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Steve Wynn Opens Luxury Retail Project on Vegas Strip
VACATION PACKAGE INFORMATION Steve Wynn Opens Luxury Retail Project on Vegas Strip
The ultra-luxury retail space at Las Vegas' new Wynn Resort is likely to find eager customers even in a crowded market, observers say.
“There is going to be an added level of competition, but at the end of the day this project is just going to bring more high-end buyers to the city,” Anthony Hama, investment advisor for Sperry Van Ness, told SCT Xtra. “Steve Wynn can't fail.”
The roulette wheels started spinning last week at the $2.7B Wynn Las Vegas, the Strip's first new casino resort in five years.
The copper-colored, 49-level building, which includes 2,700 hotel rooms, is the latest project of mogul Steve Wynn.
The complex sports 75,000 sf of retail, including a Ferrari and Maserati dealership. A planned second phase will add 90,000 more retail sf.
Even in a “cautious” economy the resort's retail component will find eager customers, said Faith Hope Consolo, chairwoman of the retail group at Prudential Douglas Elliman Real Estate.
“This is a captive market of very high-end customers,” she added. “The high-end of the retail market is doing extremely well.”
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