Wynn Resorts announced today it is buying 38 acres of arrive at the Strip across from the Wynn Las Vegas and the Repetition. The majority of the land– 34 acres– is on the website of the never-realized Alon gambling establishment job, where the New Frontier when stood.
Inning accordance with a news release, Wynn Resorts will pay $336 million for the property. The statement did not spell out exactly what it plans to do with the land.
“We have no more details,” said Michael Weaver, chief marketing officer for Wynn Resorts.
The company previously this year announced prepare for a brand-new casino-resort on the Wynn Golf course home behind its existing Strip gambling establishments.
The most recent purchase provides Wynn a footprint that stretches from Paradise Road on the east, near the Las Vegas Convention Center, to Industrial Roadway on the west.
Phil Ruffin, owner of Treasure Island, purchased the Frontier from the Elardi family in 1997 for $165 million, with plans to build a $700 million San Francisco-themed resort. He then changed course and proposed a $2 billion Swiss-themed resort called the Montreux, which would house the Montreux Jazz Festival and an observation wheel.
Ruffin, nevertheless, never ever pulled the trigger on the project and in 2007, he offered the residential or commercial property for $1.24 billion to the El Ad Group, an Israeli firm with strategies to construct a $6 billion Strip resort that would be called The Plaza. El Ad imploded the New Frontier but could not protect the financing to replace it.
In 2014, El Ad offered the land to for $280 million to Crown Resorts, with strategies to construct the Alon resort. In December 2016, Crown deserted the job and announced it would offer the land.