Casino Mogul Steve Wynn Announces $1.5B Vegas Project

LAS VEGAS (CBS NEWS) - Casino mogul Steve Wynn wants to spend $1.5 billion reshaping a golf course behind the existing Wynn and Encore resort towers on the Las Vegas Strip into a 38-acre lagoon beside a 1,000-room hotel with a casino, restaurants and nightlife attractions.

Wynn Las Vegas officials said Thursday the proposal to build on the former Desert Inn golf course still needs approval from the Wynn Resorts Ltd. board.

Wynn is company chief executive and chairman. He told investors on Wednesday that he envisions white sand beaches around a lake that could host daytime water skiing, paddle boarding and parasailing, and fireworks at night.

Wynn bought the golf course in 2000.

The project is tentatively called Wynn Paradise Park. It might open in 2020 if work starts next year.

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