Showing posts with label Encore. Show all posts
Showing posts with label Encore. Show all posts

Tuesday, July 25, 2017

Wynn Second Quarter 2017 Earnings

Wynn Resorts released second quarter 2017 earnings today and held their earnings conference call. Revenue and net income were both up year over year due to the addition of Wynn Palace in Macau and helped by higher hold percentage in both Las Vegas and Macau.

Steve Wynn discussed the plans for the redevelopment of the Wynn golf course in Las Vegas. It appears that plans for the course are on track and drawings are being finalized.

The golf course will be redeveloped to include a lagoon along with new hotel rooms and convention space.

Steve Wynn commented that this land is extremely valuable due to its proximity to the Las Vegas Convention Center along with the Sands Expo Center.

Wynn also updated operations in Macau. Wynn Palace is doing well but is currently being somewhat adversely affected by construction at the neighboring MGM Cotai resort being built.

Back stateside Wynn Boston Harbor opening date will be in 2019 with construction now well underway. The company is also buying more property in the Boston / Everett area with an eye on future expansion.

Monday, April 25, 2016

New Wynn Paradise Park Lagoon Details

A few weeks ago I wrote a blog post about Wynn Paradise Park - the new proposed development by Wynn Resorts which will include a 1000 room hotel with a large man-made lagoon as a centerpiece attraction.

Today a press release was issued giving more details about the project. The lagoon will be constructed by a Miami based company called Crystal Lagoons.

"A 38-acre Crystal Lagoon will be the centerpiece of the development that will feature 260,000 square feet of premium meetings and convention space, a 1,000-room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas. The expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The project remains subject to the approval of Wynn's board.

The man-made lagoon with crystal-clear waters and white-sand beaches will be the size of more than 30 football fields and close to the size of almost 100 Olympic-size swimming pools. The new Crystal Lagoon will change the Las Vegas lifestyle with by making water sports readily available, such as stand-up paddle-boarding, wind-surfing, sailing, swimming and more."


Also notable from the press release was information touting the environmental sustainability of the project. The lagoon would use significantly less water than the current golf course.

It certainly looks like an impressive project, and if the sample image below is any indication it will be a great place to hang out. New outdoor spaces are a trend in Las Vegas with The Linq and The Park developments recently opening. Wynn Paradise Park would take the outdoor entertainment concept to the next level.

In my blog post a few weeks ago I was pretty skeptical about the project actually happening, but now that we have more details I think it would be a great expansion. If anyone can pull it off Steve Wynn is that guy.


Image: Crystal Lagoons

Thursday, April 07, 2016

Wynn Paradise Park Lagoon

Wynn Resorts held an investor day presentation yesterday. In an effort to share more about upcoming projects Wynn addressed investors for two and a half hours, and the company released a ton of renderings of the upcoming Wynn Palace Macau and Wynn Boston.

Many topics were discussed, but the item grabbing all the headlines is the plan to redevelop the golf course behind Wynn and Encore in Las Vegas. The new project could have a budget as high as $1.6 billion and would include a hotel, small casino, restaurants and retail.

The centerpiece of Wynn Paradise Park would be a large lagoon where guests could partake in a variety of water activities. The company would also plan to launch fireworks over the lagoon every night, just like at Disney.



Even with this model of what Wynn Paradise Park would look like, I'm still skeptical of this actually happening anytime soon. If it does get built I'm guessing the lagoon will be scaled down a bit. Something about building a huge lake in the middle of drought-ridden desert just doesn't feel right. I know what you're going to say - Wynn already did it a Bellagio. True, but this looks like a much bigger undertaking.

Either way, a project like this just underscores the continued expansion of non-gaming activities in Las Vegas. Even though the new hotel will have a casino, it's clear the focus will be on dining, shopping, and the lagoon attraction. Wynn Paradise Park would fit right in with the new outdoor spaces on the Strip - Caesars Entertainment's The Linq and MGM's The Park.

Each one of these features a main attraction to bring people in - the High Roller wheel at The Linq, T-Mobile Arena at The Park, and now the lagoon at Paradise Park.

Monday, January 11, 2016

Encore Player's Club

One of the narratives in Las Vegas news lately has been the premise that young people don't gamble. This has led to casinos trying different things to try to get young people interested in gambling.

Skill based slot machines are going to be hitting the floor in 2016. I think skill based machines are exciting and have lots of potential, but only time will tell if they actually catch on.

Another thing casinos are doing is to combine the casino with the nightclub. Last year The Palazzo introduced the Lavo Casino Club which essentially added a few table games to the restaurant and nightclub.

More recently Encore has introduced the Player's Club. This area off the casino floor is essentially a lounge with casino games alongside non-casino games such as pool and bar shuffleboard. Vital Vegas has posted a few photos of the Player's Club.

I think it's a good idea. If young people won't go to the casino, why not bring the casino to them. Someone might not want to seek out a casino gaming experience, but might play if a game is presented to them in a more relaxed environment.

Wednesday, October 28, 2015

Wynn Poker Room moving to Encore?

The rumor that Wynn's poker room is moving to Encore has been around forever, but it looks like it finally might be happening.

Las Vegas Advisor is in fact reporting that Wynn's poker room will be moving to Encore.

The closure of the Ferrari showroom at Wynn had people wondering what would happen to the nearby poker room. Moving it to Encore allows for a pretty big space for something new. The smart money seems to be on more retail.

While the difference between Wynn and Encore isn't much, poker players might have a longer walk from the parking garage to Encore than they had at Wynn. Poker players probably won't like that.

Thursday, July 30, 2015

Steve Wynn talks about Craps Odds

Yesterday I wrote a blog post about the Wynn Resorts second quarter earnings call. Mentioned in that post was the discussion of limiting craps odds to 2X. Many people seem to be interested in that topic, so I figured I would write a follow up post and include a transcript.

Steve Wynn talking about craps and more on the Wynn Resorts second quarter 2015 earnings conference call:

"I'm in the casino every day, and on the phone with my people. We've readjusted our floor. On the 4th of July. Interestingly enough, many of the games in Las Vegas have become marginally profitable.

Years ago down at Binion's they started at the crap table of giving ten times odds. If you bet a hundred dollars on the line you could bet a thousand dollars on the free odds behind the line - if you bet the pass line.

I'm getting a little technical, but in the old days in dice whatever you bet on the line you could bet the same amount behind the line. And that was a hold percentage of a little under one percent.

Then they started giving double odds compared to the amount of money you bet on the pass line, and that lowered the house percentage to point five seven.

Then it became a pattern on the Strip of what's called the three-four-five. Depending on what numbers you were betting on the crap table, to come up before number seven came up. You could get three times odds, four times odds, or five times odds. You know there are pairs of numbers on a dice table. Four and ten have two to one odds. Five and nine have a different set of odds, and six and eight are six to five. Well depending on what number you were trying to get, you could get three, four, or five times odds. That became a house advantage of point three seven.

With three dealers and a box-man, and half of a floor man for every table - craps is not a really profitable game at that level.

So I changed the casino. In effect I raised the price. And I went to double odds only. Except for extremely high play with a thousand dollar minimum bet.

I also rearranged the floor in the casino to put our specialty games that are very popular with the public - that have a higher margin - and I put them in the hundred percent location. And I moved my games with less of a margin to secondary locations. Those changes have worked out favorably to us in the past three weeks, and that kind of re-examination... our slot floor has been re-done. We win more money with less games now. These are some of the reasons why we make more money than anybody else in Las Vegas.

Now, some of the operators will copy us. You know we're not allowed to talk to one another because of obvious legal implications of price fixing, but we don't really care what the other guys do. We run our own business the way we see we should, and we're not in business to offer games that don't make money. And I don't mind saying that publicly. So we've done quite a bit of work in tightening up the way the casino works.

I know our competitors are on the call and they probably, everybody knows it the minute you make a change like that in Las Vegas it goes around town like wildfire. But those are some of the things we're doing, and it touches every aspect. We're constantly re-examining everything we do here. We sit in my office and discuss the most fundamental aspects of this industry every single week. We are not so much concerned with what has been, or what is, as we are concerned about what might be. And that's a principal truth of our company whether it's in China or in Las Vegas, or Boston or wherever."

Tuesday, July 29, 2014

Wynn Posts Strong Las Vegas Results

Usually when Wynn Resorts reports quarterly earnings results Las Vegas is hardly mentioned. Macau gets most of the attention these days, and for good reason - Wynn and Encore Macau account for more than double the revenue of their Sin City counterparts. The numbers will be skewed even more towards Asia when Wynn Palace opens on Cotai in 2016.

This time though Las Vegas stole back a bit of the spotlight. Second quarter 2014 revenue grew 12.5% which is robust for a Las Vegas market which has been fairly flat over the past few years. The success seems to be ongoing, as Steve Wynn revealed on the earnings conference call that July in Las Vegas could be the strongest he's ever seen.

The strong Vegas numbers even prompted one analyst to ask if certain high rollers were choosing Las Vegas over Macau, a notion that was seemingly dismissed by Steve and co.

Wynn isn't a great bellwether for the city as a whole since they cater to the very top end of the market. That being said it's nice to see some good numbers for Las Vegas and hopefully other hotels on the Strip will see some encouraging results as well.

Wednesday, February 13, 2013

Gronk Sorry for Partying at XS

New England Patriot Rob Gronkowski has been making the rounds on sports news shows and websites. A video surfaced of him dancing shirtless and playfully body-slamming a friend onto his broken forearm at XS during Super Bowl weekend in Vegas.

Now a receipt has surfaced from that same night, which shows Gronk's hefty (although it could be seen as modest by celebrity standards) $9600 bar bill at XS. Highlights include a bunch of $525 bottles of vodka and $11 bottles of water:


Photo: Busted Coverage.

Gronkowski has apparently responded to the controversy by wearing a "Sorry for Partying" t-shirt:


Photo: meli_garcia.

Tuesday, November 27, 2012

Wynn Funhouse Show and Billy Joel Rumors

With Garth Brooks recently ending his run at Encore, Steve Wynn has revealed plans for a new show to take his place at Encore Theater. Wynn told Robin Leach about the new "Funhouse" show, which he claims will be different from anything else on the Strip. The way Wynn described the show makes me think it will be somewhat similar to Le Reve, but Wynn claims it will be different from that and similar Cirque du Soleil type shows.

Casting and rehearsals for "Funhouse" are beginning immediately, with the show likely to make a late 2013 debut.

That time-frame leaves Encore Theater rather empty for the next year or so, which might give the following rumor some legs. Robin Leach is also reporting that Billy Joel might be taking over Encore Theater for New Years Eve, and could possibly stick around for a longer residency similar to what Garth Brooks did. This seems to be a good fit for the Wynn clientele, and would give Joel a nice one year run before "Funhouse" starts.

Thursday, February 02, 2012

Wynn Launches New Website

Wynn Las Vegas has launched a new website.

In the past Wynn was infamous for having a sub-par site that was slow and featured unnecessary sound and visual elements.

The new site is also heavy on multimedia, but it seems to be faster, sleeker, and more user friendly. It even gives you a message (or warning) telling you to turn your sound on (or off) for the best experience.

I know a lot of people were frustrated by the old Wynn website, so hopefully the new one will be a crowd-pleaser.

Friday, January 27, 2012

Steve Wynn is 70

Steve Wynn is celebrating his 70th birthday today.

Like him or not there's no doubt Steve Wynn has left his mark on the Las Vegas skyline, building the Mirage, Treasure Island, Bellagio, Wynn, and Encore.

It doesn't appear Steve is going to slow down anytime soon. He just got married, and is looking forward to developing his new Cotai Strip property in Macau.

I don't know if he'll ever build another hotel in Las Vegas though. I guess it depends on the economy. It would be fun to see what he comes up with if it happens.

Monday, January 16, 2012

Cosmopolitan Dominates Vegas Tripping Awards

Vegas Tripping announced the 2012 Trippies award winners today. The awards are voted on by readers of the site.

The Cosmopolitan of Las Vegas dominated the awards, winning many of the major categories.

Cosmo took home Best Strip Hotel, Best Hotel Overall, Best Rooms, Best Dining Overall, Best Nightclub (Marquee), Best Bar (Chandelier Bar), Best Casino Carpet, Best Website, Best Social Media, and Best In Show.

These results are somewhat surprising because Wynn Las Vegas and Encore have traditionally won most of the awards. This year the only award Wynn or Encore won was Best Dayclub (Encore Beach Club).

Check out all of the results: 2012 Trippies.

Wednesday, April 13, 2011

Las Vegas Pool Season 2011 Begins

Summer comes early in Las Vegas, as many of the pools around the Strip are open and ready for business.

A few of the more popular day-club type places will be holding grand opening parties this weekend.

Rehab at the Hard Rock:


Wet Republic at MGM Grand featuring Kim Kardashian:


Encore Beach Club featuring Michael Phelps:


The new kid in town this year is the Marquee day club at Cosmopolitan. Victoria's Secret Angel Alessandra Ambrosio was on hand for the opening last weekend and tweeted this picture of the pool:

Monday, January 03, 2011

Star Power at Marquee Grand Opening

Marquee, the new club at The Cosmopolitan opened with a huge New Year's Eve party this past weekend.

So many celebrities were at the club that it will be hard to list them all but here's a sampling of the bigger names at the party:

50 Cent
Alex Rodriguez
Aziz Ansari
Beyonce
Blake Lively
Cameron Diaz
Coldplay frontman Chris Martin
Diddy
Emmanuelle Chriqui
Floyd Mayweather Jr.
Forest Whitaker
Gwyneth Paltrow
Jay-Z
Jennifer Lopez
John Mayer
Kanye West
Kirsten Dunst
Marc Anthony
Mark Wahlberg
Rihanna

Along with this list, there were many, many more lesser known celebrities at the grand opening.

It looks like Marquee will quickly become a very hot spot in Las Vegas. I don't know that much about the nightclub scene but I think the general consensus is that XS at Encore is the hottest club in town. I wonder if Marquee can challenge XS for that top spot?

Thursday, December 02, 2010

Steve Wynn Engaged

King of Las Vegas Steve Wynn has reportedly proposed to girlfriend Andrea Hissom.

According to Robin Leach, Wynn proposed at Sinatra restaurant at Encore:

"Andrea was thrilled when Steve proposed and that slid the ring on her finger in an old-fashioned way. They’d just finished an intimate candlelight dinner in a private room that the hotel mogul had planned in advance at Sinatra in his Encore. Frank’s music was even playing when he asked the British beauty for her hand in marriage."

Source: Robin Leach / Las Vegas Weekly.

Tuesday, June 01, 2010

Encore Beach Club

The much awaited Encore Beach Club opened Memorial Day weekend. The front part of Encore transformed into a pool and surrounding cabana balconies. It even has a few blackjack tables tucked away from the main action.

The Las Vegas pool party "daylife" concept is a big trend, and EBC will satisfy the high end of this market. From what I have read about the opening the crowd was pretty similar to that of the most popular trendy day clubs like Wet Republic and Liquid.

It will be interesting to see if the upscale pool trend continues. Like the gourmet burger trend I wonder if this niche is becoming over saturated.