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This cookie is used to store the user’s language preferences in order to display content in the saved language the next time the user visits the website. The new Wynn casino hotel, located just north of the Las Vegas Strip, will boast 2,700 hotel rooms, 19 restaurants, luxury shops including a Maserati dealership, a golf course and other amenities. Joe Cavaretta / AP.
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When Wynn Las Vegas opens its guarded doors next month, Las Vegas’ first new resort in five years is expected to spark a rivalry between casinos catering to elite high-end roles.
Wynn Resorts Ltd.’s new glass-enclosed $2.7 billion resort — already a TV commercial — is gaming mogul Steve Wynn’s attempt to build on the fortunes of his previous ventures, such as the Bellagio casino now owned by MGM Mirage.
“At the top end, there’s going to be a lot more competition for gaming revenue,” said Mark Falcone, an analyst at Deutsche Bank Securities. Last year, gaming revenue in Las Vegas totaled $10.5 billion.
The new Wynn casino hotel, just north of the Las Vegas Strip, will boast 2,700 hotel rooms, 19 restaurants, luxury shops with a Maserati dealership, a golf course and other amenities, but design details have been kept quiet.
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Only Wynn himself can talk about the project on the record, and he won’t until after the April 28 opening, a Wynn Resorts spokeswoman said.
Local news reports quoted Wynn as saying the casino would be bathed in natural light — a rare commodity in the smoke-filled gambling den of Las Vegas.
“You always expect something new and different from Mr. Wynn, and I’m sure we won’t be disappointed,” said Robert Stewart, a spokesman for Caesars Entertainment Inc., which is owned by Harrah’s Entertainment Inc.
Gary Loveman, chief executive of Harrah’s, said Wynn would have a beneficial effect on Harrah’s properties as it would attract new tourists to Las Vegas, but the effect on Caesars’ high-end business was less certain.
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Loveman’s belief that Wynn’s new casino will attract visitors to Las Vegas is widespread, but there is one market that has little room for growth — the highest rollers known as “whales,” who make bets in the tens of thousands of dollars. , often on baccarat.
Falcon estimates that 15 to 20 percent of MGM’s exclusive business will move to the new Wynn casino.
“It’s a zero-sum game,” the analyst said. “Baccarat is $400 to $500 million a year, it’s hard to grow.” Baccarat is a card game where players want a total of nine cards.
MGM, which is acquiring the Mandalay Resort Group, says it is not worried about more competition from big players. “When new products come to market, they all do well … Wynn will attract new visitors, and there’s a pretty good chance some of them will come to us,” MGM spokesman Alan Feldman said.
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“We believe the opening of Wynn Las Vegas … threatens MGM’s Strip.”
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