I’m not quite sure how many folks have unlimited shopping budgets, but Las Vegas seems to think rich folks need even more options.
The newest additions to the Las Vegas luxury shopping experience are the Wynn Plaza Shops which had their official opening the week before Thanksgiving…just in time for holiday shopping. The Wynn’s Encore Esplanade shopping area remains, but the Plaza Shops give shoppers easy access from the Strip and add to the Wynn’s luxury appeal.
I visited the Wynn Plaza Shops last week, and my video is attached. I would typically not shop at luxury shops, but I loved walking through the new shopping area and simply enjoying its beauty. Two dining spots in the area also looked quite intriguing. I even loved the area’s new ladies room.
Although I don’t understand the luxury world, I picked up the following piece of information about ownership of Wynn’s shopping areas among early Wynn press releases. Obviously, big money is involved.
“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 (2018). 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.”
Yes, very big business.
On another subject: If Plaza Store customers spend more than $50 (and it’s almost impossible not to spend that much), they qualify for free valet or free self-parking.
The Plaza Shops are open Sunday through Thursday from 10 a.m. to 11 p.m. and on Friday and Saturday from 10 a.m. until 12 a.m. Drink too much on a Saturday night, and one may end up with an $8000 dress!