Developer comments on Desert Inn settlement

Thursday, March 18, 2004 | 11:04 a.m.

Steve Wynn on Wednesday said his $23 million purchase of the 10 homes remaining on the Desert Inn Estates won't affect his $2.4 billion Wynn Las Vegas resort now under construction -- at least in the near term.

"It gives us a chance to develop all along Paradise Road," Wynn said, referring to the road on the east side of Wynn's Desert Inn parcel adjacent to most of the holdout owners' homes. "That's a commercial corridor with (obvious) commercial potential. But in the short term, (the purchase) won't have an effect on the project."

Wynn said the purchase of the 10 homesites also included an agreement by the home owners to dismiss their lawsuits against Wynn, a big positive for the resort.

"It removes any possible court contingencies," Wynn said.

Wynn Resorts said in a Securities and Exchange Commission filing Monday that it had reached the deal with the home owners on Feb. 23.

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