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Steve Wynn Talks Elan, Resorts World and Wynn Palace

By Chuckmonster on Tuesday, 3rd February 2015 6:57pm
  » filed under Las Vegas  comments: 0

   

Wynn Resorts reported Q4 and 2014 earnings today.

Amidst the rehashing of the expected Macau earnings decrease during the conference call, Wynn mentioned that construction contractor Leighton has notified the company that there is a possibility that the forthcoming Wynn Palace property in Cotai may not be completed in time for Chinese New Year in 2016. Leighton attributes the delay to an inability to secure construction permits causing a shortage of laborers. Wynn believes the property is still scheduled to open in the first half of 2016.

When asked by an analyst about the future of Las Vegas, specifically hotel room capacity, Steve Wynn solemnly recounted both of the proposed projects that will occupy the vacant parcels across the street from Wynn and Encore - the $2 billion dollar Élan Resort on the former New Frontier site and the $4 billion dollar Resorts World project planned for the former Stardust/Echelon site. He then broke from seriousness, paused and snickered...

I LOVE that!

Wynn believes that his properties will be enhanced by having neighbors with new capital investments instead of the current empty parcels. He went on to praise his future competitors and their projects, stating "the men who have announced them are fully capable of keeping the promise. This is good news for us from our spot on the promenade."

Wynn expects the addition of these two new resorts to add $30-50 million dollars to Wynn and Encore's bottom line after Élan and Resorts World are both open and operating.

Wynn did not mention his ex-employee/nephew/protege Andrew Pascal or Élan Resort by name.

Wynn did mention that management raised prices throughout Wynn Las Vegas and Encore 18% since Labor Day.



Tagged: wynn   wynn palace   elan resort   resorts world   steve wynn   macau   cotai   





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