The Encore Suites resort is designed to look very much like the first phase, which has 2,716 rooms anchored by an 111,000-sf casino; 22 food and beverage outlets; 200,000 sf of meeting space; 74,000-sf of retail, and a Ferrari and Maserati dealership. The smallest rooms in the Encore Suites tower, at 700 sf, will be larger than those in the first phase. The VIP suites in Encore will top out at 5,800 sf.
Construction of Encore Suites commenced in the second quarter of 2006, approximately one year after the opening of the $2.7-billion first phase. The project budget for Encore is $2.1 billion, of which just under $1 billion had been spent as of the end of 2007.
Hotel occupancy at Wynn Las Vegas averaged 96% in 2007 and the average daily room rate was $300. The comparable market-wide averages are 90.4% and $132, respectively.
Not too long after Encore Suites is up and running, look for Wynn Resorts to begin redeveloping its golf course, which covers 142 acres immediately behind the 50-acre resort. "We are developing a long-range master plan for the golf course," Wynn states in its annual report filed with the SEC last week. "It is not expected that any construction on the golf course land would begin before 2009."
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