The design phase lasted two and a half years, and construction began on October 31, 2002, with Marnell Corrao Associates as general contractor. At a cost of $2.7 billion, Wynn Las Vegas was the most expensive resort ever built, beating Wynn's $1.6 billion Bellagio, which opened on the Strip in 1998.

The Encore at Wynn Las Vegas was a massive financial undertaking, costing approximately $2.3 billion to construct. When combined with the original Wynn Las Vegas tower (which cost $2.7 billion), the entire resort complex represents a total investment of roughly $5.2 billion. Construction on Encore began in 2006 and it officially opened its doors on December 22, 2008. The high price tag was driven by Steve Wynn’s commitment to ultra-luxury finishes, including custom-designed furniture, expansive use of high-end materials like marble and gold leaf, and the creation of the opulent "Encore Beach Club." At the time of its completion, the Wynn-Encore complex was one of the most expensive hotel-casino properties in the world. Even in 2026, it remains a gold standard for luxury on the Strip, with the ongoing costs of maintaining its "Five-Star" status reflecting the significant initial capital required to build such an elaborate and detail-oriented destination.