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Rod Smith
 

Wynn Offers $40 Million for Las Vegas Country Club

22 June 2004

Las Vegas developer Steve Wynn last week teed up an offer to buyout the landmark Las Vegas Country Club on Joe W. Brown Drive across from the Las Vegas Hilton for $40 million.

Wynn Resorts already is developing an 18-hole golf course, designed by Tom Fazio and Wynn, on the old Desert Inn site.

"We have to have extra capacity for our guests as we add rooms with the second tower. Basically, (the buyout is intended) to accommodate our overflow (crowds)," said Denise Randazzo, vice president for public relations and advertising at Wynn Resorts.

Wynn was in China Monday and was unavailable for comment.

Wynn is building a $2.4 billion, 2,700-room hotel-casino development on the Strip side of the Desert Inn site.

He recently announced plans to build a second tower with about 1,300 rooms on the north side of the current project for an estimated $500 million.

Randazzo explained that if two-thirds of the equity members in the Las Vegas Country Club accept his cash offers, the issue will be put to a vote, and the golf course will be acquired if a majority of the equity members agree.

She said Wynn hopes to complete the purchase before the opening of the 50-story, first phase of Wynn Las Vegas, now set for April 28.

Wynn Golf, an affiliate of Wynn Resorts, mailed a letter to the country club's 650 members last Friday offering to pay $50,000 to each of the club's full equity members and $25,000 to half equity members. In addition, Wynn will pay off $7 million in outstanding debt.

Once the buyout is completed, Wynn plans to operate the golf course on a daily fee basis for at least two years.

During that time, club members will be able to play on the same terms as the general public or on a discounted basis with annual, nonequity membership arrangements, Kim Sinatra, a senior executive of Wynn Resorts, explained in the letter to members.

Food and beverage services will be available to golf guests, she explained in the letter.

Officials of the Las Vegas Country Club were not available Monday to discuss the buyout offer.

Wynn Offers $40 Million for Las Vegas Country Club is republished from Online.CasinoCity.com.