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Wynn: Le Reve Financing Finalize in 7 Weeks22 February 2002LOS ANGELES – As reported by Reuters: “Casino mogul Steve Wynn said on Thursday he plans to finalize plans for his new Las Vegas mega-resort by the end of next week, and that funding should be in place to begin construction within six weeks of that. ”He told Reuters that his new resort, Le Reve, will cost about $1.65 billion to build and will be financed through a combination of bank loans and bonds. He said Deutsche Bank will oversee the raising of funds for the project. ”…Wynn plans to build his new resort on the site of the old Desert Inn, which he acquired nearly two years ago after selling his company, Mirage Resorts, to MGM Grand Inc. to form MGM Mirage (MGG). ”The new resort, whose name is French for `The Dream,’ will include a 45-story golden glass tower, a four-acre lake and a 44-foot fountain, according to Wynn, whose previous projects on the Las Vegas Strip include the Mirage and Bellagio. ”…He said construction could begin the same day that financing closes, probably sometime in April. The resort would open about 30 to 32 months later he said.” |