![]() ![]() But Packer reportedly had trouble raising money for the project, and his company, Crown Resorts, bailed on the development and put the land up for sale.Įnter Wynn Resorts, which in December 2017 unveiled plans to acquire the 34.6-acre Alon site and some adjacent property. But the economy crashed, and they never built it.Īustralian billionaire James Packer acquired the property through foreclosure in 2014 and set out to build the 1,100-room Alon Las Vegas. Israeli investors bought the New Frontier in 2007 for more than $1.2 billion and toppled it with plans to develop a luxury resort. “We don’t have any comment beyond that,” he said. Weaver also said the property is not for sale. Wynn spokesman Michael Weaver said in an email Friday that Maddox’s “option value” comment was a reference to “the options the parcel offers” the company as it observes future development on the Strip. Will the new offerings boost tourism for everyone, siphon tourists from other properties or fall flat?īut Wynn’s holding pattern also shows that, a dozen years after the New Frontier was imploded there, we still don’t know the future of a sprawling parcel on tourist-choked Las Vegas Boulevard that has seen big plans come and go. Plus, the north Strip is poised to be flooded with thousands of new hotel rooms in the coming years from current projects, and it’s anyone’s guess how they will impact competitors. Landing funds for a megaresort project in Las Vegas is no simple task. In some ways, the question mark hovering over Wynn’s 38 acres next to the Fashion Show mall isn’t a surprise. ![]() Both are under construction and slated to open next year. Maddox also said that, “in order to really understand what would work,” executives first want to see the nearby Chinese-themed Resorts World Las Vegas and the 65,000-seat Allegiant Stadium open. Today, it’s still unclear what the company will do with it.ĭuring an earnings call last week, after an analyst asked what the casino operator might do with the site, Wynn CEO Matt Maddox said it likes owning the land for its “option value” and is “continuing to think about what could work” there. announced a major land deal: It was buying a chunk of the Strip for $336 million. (Las Vegas Review-Journal file)Īlmost two years ago, Wynn Resorts Ltd. The New Frontier is imploded Tuesday, Nov. ![]()
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