Wynn Resorts Wears Off Plan Of A Lagoon On The Las Vegas Strip

Regina Garcia Cano, Associate Press

Update

5:45 pm PST, Wednesday, November 7, 2018

LAS VEGAS (AP) – The Las Vegas Strip will ultimately have no lagoon.

Casino operator Wynn Resorts revealed during its third quarter earnings call Wednesday that it had missed the project of an artificial lake that would have replaced its 18-hole golf course. Having reached the size of nearly 100 Olympic-sized pools, the Lagoon Plan was introduced in 2016 as a more conservative water use for the Wynn and Encore casino complex on the Strip.

Maddox said the casino operator was eliminating the lagoon project as it now owns 38 acres of undeveloped land along the Gaza Strip. He said the company would spend two years developing plans for the "far superior site" purchased last year.

"The project cost more than $ 3 billion today, including construction costs, and included the convention center we are building today," said general manager Matt Maddox to investors, adding that "we We were not really interested in building a large pool pool for the Las Vegas Strip. "

At the same time, the original architect of the golf course, Tom Fazio, designed a new 18-hole course after he was affected by the development of the 400,000-foot convention center. square that is expected to open in January 2020, said Maddox. The company has lost 16,000 rounds of golf and $ 10-15 million in domestic casino business since the golf course closed, he said.

"The design of this facility is complete, work has begun and the golf course will be restored and put back into service next year," he said. "It's an excellent equipment for the complex."

The Las Vegas-based company announced Wednesday a net profit of $ 156.1 million, or $ 1.44 per share, in the third quarter. Earnings, adjusted for non-recurring costs, amount to $ 1.68 per share.

The results missed Wall Street's expectations. According to an average estimate of six analysts surveyed by Zacks Investment Research, earnings per share was $ 1.77.

The casino operator had sales of $ 1.71 billion during the period, exceeding Street's forecast. Four analysts surveyed by Zacks were counting on $ 1.64 billion.

Wynn Resorts shares fell by 13.64 USD, or 12%, to reach USD 100.35 in long-term trading.

The company also announced Wednesday that casino industry veteran Phil Satre had been appointed chairman of its board of directors, replacing D. Boone Wayson. This appointment is part of a previously announced agreement between the company and its largest shareholder.

Satre is the president of the National Center for Responsible Gambling and has long chaired Harrah's President & CEO's Entertainment.