Wynn Resorts Ltd. (NASDAQ: WYNN) shares jumps on Thursday after the company announced a expansion plan in Las Vegas and revealed more details of its next resort in Macau.
The casino operator announced the new Las Vegas development in a presentation to investors. The company plans to build a lake resort behind its two Las Vegas casinos, which includes a 38-acre lagoon attraction, a 1,000 room hotel tower, a small casino, restaurants, nightlife and meetings and convention space.
The company said that Wynn Golf Club would be converted into the new resort. There will be a boardwalk and a withe and beach around the 38-acre lagoon, which will host activities like water ski, paddleboard and parasail during the day. The resort will offer a fireworks show every night.
“Just like Disney,” said Wynn, who’s still working on the details and plans to seek approval from his company’s board in September.
The company’s chairman Wynn said that the proposed project, tentatively called Wynn Paradise Park, could cost as much as $1.6 billion.
“This is the most fun project in my 45 years,” Wynn told investors. “Somebody take the other side, tell me what’s wrong with this idea? We’ve all drunk the Kool-Aid.”
The company also provided some updates on the constructing resort in Macau. The $4.1 billion Macau resort Wynn Palace is scheduled to open in late July or August. The company expected that the new resort would bring $2.4 billion to $3.1 billion in gambling revenue and $630 million to $850 million in Ebitda by 2017.
Wynn shares were up 10.34 percent to $98.74 at 1:58 p.m. in New York.