Today is the most important day of 2008 for Las Vegas. Steve Wynn's new property opens. Much like Eminem, Wynn is following up his last self-titled success (Wynn Las Vegas) with Encore.

Two of the best Vegas sites (VegasTripping.com and RateVegas.com) have combined efforts with a site for today on EncoreOpening.com. There are Twitter updates, links to blog posts, photos, as well as any information you could hope to find aggregated from coverage elsewhere. I will be heading down at some point to get you my initial reactions.

Everyone on the ground seems very optimistic about Encore. Wynn Resorts is the only company with a casino on the Strip that has not taken a brutal stock drubbing, layoffs or other savage economic reality lesson this year. Wynn is opening his newest reported $2.3 billion venture despite the wretched economy. A quick survey of some of his competitors reveals problems getting financing for finishing next-generation Strip resorts such as City Center, continuing resort construction such as Echelon (former home of the Stardust), or just breaking ground such as Plaza (former home of the New Frontier). Encore has from the outside been all smooth sailing, as you would expect from resort creator Wynn. His nemesis and neighbor Sheldon Adelson's Palazzo (and, especially its mall) still feels somewhat unfinished almost a year after opening, but one expects perfection from the moment the doors open at Encore.

Billionaire Phil Rufffin in a recent interview with me about purchasing Treasure Island (a resort built by Wynn) essentially made this point explaining why he did not go forward with the more than $2 billion resort he had originally planned to replace his New Frontier. Ruffin noted: "I knew it was not going to work because I can't do Steve Wynn's numbers. And that's what I would have had to do to make the deal work. It did not make economic sense to me." Ruffin, after years on the Strip, recognized there is only one Steve Wynn. So, he sold the property to Israel-based ELAD group, which, rather than defer to the might of Wynn's reputation, planned a new $5-billion resort (more than twice what Ruffin thought he could do profitably) to be a bulked-up version of New York's Plaza hotel. That project is currently on hold because of the credit crunch.

ELAD will either disprove or learn painfully that only Steve Wynn gets to be Steve Wynn in terms of attracting the high rollers, big spenders and the luxury crowd in such a large volume. But it's not just about the dollars. Certainly the Bellagio is doing fine under MGM-Mirage (in my opinion, the best-run company in Vegas). But if money is no object, most people would still choose to stay at Wynn Las Vegas, and not just because it is newer, but because it is a better property.

I am going to make a confession now: I thought Wynn would fail when Wynn Las Vegas opened. Wynn has always been accused of overspending. And, I thought overspending was exactly what was happening when he bought and destroyed the Desert Inn to begin his massive resort with a price tag that kept going upward until breaching the $2 billion mark before Wynn Las Vegas finally opened in April 2005. That was a few months before I began writing the Buffet. So I'm spared public embarrassment of being quoted from the time on that. Had I been blogging back then, history would have preserved my flip reaction to friends that Wynn Las Vegas would make a lovely resort for the next owner. In other words, I did not see how Steve Wynn and his investors could pay down the debt incurred to build the place in time to avoid losing control of the property. Wynn Las Vegas was by far the most lavish resort the city had ever seen when it opened. By the end of the first year of operations, it was clear Wynn would have no problem with the debt and the resort would be making lots of money for investors. I was totally wrong.

And, even those who knew better did not at first give Steve Wynn enough credit. At the time Wynn Las Vegas opened, most saw the new resort as essentially a remake of the Bellagio with minor adjustments. In fact, a few years out Wynn Las Vegas turns out to be an improvement on that previous crown jewel, built when Wynn ran Mirage Resorts, and Wynn Las Vegas has become the model for plans for all of the next-generation resorts. The dancing fountains at the Bellagio, like the Volcano at the Mirage and the battling ships in front of Treasure Island were all Wynn creations. But they were outdoor spectacle for the masses: high-end carnival barkers. With Wynn, the Strip frontage is used like a mansion in how the resort is set back from the street inviting you to come down the walkway and explore the wonders within. And, there are wonders within. This design approach, as much as possible depending on acreage, is now standard for every newly planned resort on the Strip.

Wynn spent his money inside the resort instead of outside. That has paid off handsomely for the property. You cannot get a Wynn Las Vegas experience from the exterior. Wynn Las Vegas works the opposite way and pulls the tourists inside -- if only to wander the interior. Of course, getting people to walk into your casino is a big part of the battle for customers. Another advantage Wynn has is that the customer service is so extraordinary at his properties that in a town that at the high end has made an art of pampering guests, Wynn has created his reputation doing more of that and better.

This is not to say Wynn Las Vegas was a perfect property at opening. For example, Steve Wynn knows food, and the property has arguably the best restaurants of any Strip resort (unless you are on any sort of budget). But he did not get nightlife, and the lounge and nightclub had to be revamped shortly after the resort opened. Similarly for the man who first brought Cirque to Vegas, Wynn Las Vegas has failed at providing much in the way of headliners or entertainment that works: "Avenue Q" and then "Spamalot" closed quickly. Le Reve was bought out by Wynn from its creator to be revamped.

The same pattern seems to be playing out at Encore. The announcement of restaurants is generating high praise. I am especially excited to go to Sinatra, a restaurant created in partnership with the late singer's family. Meanwhile, Wynn has made the jaw-droping choice of bringing-on the forgotten impressionist Danny Gans, until recently at the Mirage. Gans, a remnant from family friendly Vegas, offers bland imitations of many forgotten and dead celebrities. Gans' show at the Mirage was not merely bad, it was painfully dull. Many nights locals could get free tickets. Perhaps Gans' new show will cut back on the George Burns and Gracie Allen routines and try to be a little more current; but I don't think Gans really has enough talent to succeed on the Strip in 2008. The bar has been raised on entertainment here. Still, Wynn has learned, it seems. Danny Gans is certain to be a lot cheaper than the reported $100 million it took to launch "Criss Angel Believe" at Luxor. If Wynn can't figure out what is going to work in entertainment as was the problem with "Avenue Q" and "Le Reve," he has learned to at least keep things cheap: an impressionist is a lot cheaper to finance than, say, an ambitious custom water theater like "Le Reve" or a Broadway cast making union wages.

One interesting change Wynn is dong for Encore is dispensing with the grand opening party packed with VIP locals, media, a red carpet and lots of free food. He is just planning to open the door and let the public inside.

Not that reporters are being forgotten. In this time of belt-tightening in media circles, Encore is giving reporters an invite to spend a free night at the property between Jan. 12-15 to enjoy the room, food, spa, salon and entertainment. I am not comfortable accepting a free room and amenities at the resort for coverage. After all, does that mean resorts that don't treat media to free rooms don't get covered?

Anyway, early next year when you see the flurry of coverage of Encore's rooms, spa, salon and dining you might want to ask the author or publication if the expenses on that coverage were paid for by Encore.

But by then I will have been to the property, as I hope to join the public today to explore Wynn's latest creation. There is nothing more exciting in Vegas than a new resort opening. And on the top of that list is a new Steve Wynn resort.