Wynn Resorts has agreed to acquire the Las Vegas Strip property that was home to the New Frontier, a hotel-casino that closed and was demolished 10 years ago.

Australia-based Crown Resorts had proposed a hotel-casino called Alon Las Vegas for the site, but stopped the project last December and put the land up for sale in May.

Wynn will buy the 34-acre site as well as four adjacent acres for $336 million. Wynn will also get rights to about 1,000 acre-feet of water, or about 15 times the amount of water in the fountains at the Bellagio.

With the acquisition, Wynn will own a contiguous plot of 280 acres just north of the Wynn Las Vegas that starts at Industrial Road to the west, traverses the Las Vegas Strip, and extends to the Las Vegas Convention Center on Paradise Road to the east.

Wynn hasn't announced specific plans for the property, which includes 3,500 feet of Las Vegas Strip frontage.

Wynn Resorts next month will break ground on its $1.5 billion Paradise Park project, which is being constructed on land formerly occupied by the 130-acre Wynn Golf Course next to the Wynn Las Vegas. That project will have a lagoon, beaches, and may have has many as 1,000 hotel rooms.

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