The most expensive resort that hotel mogul Steve Wynn has ever built opens in Macau today. His $4.2 billion gamble is on the luxurious Wynn Palace casino resort, which executives are hoping will revive the flagging fortunes of the struggling Chinese territory.
Steve faces competition from two other Las Vegas entities nipping at his heels on The Cotai Strip there. Next month, Sheldon Adelson of the Las Vegas Sands Corp. (The Venetian and The Palazzo) opens his Parisian Macao resort, then Jim Murren’s MGM Resorts International opens its MGM Cotai there in the fall of 2017.
Steve’s bet on success comes after 26 consecutive months of declining gross gaming revenues there. He began its development in 2011, and, to meet Chinese government officials’ guidelines, spent $200 million on antiques, a miniature Eiffel Tower and a Sky Cab system of gondolas that encircle a $100 million performance lake.
That’s perhaps an advance look at the Sky Gondolas he plans to ferry passengers over his new mountain waterpark here on the Strip to be developed at Wynn Las Vegas. In addition to the 1,700 luxury suites, there’s a large conference facility and a spa that features gold leaf facials at $450 a treatment.
Las Vegas uber chef and food consultant Grant McPherson has worked there the last three months readying the restaurants. After today’s opening, Grant moves on to London to open a new property in the British capital’s banking district for early spring.