Wynn Resorts Confirms Purchase of Alon Site

Wynn Resorts has officially confirmed it will buy the former Alon project site, and it’s a pretty big deal.

Wynn Resorts said the purchase, which includes the acquisition of 38 acres of prime real estate on the Las Vegas Strip, cost $336 million.

Fun fact: El Ad Properties paid $1.2 billion (yes, with a “b”) for the land in 2007 from bajillionaire Phil Ruffin, owner of Treasure Island.

The asking price for the Alon site was $400 million.

Alon Las Vegas

It’s not much to look at, but wait and see what Steve Wynn has in store.

We’d like to set aside this sentence for some self-panegyrizing, as we were the first to report Wynn’s purchase of the Alon site back on Dec. 6, 2017. And, no, we were not aware “panegyrizing” was a word until 12 seconds ago.

A release issue by Wynn Resorts contained a number of tasty nuggets: “The agreement completes a unique assembly of contiguous real estate of approximately 280 acres that spans from the Las Vegas Convention Center on Paradise Road from the east, to Industrial Road on the west. The combined frontage on the Las Vegas Strip is over 3,500 feet, including rights to approximately 1,000 acre feet of water. It is adjacent to nearly six million square feet of convention and exhibition space. The average cost of the full assembly of 280 acres is less than $3 million per acre.”

The most intriguing part of the news release, of course, alluded to future plans for the Alon site (before that abandoned project, it was the site of the New Frontier casino).

Wynn funny chip

The Wynn empire just expanded. Again.

The release boldly states: “The future development of the land will further change tourist visitation patterns in Las Vegas drawing more visitors to the north end of Las Vegas Blvd. and its collection of luxury resorts, including the existing Wynn Las Vegas and the Paradise Park development slated to begin construction in January 2018 on the site of the former Wynn Golf Course.”

That Steve Wynn is quite a tease.

The Wynn Resorts purchase isn’t completely straightforward. Wynn is buying 18.4 acres from its previous owner, Crown. It’s renting another 16.2 acres from the Elardi family (they were leasing it to Crown). A small piece of the Alon land is being sold by Phil Ruffin, owner of TI.

The purchase of the Alon site is yet another sign the north end of The Strip is experiencing a boom. Check out everything new along that stretch of the world’s sexiest boulevard.

We’re talking about Las Vegas Boulevard. Please try and keep up.

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  • Mako10

    Ive been calling for this for years…ever since that garbage rag vegastripping tried to BS readers saying everythings fine with Alon. Thankfully both VT and Alon are now dead.

    Now Steve can build one last, over the top, uber luxury resort before he kicks hte bucket.

    I still think that water park is very stupid idea though, but this (potentially) makes up for it.

    • Jefe

      Wynn’s only 75 and still rides zip lines. He’s got a few mega resorts left in him.

    • William Wingo

      The VT page is still up, but it doesn’t seem to have anything more recent than Jan 2017. Too bad–who’s going to badmouth Wayne Newton and suck up to Mr. Wynn now?

  • Photoncounter

    IF all this comes to pass the decision to run the monorail behind the strip casinos rather than right down or underneath LV Blvd looks worse every day. Yeah, Engineering would have been a challenge and very expensive but Boston relocated I-93 under the existing roadway (Big Dig) so it wouldn’t be impossible. Denver kicked the taxi drivers in the balls and built light rail from the airport to downtown so politics can be overcome.

    Having an easy to use monorail/light rail up and down the tourist corridor, perhaps even to Fremont Street would help spread people out. Unfortunately, it’s probably too late to fix the issue.

    I’m sure Wynn will do something classy and actually finish what gets started.

  • Patrick Campbell

    Scott, once again you demonstrate why your blog is the first Vegas related website I check when I want to know what’s new in my home away from home, Las Vegas. You’ll probably know the name of Derek’s new casino before Derek does!