Steve Wynn has purchased the former New Frontier land across from the Wynn Las Vegas which was the site of Crown Resorts planned Alon resort, the deal also includes the purchase of land that is not owned by Crown Resorts. The land purchased by Wynn is 38 acres for $336 million and is a good deal for prime Strip property. I wouldn’t expect Wynn to do much with his newly purchased in the near term as they are working on the new area behind the Wynn on the Wynn golf course as well as other projects such as Boston, but the new land is perfectly placed for a future Wynn resort.
The Global Gaming Expo or G2E as its known begins today at the Sand’s Expo and Convention Center and will run through October 2nd. Two highlights of the show are today at 4:30pm when Las Vegas casino owner legend Steve Wynn takes the stage for a keynote; the second highlight is tomorrow also at 4:30pm when Sheldon Adelson another famous Las Vegas casino operator takes the stage in a second keynote. G2E is a trade show for the casino operators and companies producing products that they can sell to them including products such as slot machines, card shufflers, table games etc.
The former Portuguese colony of Macau which was returned to the Chinese is a gambling hotbed. The revenues of the casinos in Macau totaled $6.95 billion for 2006 which beat the Strips predicted revenue of $6.5 billion for 2006. Las Vegas legends Steve Wynn and Sheldon Adelson both have large properties in Macau competing with Chinese tycoon Stanley Ho. Macau will siphon off some Asian gamblers which will hurt certain properties in Las Vegas a bit but in the long run Las Vegas will do fine.