Word: bellagio
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...chance, I was an overnight guest at the Bellagio the week Steve Wynn's $1.6 billion Las Vegas hotel with the $300 million art collection opened, and I have one question that was left unanswered even by the extensive coverage in TIME: Why didn't Wynn spend more of the $300 million on the art in my room? After careful inspection of all the pictures on the walls of our standard double, my wife and I arrived at a ballpark estimate...
...Hilton Paris is re-creating the City of Light, while Circus Circus' Mandalay Bay is evoking the South Pacific, just down the street from the Venetian's Adriatic. And, of course, there's Steve Wynn's modern-art museum and homage to Italy's Lake Como, the $1.6 billion Bellagio...
...casinos won't help those numbers. "The Bellagio will do great, but we have had to downgrade all casino stocks in the past quarter," says analyst Jason Ader of Bear Stearns. "We doubt the new construction will earn the returns of the last wave--18% to 22%. We're forecasting...
Steve Wynn sure does--with his Bellagio. The Medicis would have been at home here, stabbing each other by the pool, shopping for leather at Prada or dining on caviar at Petrossian. No detail has escaped Wynn's notice. "New hotels are always a blessing and a curse, but if well done, they stimulate the public's interest in Vegas," says Wynn, CEO of Mirage Resorts, Inc., and the son of a gambler who came to Las Vegas in the 1960s. The biggest stimulus at the Bellagio, of course, is Wynn's $300 million collection of works by, among others...
...higher costs of the fancier hotels will make breaking even a bit more daunting. Wynn needs to take in a record $2.5 million a day to make the new Bellagio pay for itself. "Lot of money, eh?" he says, winking. "Guess how much the Mirage made a day last year? $1.7 million." He shrugs at the idea that he might end up cannibalizing his own ranks of gamblers at the Mirage. "We're just going to change the pecking order. The other casinos will just move down a notch," he says...