Le Reve Mega Resort

Dec. 25--Construction of Steve Wynn's Le Reve mega resort is now expected to get under way by March, with a planned December start delayed by excavations on the Desert Inn site, Wynn's brother said. 

Steve Wynn said in October that he anticipated beginning construction on his water-themed Le Reve project by the end of December. 

Kenny Wynn, director of Wynn Development & Design, said recently that construction was held up by delays excavating the basement levels of the Desert Inn's 14-story Augusta Tower, which was imploded Oct. 23 to make way for the new resort complex. 

"The excavation is a complicated process," Kenny Wynn said. "We have to remove the entire basement to make way for the (Le Reve) foundation." 

Steve Wynn recently forecast a 28- to-30-month construction timetable for his planned 2,455-room, 42-story hotel tower and a man-made lake. If his forecast holds, Le Reve would open by September 2004. 

Wynn paid Starwood Hotels & Resorts $270 million last year to acquire the Desert Inn. 

Wynn was traveling and was unavailable to answer questions about financing for the project. In October Wynn said he anticipated beginning financing efforts late this year. 

"We've turned down offers for money," Wynn said at the time. "We're not ready for financing until November, before we begin construction." 

Wynn said Le Reve would cost about $1.6 billion, about the same amount he spent to build Bellagio while at the helm of Mirage Resorts. He plans to sell public debt, but not to sell stocks in his Wynn Resorts company. 

Le Reve, which is French for "the dream," and the name of a Picasso masterpiece owned by Wynn and his wife, Elaine, will feature two major theaters. 

Wynn said he's hired Franco Dragone, who directed both of Cirque du Soleil's Las Vegas productions, "O" and "Mystere," to produce a show about a remote Himalayan tribe, a tribe whose children can fly, but only until they are 11 years old. 

A young man's quest to regain the power of flight will be the show's focus. 

Entertainment is the key to keeping Las Vegas fresh and exciting, Wynn said. 

"It's not gambling, and you can't just build rooms," Wynn noted. "Entertainment is art, and there's no guarantees in art." 

Steve Wynn and a few hundred invited guests gathered at the old Desert Inn property on the Las Vegas strip on Thursday, 10/31, to break ground for the $1.85 billion Le Reve project.  Construction will start immediately and is expected to be finished in thirty months.  The grand opening of Le Reve, French for The Dream, is slated for April, 2005.   Wynn has all of the necessary financing for the project in place and has just completed an IPO of Wynn Resorts stock that provided the final $450 million needed to complete Le Reve.  On hand at the ceremonies was Wynn’s business partner, Kazua Okada, Japanese corporate chief and controlling owner of Aruze Corporation, gaming device manufacturer.  Mr. Okada has invested $380 million in Wynn Resorts.

Mr. Wynn is noted for his ability to design and build mega resorts that define the standard in Las Vegas properties.  The creator of The Mirage, Treasure Island and Bellagio properties has stated that Le Reve will not have a central theme but rather will offer guests the ultimate in casual elegance and luxurious surroundings.  The property itself will be the primary draw rather than a theme.  Steve Wynn, the visionary that gave the Las Vegas strip full size sailing ships that sink, active volcanoes and performing fountains, has an eight-story mountain enclosing a lake planned for Le Reve.  The mountain will run parallel to the strip and offer designed views to different areas of the hotel .The 2,700-hotel room property will have oversize suites with large, opulent bathrooms, plasma screen televisions and high-speed wireless Internet throughout.  The property will include a new golf course, 110,000 square foot casino and eighteen restaurants.  There will be a full service Ferrari and Maserati dealership at the property.  Le Reve is focused to attract the high-end guests that currently stay at the Bellagio.