Wynn Resorts has confirmed plans to build a US$500m (€458.7m, £390m) lagoon theme park at the company’s resort complex in Las Vegas, Nevada.

The 20-acre Paradise Park attraction, which in the day will hosts watersports and in the evening fireworks displays, will be made up of a lagoon with a white sand waterfront, featuring a host of attractions along a 4,000ft (1,220m) boardwalk.

Speaking during an earnings call, Wynn Resorts CEO Stephen Wynn said the lagoon’s development would “energise” the surrounding real estate, with the attraction acting as an anchor for future development.

“We would put this lagoon at the heart of it,” said Wynn. “Then we would build our meeting space, leave room for our new tower that could be a couple of thousand bedrooms. We would leave room for everything and masterplan it. But first we would build the park to support our existing restaurants, casino, convention meeting space and catering operations.”

The plans were first revealed last year, but now the plans have been approved by the Wynn Board of Directors, with construction to start at the end of 2017. The park would be multi-purpose, appealing not only to the Las Vegas convention and gambling markets, but also to families. Speaking during the earnings call Wynn guaranteed “an absolute certain return” on the US$500m investment “excessive of 10 or 15 per cent”.

Paradise Park is expected to take a year to develop, with a projected opening date for the lagoon and its amenities by early 2019.

“We've committed to plans and that's been approved by the Board of Directors,” said Wynn. “We can affect this tremendous uptick in the value of our surrounding real estate.”