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Wynn is building a new hotel at the old Frontier site (& now we discuss Steve's debauchery)

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01-23-2018 , 02:06 PM

Videopro

Making TV

Join Date: Oct 2002 Posts: 19,241

Announced in a conference call yesterday. 2400 rooms.

https://www.bloomberg.com/news/artic...at-400-a-night

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01-23-2018 , 04:46 PM

lvBlitzforce

old hand

Join Date: May 2014 Posts: 1,202

Seems like overkill to me. Obviously steve wynn is a genius but this just doesnt sound like a good idea.

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01-23-2018 , 07:01 PM

bluefingin

journeyman

Join Date: Nov 2011 Posts: 242

Quote:

Originally Posted by lvBlitzforce

Seems like overkill to me. Obviously steve wynn is a genius but this just doesnt sound like a good idea.

It makes sense to me. Las Vegas is flush with hotel rooms but so many of them are outdated/low quality. This could definitely fill in a little gap in the market.

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01-23-2018 , 09:43 PM

TheJacob

Pooh-Bah

Join Date: Jul 2007 Posts: 3,862

Quote:

Originally Posted by bluefingin

It makes sense to me. Las Vegas is flush with hotel rooms but so many of them are outdated/low quality. This could definitely fill in a little gap in the market.

Seems there is a lack of new construction in general on the strip, but IMO everything seems to be getting remodeled to fetch higher prices. This will obviously be on the low end, but maybe it will force prices lower on some of the remodeled properties where its needed.

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01-23-2018 , 10:33 PM

Smokey11053

adept

Join Date: May 2012 Posts: 1,020

How do you figure the low end? Besides Wynn never doing anything on the low-end the linked article said:

"Wynn’s newest hotel rooms will feature 24-foot-wide window views, his-and-her bathrooms and 80-inch TVs. The company’s average room rates are rising and will likely hit $400 by the time all of the rooms under construction are finished, the executive said."

The Trump tax plan is going to help pay to build it and the Trump tax plan is going to help keep it filled with people that benefit from it the most.

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01-23-2018 , 11:02 PM

golfnutt

banned

Join Date: Oct 2007 Posts: 5,969

Quote:

Originally Posted by Smokey11053

$400 + taxes is out of hand. Better off staying in an off strip place and Ubering it.

Man, I remember when you could stay at the Frontier for free for just hitting 5 BJs at the $5 table. The union was on strike against the Frontier and taxis wouldn’t drop you off at it, but well worth it.

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01-23-2018 , 11:47 PM

madlex

Carpal \'Tunnel

Join Date: Jan 2009 Posts: 17,443

Quote:

Originally Posted by golfnutt

$400 + taxes is out of hand. Better off staying in an off strip place and Ubering it.

They don’t care for people who don’t want to afford their rooms.

Wynn’s revenue is already 65% non-gambling and that number will probably get at least close to 75% over the next ten years.

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01-23-2018 , 11:57 PM

golfnutt

banned

Join Date: Oct 2007 Posts: 5,969

Quote:

Originally Posted by madlex

They don’t care for people who don’t want to afford their rooms.

Wynn’s revenue is already 65% non-gambling and that number will probably get at least close to 75% over the next ten years.

The market bears that you are indeed right. I remember when the rooms were purposefully crap to get you out of there and gambling.

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01-24-2018 , 09:07 AM

BruhKGB

grinder

Join Date: May 2004 Posts: 415

The article references this being Wynn's 4th LV hotel. If this is the 4th, would that make the 3rd the (not yet built) Wynn Lagoon property or am I spacing on something here?

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01-24-2018 , 10:20 AM

#10

madlex

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Join Date: Jan 2009 Posts: 17,443

Quote:

Originally Posted by BruhKGB

The article references this being Wynn's 4th LV hotel. If this is the 4th, would that make the 3rd the (not yet built) Wynn Lagoon property or am I spacing on something here?

I think it’s called Wynn Paradise Park now. The article mentions two existing hotels, so that one has to be #3.

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01-24-2018 , 11:22 AM

#11

BruhKGB

grinder

Join Date: May 2004 Posts: 415

Quote:

Originally Posted by madlex

I think it’s called Wynn Paradise Park now. The article mentions two existing hotels, so that one has to be #3.

Ah gotcha. Thx lex!

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01-24-2018 , 11:15 PM

#12

lvBlitzforce

old hand

Join Date: May 2014 Posts: 1,202

Quote:

Originally Posted by bluefingin

It makes sense to me. Las Vegas is flush with hotel rooms but so many of them are outdated/low quality. This could definitely fill in a little gap in the market.

I guess i shouldve mentioned my gf works at the wynn reservations dept. and says that between wynn and encore they are never sold out, kinda why i think adding a third hotel seems like overkill.

And LOL at whoever said it will probably be on the low end price wise... good one!

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01-25-2018 , 06:50 PM

#13

eco74

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Join Date: Sep 2006 Posts: 10,116

Quote:

Originally Posted by lvBlitzforce

They're betting on the north strip renaissance that has been threatening to happen for a long time now. Resorts World is looking like it might be real, Fountainebleu is going to open as a non-gaming hotel, convention center is expanding. Also, they picked up the land on the cheap.

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01-26-2018 , 02:17 AM

#14

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

Quote:

Originally Posted by eco74

The new NBA/Concert venue is going behind the Venetian as well. (Details next week apparently)

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01-26-2018 , 02:32 AM

#15

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

Quote:

Originally Posted by lvBlitzforce

Average occupancy rate for Wynn/Encore in 2017 was 87% up from 85% in 2016.

The Venetian / Palazzo was at 92% for Q4 of 2017 for comparison. (Can't find their yearly number)

The bigger question is, do more rooms put downward pressure on ADRs at the original properties. (I spend too much time reading financials...)

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01-26-2018 , 10:59 AM

#16

madlex

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Not sure if it was Wynn or Adelson who explained in the past why he doesn’t want to ever have his property at 100% occupancy or even close to that?

Not sure about Vegas, but other luxury hotels use algorithms that drastically increase room rates once a specific occupancy rate is reached. Overbooking certainly isn’t among their goals.

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01-26-2018 , 02:05 PM

#17

madlex

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Not so good news for Steve Wynn:
https://www.cnbc.com/2018/01/26/wynn...nn-report.html

I guess what happens in Vegas doesn't stay in Vegas anymore when it comes to sexual misconduct.

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01-26-2018 , 02:35 PM

#18

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

Quote:

Originally Posted by madlex

It was probably Wynn because Adelson use to boast about how in 2007 the Venetian averaged 99.9% occupancy for an entire quarter back during the real estate bubble.

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01-26-2018 , 02:38 PM

#19

pig4bill

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Join Date: Dec 2005 Posts: 33,815

Quote:

Originally Posted by SenatorKevin

Not at Wynn's original properties because he controls rates at both.

He'll probably position the new place at a percentage of Wynn prices, and never lower them to below that.

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01-26-2018 , 04:37 PM

#20

MindSoak

newbie

Join Date: Feb 2017 Posts: 20

Quote:

Originally Posted by madlex

Not so good news for Steve Wynn:
https://www.cnbc.com/2018/01/26/wynn...nn-report.html

I guess what happens in Vegas doesn't stay in Vegas anymore when it comes to sexual misconduct.

Saw the news this morning and immediately wondered whether this was going to get in the way of all the cool new development they have planned over there... In the current environment these accusations seem like death sentences to businessmen.

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01-26-2018 , 05:33 PM

#21

dth123451

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Join Date: Jul 2012 Posts: 15,502

What a piece of ****.

Yeah Steve, your ex-wife somehow made dozens of women lie to the WSJ. GTFO, you rapist piece of garbage.

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01-26-2018 , 06:05 PM

#22

eco74

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Join Date: Sep 2006 Posts: 10,116

Quote:

Originally Posted by pig4bill

Not at Wynn's original properties because he controls rates at both.

He'll probably position the new place at a percentage of Wynn prices, and never lower them to below that.

Econ 101: they can only charge what the market will bear.

Quote:

Originally Posted by MindSoak

Assuming this one goes the distance, what will happen is he steps away from the company (not like he's running it day-to-day as it is), but the bigger problem is that his damn name is all over the place. I think this scandal would have to be Harvey-level to get the name of the place changed, and I don't see that (yet).

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01-26-2018 , 06:20 PM

#23

dozer

veteran

Join Date: Mar 2005 Posts: 2,549

Quote:

Originally Posted by eco74

He's fighting the accusations, which is his prerogative, but unless the WSJ is total bull**** then he's going to continue to get his name and reputation thrown in the mud. And he deserves it if he really messed with those women.

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01-26-2018 , 06:53 PM

#24

pocket_zeros

Pooh-Bah

Join Date: Jun 2008 Posts: 4,390

After today's news the only thing Steve Wynn will be building is a fortress of attorneys. An unfortunate end to an incredible career.

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01-26-2018 , 07:13 PM

#25

SenatorKevin

veteran

Join Date: May 2007 Posts: 2,905

You'd have to assume they have a plan in place to replace him anyways. The guy is nearly blind as it is and isn't getting any younger. That being said, I think he manages more of the day to day then you'd think.

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