Per a note received by the Hong Kong Stock Exchange on Thursday, July 11, 2019, Wynn Resorts has revealed plans for a $2-billion expansion of its Wynn Palace resort property in Macau, the world's foremost gambling market.
The new Crystal Pavilion complex is envisioned as an entirely glass-and-steel structure, designed by architect Robert A.M. Stern, to be built adjacent to the existing Wynn Palace on the Cotai Peninsula. The new space will feature non-gambling attractions, including an art museum with interactive sculptures, impressive gardens, a 270-degree fully-immersive entertainment theatre and food and dining venues.
The expansion will also see the addition of two new hotel towers, which will provide about another 1,300 guest accommodations on the property. Wynn has also allocated $125 million for renovations to existing areas of the resort, Bloomberg reported.
Phase-I construction of south-parcel pavilion and hotel tower is set to begin in 2021, and is expected to take around three years with an opening planned for 2024. The costs and timing of Stage II construction of the north-parcel hotel tower are yet to be determined.
Reportedly, Wynn expects the new non-gambling project to eventually yield between a fifteen- and 20-percent return on the investment.
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