Steve Wynn’s new company is taking shape, with former Gov. Bob Miller and Wynn’s wife, Elaine, agreeing to join the Wynn Resorts board of directors, the company revealed in a Tuesday Securities and Exchange Commission filing.
Wynn’s plans to develop Le Reve, a $1.83 billion megaresort on the Desert Inn site, and casino resorts in Macau became a bit clearer Tuesday as Wynn Resorts further detailed its plans to sell stock to the public.
Wynn Resorts advised investors in its filing that it expects to raise additional financing in the form of a $350 million second mortgage and about $363.5 million from its planned public stock offering, which Wall Street sources expect to take place in early- to mid-September.
Construction of Le Reve is slated to begin next month with the megaresort’s opening scheduled for March 2005. Wynn Resorts expects the planned megaresort to employ about 8,000 workers.
The planned resort will be the first Strip megaresort to open since the bankrupt Aladdin opened in August 2000.
Le Reve will be “the most luxurious hotel resort environment on the Las Vegas Strip,” the filing noted. “At the time of Le Reve’s planned opening in March 2005, we believe that it will have been almost five years since a major new hotel casino resort opened on the Las Vegas Strip. As a result, we expect that there will be a high level of anticipation for Le Reve. We intend to capitalize on this high level of anticipation, as well as the tendency of customers in the Las Vegas market to gravitate toward new attractions and locations.”
The filing reveals Wynn’s plans to recapture some of the high-end UFABet gamblers Strip heavyweight MGM Mirage garnered when it acquired Wynn’s former company, Mirage Resorts, in May 2000.…