Encore Casino to Open Despite Gambling Downturn

The $2.3 billion Encore will open Dec. 22 in the middle of what many have called the worst economic crisis ever to hit the Strip and the gaming industry.

But don't expect Wynn Resorts Ltd. to change its style.

Encore, with 2,034 hotel rooms, is attached to Wynn Las Vegas. The resort will open at 8 p.m., three days before Christmas, with 72,000 square feet of casino space, five restaurants, 11 retail outlets, a nightclub and a luxury spa.

On Wednesday, Encore began selling tickets for entertainer Danny Gans, who will perform in the resort's theater beginning Feb. 10.

Deutsche Bank gaming analyst Bill Lerner doesn't think Encore's opening will grow the market in an environment hampered by a slow economy and reduced consumer spending. On the Strip, gaming revenues have declined more than 6 percent in 2008 through September.

Lerner said Encore will probably take some business from Wynn Las Vegas and draw customers from neighboring Strip resorts. But he doubts Wynn Resorts Chairman Steve Wynn will hold back on the property's grand opening extravaganza.

"It's not going to change the way he opens the property," Lerner said. "There won't be discounted rates or reduced price points. If you do that, it's tough to get them back when the market improves."

For the complete story, please see Howard Stutz, ENCORE OPENING: WYNN DEFYING THE DOWNTURN, ReviewJournal.com, December 4, 2008.