LAS VEGAS—Steve Wynn, chairman and CEO of Wynn Resorts, is betting big that the Las Vegas Strip is ready for theme park-style attractions and entertainment.
A year after revealing expansion plans for a new entertainment destination built around a recreational lake concept, Wynn provided additional details on the project in a Q1 earnings call. Wynn Resorts’ board of directors approved the first phase of construction on Paradise Park, which will commence in December or January. It is expected to take a year to complete and is estimated to cost $400 million to 500 million.
Paradise Park will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. Phase one of the master-planned space will include an approximately 20-acre white sand lagoon, 4,000-ft. boardwalk, beachfront meeting and ballroom space, cabanas, food service and on-site attractions.
“We’ve got all these great ideas that are going into this lagoon and this beachfront property,” said Wynn during the earnings call. In addition, Wynn noted there are plans to “leave room for our new tower that could be a couple of thousand rooms.”