Wynn Resorts Acquires Vegas Strip Land in USD 336 M Deal

In a recent announcement, Wynn Resorts declared that it has reached an agreement with Wynn Las Vegas to purchase approximately 38 acres of land on the Las Vegas Strip. The purchase includes the 34 acre site of the former New Frontier, formerly the Alon Resort site, as well as 4 additional acres connected to the site for a total of USD 336 million.

The agreement encompasses approximately 280 acres of contiguous real estate, spanning from the Las Vegas Convention Center on Paradise Road from the east, to Industrial Road on the west. The combined frontage on the Las Vegas Strip is over 3,500 feet, including rights to approximately 1,000 acre feet of water. It is adjacent to nearly 6 million square feet of convention and exhibition space. The average cost of the full assembly of 280 acres is less than USD 3 million per acre.

The future development is expected to modify tourist visitation patterns in Las Vegas, drawing more visitors to the north end of Las Vegas Boulevard and its collection of luxury resorts, including the existing Wynn Las Vegas and the Paradise Park development slated to begin construction in January 2018 on the site of the former Wynn Golf Course.