Wynn Resorts purchases Las Vegas site for new property
Wynn Resorts recently announced the purchase of he former New Frontier site on the Las Vegas strip for $336 million
Wynn Resorts recently announced the purchase of a plot of land on the Las Vegas strip for $336 million. The site, on which was formerly located the New Frontier Hotel and Casino, a Las Vegas landmark that opened in 1942, is currently empty and stands opposite the Wynn Las Vegas, allowing the group to consolidate their presence in the playground of America. The northern section of the strip has been going into decline over the past few years and so this new land purchase will bring some much needed blood back into the area.
Details of the purchase
The purchase involves the acquisition of 34 acres of the former New Frontier site, as well as 4 acres connected to the lot, bringing the total acreage to 38. This deal will bring Wynn Resorts’ land ownership to 280 acres of contiguous real estate that stretches from the Las Vegas Convention Center on Paradise Road from the east to Industrial Road on the west, giving them an impressive 3,500ft of frontage onto the Las Vegas strip. The purchase will attract more tourists to the existing Wynn development and as the proposed new development on the site, details of which have not as yet been released, as well as to the the north strip in general, and visitors will benefit from access to existing luxury developments in the area and the Paradise Park development, construction on which is due to begin in January on the site of the former Wynn Golf Course.
Other Wynn resorts
Wynn currently operates the Wynn Las Vegas, Wynn Macau and Wynn Cotai. The Wynn and Encore Las Vegas is comprised of two luxury hotel towers with a total key count of 4,750 hotel rooms, suites and villas, around 192,000 square feet of casino space, 22 dining areas and 11 bars, two spa and wellness centres, 290,000 square feet of meeting and convention space, approximately 103,000 square feet of retail space as well as two showrooms; three nightclubs, a beach club and recreation and leisure facilities. A luxury retail Strip-front expansion, Wynn Plaza, is currently under construction and is scheduled to debut the third quarter of 2018. The Las Vegas Convention Centre, located nearby, is also looking forward to a $1.4 billion expansion in the coming months, which will add 1.4 million sqft of new facilities including a massive exhibition hall for events and conferences, all slated to be completed and open to the public by 2021.
Let’s take a look at a few other projects currently underway in Las Vegas:
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