Wynn Resorts is considering a $1.5 billion expansion project of its Las Vegas property that would bring a 1,000-room hotel tower, 260,000 sq. ft. of additional meeting space and a lagoon area featuring an island, beach and boardwalk.

The proposed project, tentatively called Wynn Paradise Park, could be a major game-changer for Wynn Las Vegas. It would also include a small casino, restaurants and nightlife venues. The park, which would charge an admission fee, would offer water skiing, parasailing and paddleboarding by day and fireworks at night.

It would be built on the 130-acre, 18-hole Wynn Golf Club. Wynn Resorts announced plans for the project during an investors conference on Wednesday. If approved by the board of directors, the park could open in 2020.

“We have a chance to reinvent Las Vegas and make the whole venue an entertainment attraction…and idyllic beach paradise surrounded by white sand beaches,” said company Chairman and CEO Steve Wynn in a statement. “People come to Las Vegas from all over the world to live large and have a good time, and we can dish up an irresistible entertainment attraction.”

The Las Vegas property also is planning to open a new luxury complex, Wynn Plaza, in fall 2017. It will supplement the existing retail space at Wynn Las Vegas and the connected Encore Las Vegas.

Wynn Las Vegas has 4,748 guest rooms, 260,000 sq. ft. of meeting space, a 186,000-square-foot casino, 34 food and beverage outlets, two showrooms, three nightclubs and two spas.