Wynn Resorts Ltd (NASDAQ:WYNN) Reaches Deal To Buy Land Across From Wynn Las Vegas

Wynn Resorts Ltd (NASDAQ:WYNN) has reached a deal to buy around 38 acres of land on the Las Vegas Strip across from Wynn Las Vegas. The deal comprises the 34-acre site of the previous New Frontier, earlier the Alon Resort site, and four additional acres linked to the site for $336 million.

The details

The deal completes a unique assembly of adjoining real estate of around 280 acres that stretches from the Las Vegas Convention Center to Industrial Road. The combined frontage is more than 3,500 feet, including rights to around 1,000 acre feet of water. It is contiguous to almost six million square feet of exhibition and convention space. The average cost seen for 280 acres of the full assembly is less than $3 million an acre.

The future advancement of the land will further alter tourist visitation arrangements in Las Vegas attracting more visitors to the north side of Las Vegas Blvd and its remarkable collection of luxury resorts, counting the prevailing Wynn Las Vegas and the Paradise Park advancement slated to commence construction in January 2018 on the former Wynn Golf Course site.

Wynn Resorts is traded on the Nasdaq platform under the ticker WYNN and is part of the leading S&P 500 Index. The company owns and runs Wynn Las Vegas, Wynn Macau and Wynn Palace, Cotai. Encore Las Vegas and Wynn showcase two luxury hotel towers with as many as total 4,750 spacious hotel rooms, villas and suites, casino space of around 192,000 square feet, 22 dining experiences showcasing signature chefs and 11 bars and list goes on.

In the last trading session, the stock price of Wynn Resorts gained 0.68% to close the day at $163.40. The gains came at a share volume of 2.45 million compared to average share volume of 1.61 million.

 

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Cook Laurie

Cook Laurie

Laurie, a long-time member of the US Markets Daily general assignment reporter who has covered a variety of subjects from breaking news to investigative features, from stock markets to politics, and from neighborhood small business to global warming.