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Wynn Adds Final Piece to 280-Acre Site Assembly on Las Vegas Strip for $336 Million

Resort/Casino Operator Strikes Deal to Buy 38-Acre Site of Former New Frontier Hotel as Activity Ramps Up on North Strip
December 14, 2017
Wynn Resorts, which announced the purchase of the former New Frontier site Thursday, is expected to begin construction of the $1.5 billion Paradise Park first phase early next year.
Credit: Wynn Resorts

Wynn Resorts Ltd (Nasdaq: WYNN), continuing its development surge on the North Las Vegas Strip, announced this morning it has agreed to buy the former site of the New Frontier hotel for $336 million.

The agreement completes an assembly of 280 acres extending from the Las Vegas Convention Center on Paradise Road from the east to Industrial Road on the west, with combined frontage on the Strip of two-thirds of a mile.

Wynn, which operates Wynn Las Vegas and last summer finished plans for the $1.5 billion initial phase of the Paradise Park mixed-use project, did not reveal a timetable for developing the parcel, previously the site of the unrealized Alon Resort project planned by Crown Resorts. Paradise Park is slated to begin construction early next year at the site of the former Wynn Golf Course

"The future development of the land will further change tourist visitation patterns in Las Vegas drawing more visitors to the north end of Las Vegas Blvd and its collection of luxury resorts," Wynn said in a statement.

Investors have become very interested in the North Strip this year as the Convention Center prepares to launch a $1.5 billion expansion to be completed by 2021. In addition to Wynn's activity, Genting Group has resurrected its World Resorts Las Vegas project. Investors have also purchased the SLS Las Vegas and the Fontainebleau site this year.

Randyl Drummer, Senior News Editor  CoStar Group   

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