Planned "Wynn Palace" - the $4 Billion Resort on Macau's Cotai Strip to Open by Early 2016
Richard N. Velotta | Las Vegas Sun | July 29, 2013 1:00am
July 29--Wynn Resorts Chairman and CEO Steve Wynn gave more details about his planned $4 billion resort on Macau's Cotai Strip today, including its name -- Wynn Palace.
In a conference call to discuss the company's second-quarter earnings, Wynn said the new property would have a floral theme with colorful floats adorning the resort and changing monthly.
"Our resorts have always had a special public entertainment piece with an erupting volcano (at the Mirage), a pirate ship battle (at TI) and dancing waters (the fountains at the Bellagio)," Wynn said. "The theme will be flowers at our new resort."
Wynn gave a few hints about the appearance of the resort in his first-quarter earnings call, noting that the property would be at the first stop on Macau's new light-rail system connecting the Cotai ferry landing with a strip of hotels dominated by Las Vegas Sands properties.
Wynn, who was in Macau during this morning's call, said Wynn Palace would be reminiscent of the Bellagio, with a lake at the front entrance lined with restaurants. He said an aerial tram transport system with gondolas resembling smoke-breathing dragons would carry customers from the light-rail station to the 2,000-room hotel.
Flower gardens in various shapes and themes, such as hot-air balloons, will be spread throughout the property. The gardens would rise to various heights on elevated pedestals, he said.
During the conference call, Wynn said negotiations had been completed for a guaranteed maximum price of the resort of just under $4 billion and for a a construction schedule that would have the property open before Chinese New Year 2016, which that year would be Feb. 8.
In February this year, the company began pre-foundation work. During the quarter, the company invested $113.3 million on the new property.
Wynn already has two resorts, Wynn Macau and Encore at Wynn Macau, on Macau's main peninsula. Those properties have 500 table games -- 285 dedicated to VIPs, 205 for mass-market play and 10 poker tables -- and 884 slot machines.