Wynn Resorts Announces Plans for Resort Expansion

Would include first and only recreational lake on the Las Vegas strip

News provided by

Apr 06, 2016, 11:32 ET

LAS VEGAS, April 6, 2016 /PRNewswire/ -- Steve Wynn and Wynn Resorts discussed plans at an investor conference today for a new entertainment destination built around a first-ever recreational lake concept. The development is subject to approval by the company's Board of Directors and will include a 38 acre lagoon, surrounded by premium meetings and convention space, a 1,000 room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements.

"We have a chance to reinvent Las Vegas and make the whole venue an entertainment attraction…an idyllic beach paradise surrounded by white sand beaches," said Steve Wynn chairman and CEO of Wynn Resorts. "People come to Las Vegas from all over the world to live large and have a good time and we can dish up an irresistible entertainment attraction."

Tentatively called Wynn Paradise Park, the expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The proposed lagoon will be lined by a pristine white sand beach and boardwalk and feature an array of daytime activities including water skiing, paddle boarding and parasailing. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas.

Wynn Paradise Park will add 260,000 square feet of premium meetings space with unobstructed views of the waterfront, spacious guest rooms with a separate bedroom, living room and balcony, and a variety of restaurants, including an expansion of the current Country Club restaurant.

In addition, the resort is also developing Wynn Plaza, an expansive retail complex featuring 75,518 square feet of luxury retail space. Debuting fall 2017, the uniquely designed complex will augment the existing luxury retail collection currently showcased at Wynn Las Vegas and Encore as well as bring the shopping experience to the high traffic area bordering Las Vegas Blvd.

About Wynn Resorts:
Wynn Resorts, Limited (Nasdaq: WYNN) is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 and NASDAQ-100 Indexes. Wynn Resorts owns and operates Wynn and Encore Las Vegas (www.wynnlasvegas.com) and Wynn and Encore Macau (www.wynnmacau.com).

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 186,000 square feet of casino space, 34 food and beverage outlets featuring signature chefs, two award-winning spas, an on-site 18-hole golf course, meeting space, approximately 99,000 square feet of retail space as well as two showrooms; three nightclubs and a beach club.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers with a total of 1,008 spacious rooms and suites, approximately 284,000 square feet of casino space, casual and fine dining in eight restaurants as well as two bars, approximately 57,000 square feet of retail space, two opulent spas, a salon and a pool.

Wynn Resorts is currently constructing Wynn Palace, an integrated resort in the Cotai area of Macau and has begun preparation for the development and construction of Wynn Boston Harbor located in Everett, Massachusetts.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, our dependence on existing management, results of regulatory or enforcement actions and probity investigations, pending or future legal proceedings, uncertainties over the development and success of new gaming and resort properties, adverse tourism trends, general global macroeconomic conditions, changes in gaming laws or regulations, volatility and weakness in world-wide credit and financial markets, and our substantial indebtedness and leverage. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and the Company's other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise.

Logo - http://photos.prnewswire.com/prnh/20141014/152145LOGO

SOURCE Wynn Las Vegas