{"id":19658,"date":"2017-04-26T05:26:08","date_gmt":"2017-04-26T13:26:08","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=19658"},"modified":"2017-04-26T05:26:08","modified_gmt":"2017-04-26T13:26:08","slug":"wynn-paradise-deferred","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wynn-paradise-deferred\/","title":{"rendered":"Wynn: Paradise deferred"},"content":{"rendered":"

Perhaps it’s the distraction caused by casino legalization in Japan<\/strong>. Perhaps it’s the cost creep (now up to $2.4 billion) at Wynn Boston \"\"Harbor<\/strong>. Whatever the reason, Wynn Resorts<\/strong> has scaled down its plans for Wynn Paradise Park<\/strong>. Rest assured, the giant, animatronic King Kong<\/strong> still appears to be a “go.” However, the hotel tower has been temporarily shelved in favor of a concentration upon convention space. The downsized Paradise Park is expected to cost between $400 million and $500 million.<\/p>\n

Deutsche Bank<\/strong> analyst Carlo Santarelli<\/strong> wrote that Wynn Resorts “reported strong 1Q17 results and most importantly, gave investors no reasons to rethink their bullish stance.” The lagoon and convention center are still on the agenda, even if the hotel tower is not. Although the company anticipates double-digit ROI (specifically 10%-15%) from the \"\"park, Santarelli writes that “For now, we believe investor concerns around a >$1.5 bn project have been put to rest.” As for the escalating price of Wynn Boston Harbor, he penned, “We think every incremental $1 of spend here is bringing with it a very low return.” On the plus side of the ledger, Wynncore<\/strong> room revenues were up 11% last quarter and slot handle rose 7%.<\/p>\n

JP Morgan<\/strong> analyst Joseph Greff<\/strong> chose to focus upon “better than expected” Macao<\/strong> results, propelled by renewed VIP action. “Overall, this was a good result and likely the strongest 1Q17 Macau result we expect to see this earnings season,” he wrote. He noted the VIP play grew 27%, compared to a citywide average of 6%. If he had an opinion on the Paradise Park downsizing, he kept it to himself.<\/p>\n

* Hard Rock Casino Sioux City<\/strong> may have had some IT problems of late but it’s knocking ’em dead<\/a> with the readers of Casino Player<\/em> magazine, who showered it with awards.<\/p>\n

*\u00a0Congratulations to Ameristar East Chicago<\/strong>, which is marking its 20th anniversary<\/a>, a generation that has seen four changes of riverboat ownership, pardon the pun.<\/p>\n

* Although it’s too soon to say “comeback,” Mississippi<\/strong> casinos saw a welcome trend shift last month, as winnings rose 7%. Mississippi River<\/strong> casinos grossed $7 million more than in 2016, as did the coastal casinos.<\/p>\n","protected":false},"excerpt":{"rendered":"

Perhaps it’s the distraction caused by casino legalization in Japan. Perhaps it’s the cost creep (now up to $2.4 billion) at Wynn Boston Harbor. Whatever the reason, Wynn Resorts has scaled down its plans for Wynn Paradise Park. Rest assured, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,14,4,68,86,62,112,35,32,9,38,146],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19658"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=19658"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19658\/revisions"}],"predecessor-version":[{"id":19660,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19658\/revisions\/19660"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=19658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=19658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=19658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}