Steve Wynn On His Way To Build A Fourth Hotel In Las Vegas Despite Sexual Harassment Claims. Steve Wynn, one of the casino magnets is Las Vegas is working even harder. The gaming billionaire wants to build a fourth casino in Las Vegas. Although things are not going on well since the October 1 shooting, he wants to pursue his dreams. The casino magnet already owns three high-end facilities on the Strip. But the millionaire feels that they are not enough. The new property will sit on the site where another hotel sat several years ago. The exact location is across Las Vegas Boulevard. Also, this is where Frontier Hotel occupied a few years ago.
Why Is Steve Wynn Building Another Casino After Las Vegas Shooting?
Wynn says that the property will feature 2, 500 hotel suits. It will then have a hallway linking it to Wynn and Encore hotels. The umbilical Hallway will have an air conditioner. Speaking during the Monday conference, Steve says that construction will start soon. He says that it will not take long before the public knows when construction begins. Wynn Resorts, the company Steve Wynn uses purchases the 38-acre property in December. The parcel of land cost Wynn Resorts $336 million.
Hotels are extremely profitable
Apart from the new property, Wynn Resorts is doing other projects. The company is building a convention center, a lake resort, a hotel, and Paradise Park. All these new projects are currently taking place. They are behind the company’s other properties. Speaking to a local journal on the phone, Steve says that hotels are profitable. In fact, he says that if he has money, he will do more of them. “Hotels are extremely profitable. With our room rates, we operate 50-to-60 percent margins in the hotels. So I want to add more rooms,” Steve says.
Las Vegas Convention & Visitors Authority
Preliminary reports from the Las Vegas Convention & Visitors Authority say something. The number of visitors to Sin City falls by 1.7 percent in 2017. Those that visit the city, according to the authority are 42.2 million. The drop is the first one in four years. Of course many cannot talk about the decline without the mention of Mandalay Bay saga. The October 1 massacre at the MGM facility kills 58 people. Stephen Paddock, the lone gunman, fires bullets from his room on the 32nd floor. Since the incident, many resorts are receiving few visitors. The event brings to light the security of visitors.
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Room rates in Las Vegas hotel rises in 2017 by 2.8 percent
Granted, room rates in Las Vegas hotel rises in 2017 by 2.8 percent. . This percentage brings an average room to $129 per night. Even so, room occupancy drops sharply after the October 1 shooting. While an average room in Las Vegas hotel will go for $129, this is not what Wynn will charge. His rooms will be far more expensive. There is a likelihood that the rooms will go for $400 per night.
Of course, the rooms will have unique amenities. Already, Steve says that the rooms will have 24-feet-wide window views. Besides, each room will feature a spacious bathroom. There will also be an 80-inch flat screen TV in each room. In general, Wynn Resorts is doing well thanks to booming business in Macau.
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