The joint venture will lease and develop the all-new Wynn Plaza and
existing luxury retail space at Wynn Las Vegas
LAS VEGAS--(BUSINESS WIRE)--Dec. 13, 2016--
Wynn Resorts (WYNN) and Crown Acquisitions signed an agreement to form a
joint venture to own and operate the premier luxury retail space at Wynn
Las Vegas. Under the terms of the agreement and subject to certain
customary conditions to closing, Crown will pay $472 million in gross
proceeds in two installments. Crown will pay Wynn the first payment of
$292 million at closing, which is expected to be in 2016 or early 2017,
for its 49.9% interest in a portion of Wynn Las Vegas' owned and leased
retail, representing a 4.7% capitalization rate. Wynn will receive the
second fixed payment of $180 million following the completion of Wynn
Plaza in 2017. On a combined basis, Wynn expects the sale of a 49.9%
interest in its retail operations to represent a capitalization-rate
range of 4.5 to 5.0%. The joint venture will own approximately 88,233
square feet of existing retail space at Wynn and Encore Las Vegas plus
the 72,851 square foot Wynn Plaza currently under construction at Wynn
Las Vegas. Wynn Resorts will act as the managing member and maintain
50.1% ownership of the newly formed retail joint venture.
About Wynn Resorts:
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts
owns and operates Wynn and Encore Las Vegas (www.wynnlasvegas.com),
Wynn Macau (www.wynnmacau.com)
and Wynn Palace, Cotai (www.wynnpalace.com).
Wynn and Encore Las Vegas feature two luxury hotel towers with a total
of 4,748 spacious hotel rooms, suites and villas, approximately 194,000
square feet of casino space, 33 food and beverage outlets featuring
signature chefs, two award-winning spas, an on-site 18-hole golf course,
approximately 290,000 square feet of meeting and convention space,
approximately 99,000 square feet of retail space as well as two
showrooms; three nightclubs a beach club and recreation and leisure
facilities. A luxury retail Strip-front expansion, Wynn Plaza, is
currently under construction and is scheduled to debut fall 2017.
Wynn Macau is a luxury hotel and casino resort located in the Macau
Special Administrative Region of the People's Republic of China with two
luxury hotel towers with a total of 1,008 spacious rooms and suites,
approximately 284,000 square feet of casino space, casual and fine
dining in eight restaurants, approximately 31,000 square feet of lounge
and meeting space, approximately 57,000 square feet of retail space, two
opulent spas, a salon, a rotunda show and recreation and leisure
facilities.
Wynn Palace is a new luxury integrated resort in Macau that opened
August 22, 2016. Designed as a floral-themed destination, it boasts
1,706 exquisite rooms, suites and villas, approximately 500,000 square
feet of casino space, 10 food and beverage outlets, approximately 40,000
square feet of lounge and meeting space, 105,000 square feet of designer
retail, air-conditioned SkyCabs that traverse an eight-acre Performance
Lake, an extensive collection of rare art, a lush spa, salon and
recreation and leisure facilities.
Wynn Resorts is currently constructing Wynn Boston Harbor located in
Everett, Massachusetts.
About Crown Acquisitions:
A third-generation family business led by the Chera family, Crown
Acquisitions has acquired and developed high profile commercial real
estate assets in global gateway cities. The company has investments in a
significant number of luxury properties, including, 130-137 New Bond
Street, London; the Apple Store in SoHo, NYC; the retail condominiums at
666 Fifth Avenue and Fifth Avenue’s St. Regis Hotel; the retail and
hotels at 6 Times Square and 170 Broadway; and the retail and offices
located at Olympic Tower, including the Cartier Mansion and Versace
Townhouse.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161213005525/en/
Source: Wynn Resorts
MEDIA CONTACTS:
Wynn Las Vegas
Deanna Pettit-Irestone,
702-770-2121
deanna.pettit-irestone@wynnlasvegas.com
or
Crown
Acquisitions Inc.
Danielle Esha Mamiye, 646-733-7038
desha@cacq.com
or
INVESTOR
CONTACT:
Wynn Resorts
Mark Strawn, 702-770-7554
mark.strawn@wynnresorts.com
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