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| Wynn to make winners all-round |
08/07/2001 Steve Wynn to develop new project on Desert Inn property Since 1989 and the Mirage hotel/casino with its faux volcano, Steve Wynn has been the source of endless speculation in Las Vegas. People are anxiously awaiting his latest creation - the Desert Inn, one of Howard Hughes' old haunts. Wynn is keeping silent about the 212-acre property that he purchased from Starwood Hotels & Resorts for US$270 million. The property, which is located near the less popular north end of the Strip, will be jointly developed with Japanese gambling billionaire Kazuo Okada. Wynn is expected unveil is plans in October, until then all he is ready to reveal is that he?s "working very hard to create a spectacular project?. One of the project?s potential bidders, Richard Rizzo, chairman of Perini Building Co., did let slip though that "it's going to have a lot of natural stonework and horizontal lines?. His new neighbors are only too thrilled to have Wynn around. "Wynn moves the 50-yard-line to the Desert Inn with his project," says Paul Pusateri, a former Park Place executive who is currently working with Soffer family to develop an US$800 million London-themed casino on the nearby site of the old El Rancho hotel. "That brings more foot traffic to us," he continued. Taking advantage of this future traffic is next-door neighbor, Sheldon Adelson, owner of the Venetian casino. Adelson plans to build a 1,100-room, US$200 million expansion to his casino while, across the Strip Phil G.Ruffin is planning to make over his New Frontier casino in a San Francisco motif. According to Andrew Zarnett, a senior gaming analyst at Deutsche Bank, Wynn will set the ball rolling for other investors in the area. |
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