Las Vegas Sun

March 19, 2024

Wynn Resorts offers to pay $15 million to exit NV Energy

Aerial Photo Shoot: Jan. 16, 2013

Tom Donoghue / DonoghuePhotography.com

A view of Wynn Las Vegas and Encore taken from a Maverick Helicopter on Wednesday, Jan. 16, 2013, above the Las Vegas Strip.

Wynn Resorts is willing to pay $15 million to end its business relationship with NV Energy, according to filings on Tuesday with the Public Utilities Commission of Nevada.

Wynn’s bid is $1.6 million less than an August estimate by the commission's operations staff.

Known as an exit fee, the money would compensate the utility for revenues it currently receives from Wynn.

Wynn’s monthly power bills — like those for all ratepayers — covers usage, transmission, fuels, power plants, maintenance, employees and other inputs from NV Energy.

Unlike some companies that have attempted to exit to lock in agreements with solar power producers, Wynn wants to leave to capitalize on low natural gas prices.

The company is one of three Nevada casino operators looking to cut ties with the utility and the first to issue its exit fee request.

Wynn, Las Vegas Sands and MGM Resorts International make up 7 percent of NV Energy’s load and are among the power company’s most profitable customers.

The three casinos are trying to invoke a state law that allows customers that consume more than one megawatt a year to leave if they create a new power source for themselves and receive approval from the commission.

The PUC’s three commissioners will decide on a final figure and fee structure by December.

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