Wynn buys former Alon Resort site on Las Vegas Strip

The signs from the Encore and Wynn are shown in an undated image. (File)

Wynn Resorts announced plans to build a new hotel on the west end of the Las Vegas Strip.

"We're creating a new kind of experience that is representing the modern era," Wynn Chairman Steve Wynn said during his fourth quarter earnings conference call Monday morning.

The hotel will have 2,000 to 3,000 rooms and be built on the former Alon site across the street from the Wynn and Encore properties. The 38-acre lot was purchased for $336 million in December.

"It's like Picasso painting a painting," UNLV center for gaming research director David Schwartz said. Schwartz said the new project is another example of Wynn's commitment to Las Vegas.

"I think it's really positive for Las Vegas that someone like Steve is willing to invest a lot of money," Schwartz said. "Last year visitation dipped but he thinks it'll keep going up."

On the conference call, Wynn didn't offer any specifics on the timeline of the project but said he plans to move quickly.

"I've been thinking about it for a long time and sketching with it," Wynn said on the call. "I don't think the design development period is going to be very long on the Wynn West Property."

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