| New Paradise Park to feature white sand lagoon and beachfront at a cost of $1.5 billion. |
Las Vegas has traditionally attracted a mature customer drawn by the prospect of unlimited gambling (until your money runs out) and occasional breaks by the hotel pool or browsing the resort’s luxury shops. Under 21’s can’t drink or gamble so entertainment is limited to repeatedly watching the volcano erupt outside the Mirage or the pirate show at Treasure Island.
Wynn Resorts has identified an opportunity to widen the appeal of the resort by creating a family friendly environment.
“We’ve got all these great ideas that are going into this lagoon and this beach front property,” said Chairman and CEO Steve Wynn.
Paradise Park would be located on a nearly 130-acre golf course property owned by the company and adjacent to Wynn’s existing upmarket casino resort.
Construction of the first phase of the plan will start in six or seven months. This includes building a lagoon, boardwalk, new convention space and food services. It will feature outdoor activities that are not currently available in the desert resort such as stand-up paddle-boarding, wind-surfing and sailing.
Last year, the CEO indicated the waterfront would feature cabanas, new restaurants and the lagoon would have “a great show like they have at Disneyland only bigger.”
Wynn said another reason to build the park is to deploy capital. “We have no better use for our money,” he said. “We keep $1.5 billion or $2 billion in the parent company and this would allow us to take the most conservative, but the most dynamic approach to creating this.”
Moreover, Wynn said the park and waterfront would provide a “tremendous uptick in the value of our surrounding real estate.”
The lagoon will be supplied by Miami-based Crystal Lagoons. It will offer crystal-clear waters and white sand beaches. Close to the size of almost 100 Olympic swimming pools, it will be the largest Crystal Lagoon in the US.
Across the globe developers are increasingly considering what families want in a vacation destination as they try to tap into that lucrative market. In Atlantic City, NJ, R&R Development Group is converting the former Atlantic Club casino (previously Wynn’s Golden Nugget) into a resort with an indoor water park. The 300-room complex will not have a casino. South of Boston the Mashpee Wampanoag tribe’s new $500 million First Light Resort & Casino, will feature a 25,000-square-foot water park, along with a casino, 600 hotel rooms, an event centre, restaurants and retail space.