sold the tall blue reminder<\/a> of the recession to a developer who seems committed to seeing it through. Resorts World also confirmed recently that major construction will soon begin on the $4 billion integrated casino resort, and SLS Las Vegas was sold in May.<\/p>\n<\/div>\nAnd in addition to Wynn Resorts’ land purchase this week, the company is investing $1.5 billion to build Paradise Park, a 38-acre water lagoon with sandy beaches, assortment of attractions, and new 1,000-room hotel tower and small casino.<\/p>\n
Investors are betting on continued growth in convention traffic to support northern Strip development. The Las Vegas Convention Center is currently undergoing a three-part expansion, with the final phase involving a complete renovation of the main facility.<\/p>\n
A New Frontier<\/b><\/h2>\n
When Wynn Resorts reveals its plans for its newly acquired 38 acres of Las Vegas real estate, it will write yet another chapter to the Strip location.<\/p>\n
The New Frontier occupied the land from 1942 through 2007. Billionaire owner Phil Ruffin sold the aging resort for $1.2 billion in 2007 to Israeli real estate firm El-Ad, which owns New York City’s Plaza Hotel.<\/p>\n
El-Ad razed the New Frontier to make way for the $6 billion Plaza Las Vegas. But the US recession hit the following year, and El-Ad scrapped those plans.<\/p>\n
El-Ad sold the land to Crown Resorts in 2014 for $280 million, and the rest is history.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wynn Resorts has reached a deal to acquire 38 acres of vacant land across Las Vegas Boulevard from its two Strip casino resorts, but the company isn’t showing its cards as to what it plans to do with the property. The seller is Crown Resorts, which had planned to build Alon Las Vegas, a multibillion-dollar […]<\/p>\n","protected":false},"author":42,"featured_media":65537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Wynn Resorts Buying New Frontier Site From Crown Resorts<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n