Steve Wynn is planning a fourth hotel in Las Vegas, a vote of confidence in a city still coping with lower attendance since an Oct. 1 mass shooting.
Visitors to Sin City fell 1.7 percent to 42.2 million in 2017, the first decline in four years, according to preliminary data from the Las Vegas Convention & Visitors Authority. Declines were steeper in the last three months of the year after the shooting left 58 people dead.
Room rates in Las Vegas rose 2.8 percent to an average of $129 a night last year, while the percentage of rooms occupied was little changed from a year earlier.
Wynn’s newest hotel rooms will feature 24-foot-wide window views, his-and-her bathrooms and 80-inch TVs. The company’s average room rates are rising and will likely hit $400 by the time all of the rooms under construction are finished, the executive said.
Wynn Resorts’ overall results, reported Monday, beat estimates thanks to strength in Macau. Revenue in Las Vegas fell 1.6 percent to $377 million, while adjusted profit dropped 9.2 percent to $104.1 million.
“You have to ask yourself, investment community, do you believe that Las Vegas, Nevada, will for the next decade or two continue to be a major destination city in the United States of America and the world?” Wynn asked. “This is a great city to be in. It’s a great city to develop in.”
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