, that struck me funny, but more power to Steve. I hope Wynn Palace is delicious.

I'm wondering with a name like Wynn Palace, if this is the next property he'll build in Vegas.

Would be a great way to stick it to MGM and Sheldon.

@stevecovington I don't forsee steve building in Vegas. He's had access to the property across the street for years and hasn't made a deal yet.

Didn't hear the call, but I read the transcript. Other than Steve's one comment on the recovery, he seems a lot more mellow. Much more content than in old days. Transcript quotes Steve's titles before each answer. Titles longer than some answers. I want to go to Wynn Palace.

Steve's tone started get angry when talking about the economy. Cotai discussion, the carnival barker came out but he seemed a little less enthused about it.

He mentioned Bellagio by name at least three times during the call. I'm going to peg Wynn Palace as "Steve Wynn's Greatest Hits" all under one roof - motorized theatrics, floral atriums, lake/water/fire shows, luxury stuff etc.

The gondola through the lake/fountain is interesting and it might solve the 'getting guests to come inside to see the exterior show problem' that Wynn mountain didn't.

Other than that, I see Wynn Palace as evolutionary, not revolutionary.

Steve sounded really glib and overconfident when saying "Am I beginning to shape the picture for you Harry?" to the analyst who asked the question. Basically begging for "OOOOHS and AAAAAAHS" from the adoring analyst. Little did Steve know that the analyst was cut from the call for interjecting audio interference (sounded like a subway platform announcement) into Steve's response. Steve seemed lost at the lack of praise and sought affirmation from the next analyst on the line - Robin Farley from UBS (who played nice and said that his description was marvelous.)

SeekingAlpha behind a log-in link, this is a direct one to the Q&A that worked better for me:

also among the highlights: steve referring to 'practice hotels like Bellagio and Mirage' (transcript pg 5). zing!

I thought the concept of "Urban Wynn" was interesting and way too brief. Wynn Macau is an Urban Wynn, it has a relatively small footprint and exists on the reclaimed cusp of an urban area - 'downtown Macau.' I would love to hear him talk more about the challenges of designing for urban areas... although both the Philadelphia and Boston sites fall more in the industrial wasteland category than truly urban.

I'll guess we'll have to see how it all turns out. His description on the call is somewhat underwhelming and gimmicky. He didn't really do that for the previous Macau hotels and the to-be-built hotels in the northeast.

As long as it doesn't look as "Bellagio as re-imagined by Willy Wonka" as Wynn Las Vegas does, or as "Roger Thomas Bukkake'd And Roman-Showered By Candy Ravers" as Encore Macau does, I'll be happy.

I never saw Wynn Las Vegas as willy wonka-esque. Hope something of this scale could come to Vegas, though a lot will have to go right for that to happen. And assuming a lot hinges on the success of the Genting and SBE projects.

Comments Are Closed

Subscribe via RSS

Recent Comments:

michigan2010 posted: "MGM equals cookie cutter casino. No to reason to step foot in Bellagio again. Just hope they don't screw up..."
» Sayonara Bellagio Table Game Canopies...
saharalv posted: "I wish the editors were the entire electoral college in 2016...."
» Introducing the Trippies Class of...
fatbastard posted: "So many people letting a billionaire live rent free in their heads. Funny. Too bad it also detracts from the..."
» Introducing the Trippies Class of...
wpsteel66 posted: "Total bummer…talk about taking the class and uniqueness away from the Bellagio…another smart move on CEO Jim and making all..."
» Sayonara Bellagio Table Game Canopies...
damania posted: "Is there a podcast?..."
» Introducing the Trippies Class of...

» More Comments