Steve Wynn (Entrepreneur)

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Steve Wynn (2008)

Stephen Alan Wynn , born Weinberg (born January 27, 1942 in New Haven , Connecticut , USA ) is a billionaire and casino operator in Las Vegas .

Life

Steve Wynn was born Stephen Alan Weinberg in New Haven, Connecticut on January 27, 1942, to Jewish parents. To avoid anti-Jewish discrimination, his father changed the family name from Weinberg to Wynn in 1946 .

Steve Wynn began his career in the casino industry in 1967 as a part owner and casino clerk at the Frontier Hotel (blown up in 2007). At the age of 31 he started building the Golden Nugget Casino . He later opened Treasure Island , the Mirage in 1989 and the Bellagio in 1998 . In 1999 he bought the Mirage Resorts, which he sold to the MGM hotel chain a year later for $ 6.6 billion . Then he bought the old Desert Inn Hotel and tore it down. In April 2005 he opened the Wynn Las Vegas on this site .

His most famous project is the Wynn Las Vegas . When it opened in April 2005, it was the most expensive hotel in the world and the tallest casino hotel in Las Vegas at $ 2.7 billion to build. With its 50 floors, it is now the fourth highest in the gambling metropolis. It is surpassed by the 196-meter-high The Palazzo, the Wynn sister hotel Encore , which is two floors higher, and the Trump International Hotel & Tower . In addition to luxury suites, the Wynn Las Vegas also offers one of the largest golf courses, a spa and wellness area, 23 restaurants and bars and the Wynn Esplanade (the hotel's own shopping center). In November 2008, Wynn opened a second hotel under the name Encore as an extension right next to the Wynn. Steve Wynn founded Wynn Resorts or Wynn Holdings LLC in April 2005 (opening of Wynn Las Vegas) . This company holds all of the shares in Wynn Hotels. In addition to Steve Wynn and many other people, his wife Elaine Wynn also sits on the Group's board of directors. In October 2006, Wynn opened the Wynn Macau in Macau. The design of the entire resort was designed parallel to Las Vegas, as was the Wynn Tower.

In January 2018, several women made serious sexual allegations against Wynn. Wynn resigned from his position as chief financial officer of the Republican party executive committee , which he has held since Donald Trump's presidency began in January 2017. In February 2018, he also stepped down as CEO of his Wynn Resorts company.

Career

Frontier and the Golden Nugget (1967-1989)

Wynn and his young family moved to Las Vegas in 1967, where his successful family business allowed him to acquire a small stake in the Frontier Hotel and Casino . In the same year he met E. Parry Thomas, whom Vanity Fair had described as "the most influential banker in Las Vegas". Thomas was President of the Bank of Las Vegas, which at the time was the only bank ready to lend to casinos in Las Vegas. Thomas helped fund several of Wynn's early real estate deals.

From 1968, Wynn ran a wine and spirits import company for four years, which he had bought. In 1971, Wynn bought a stake in the Golden Nugget Las Vegas , a downtown landmark and one of the oldest casinos in town , with profits from a real estate deal with Howard Hughes and Caesars Palace . Wynn renovated and expanded the Golden Nugget from a gambling hall to a resort hotel and casino with great success, drawing a new upscale clientele to downtown Las Vegas. His stake in the company grew so that in 1973 he became the majority shareholder and youngest casino owner in Las Vegas. In 1977 he opened the first hotel tower of the Golden Nugget, which was followed by several. Frank Sinatra was a regular at the Golden Nugget. Wynn has close ties to the Sinatra family and also called a restaurant at Encore "Sinatra".

In 1980, Wynn began building the Golden Nugget Atlantic City in Atlantic City , New Jersey . It was the first Atlantic City casino to be "built from scratch," the first and only "local casino", and the sixth casino in the city after the city legalized gambling in 1976 . Joel Bergman, who designed the other Wynn resorts, also designed the Atlantic Golden Nugget. Although it was the second smallest casino in town when it opened, it became the city's top-earning casino in 1983. The Atlantic City Golden Nugget was sold by Wynn for $ 440 million in 1987.

In 1989, he bought the Nevada Club Casino in Laughlin , Nevada and renamed it the Golden Nugget Laughlin.

The Mirage and Treasure Island (1989-1997)

Wynn's first major strip casino was The Mirage , which was the first time Wynn was personally involved in the design and construction of a casino.

Wynn's first major casino on the Las Vegas Strip was The Mirage , which opened on November 22, 1989. It was the first time Wynn was involved in the design and construction of a casino, and he largely co-funded the $ 630 million project high yield bonds from Michael Milken . The high cost and focus on luxury meant that the resort was considered high risk at the time, although the project ended up being hugely lucrative. The erupting volcano and South Seas theme hotel sparked a $ 12 billion construction boom on the Strip. The construction is also remarkable in that it set a new standard for Vegas resorts by Wynn . When it opened, The Mirage was the first casino to use surveillance cameras at all gaming tables . Known for its entertainment, the hotel became the main venue for the Siegfried and Roy Show in 1990 , and in 1993 the hotel hosted the Cirque du Soleil Show Nouvelle Experience . Afterwards, Wynn invited Cirque to found Mystère for the soon to be built Treasure Island Resort next door. After The Mirage , Wynn's next project, Treasure Island Hotel and Casino, opened on October 27, 1993 in the old parking lot of The Mirage for a total of $ 450 million. The casino should be family-friendly and so the pools in front of the casino represented the battle of Buccaneer Bay with two full-fledged sailing ships, while romantic themes of the tropical island emerged inside. The facility hosted the first permanent Cirque du Soleil show in Las Vegas , and the show was voted the best review in town nine times in reader polls by the Las Vegas Review-Journal .

In 1995, the company proposed building the Le Jardin Hotel-Casino in the Atlantic City Marina if New Jersey State would build a road connecting the hotel-casino. The company had also agreed to allow Circus Circus Enterprises and Boyd Gaming to reach casinos on the premises, but later no longer honored the agreement. Despite the construction of the link road, known as the Atlantic City-Brigantine Connector , was the Le Jardin not built after the company in 2000 by MGM Grand Inc. was acquired, later on the site in a joint venture with Boyd Gaming , the Borgata built.

Bellagio and Beau Rivage (1998–1999)

Wynn's company, Mirage Resorts, oversaw the construction of the Bellagio , which was then the most expensive hotel in the world. Like Wynn's previous resorts, the Bellagio has an extensive water show on the Strip .

On October 15, 1998, Wynn opened the even more opulent Bellagio , a $ 1.6 billion resort that ranks among the world's most spectacular hotels.The architect was Jon Jerde of The Jerde Partnerships , and construction was carried out by Wynn’s firm Mirage Resorts, Inc . performed. After its construction, the Bellagio was the most expensive hotel in the world. In front of the hotel are the fountains of the Bellagio - water fountains that "dance" to music on the hotel's 8.5 hectare artificial lake - which are now considered Las Vegas' landmarks. The Bellagio is credited with kicking off a number of new luxury projects in Las Vegas. These developments include the Venetian Resort Hotel , Mandalay Bay Resort and Casino, and Paris Las Vegas .

Wynn brought the style of the Mirage Resorts to Biloxi , Mississippi , in 1999 , where he was responsible for the development of the 1,835 room Beau-Rivage. With the motto of combining Mediterranean beauty with southern hospitality, the resort was part of a building boom that established Biloxi as a regional tourism center along the Mississippi Gulf Coast. Beau Rivage was originally wanted to give the name of the Bellagio Wynn, but decided after a holiday in the eponymous Italian region of Bellagio . The Beau Rivage opened as the largest hotel casino outside of Nevada . The casino was initially located on a series of floating barges as local law at the time restricted all casinos to mobile ships. The hotel, restaurants and related facilities were built on land.

Wynn Las Vegas and Macau (2000-2007)

Wynn Las Vegas

Mirage Resorts Inc. was sold to MGM Grand Inc. in June 2000 for $ 6.6 billion ($ 21 per share) to form MGM Mirage. Five weeks prior to closing on April 27, 2000, Wynn purchased the Desert Inn for $ 270 million. He closed the hotel after just 18 weeks, and with the proceeds from the sale and increasing financing opportunities, Wynn floated Wynn Resorts Limited in 2002 . Wynn became a billionaire in 2004 when his net worth doubled to $ 1.3 billion. After several years of construction, it opened its most expensive resort at the time, the Wynn Las Vegas , on April 28, 2005 , on the site of the former Desert Inn. It was the largest privately financed construction project in the country with an investment of USD 2.7 billion. In addition to clubs, restaurants and theater spaces, the casino was connected to the Wynn Golf Course , which was the only golf course on the Las Vegas Strip when it closed on December 17, 2017 and was located on the site of the former Desert Inn course. It was designed by Wynn and Tom Fazio. Another special feature are the Tower Suites among the 296 suites of the Wynn Las Vegas, each with a private driveway, in-house Rolls-Royce and chauffeur as well as private entrances with Koi ponds.

Wynn successfully applied for one of three advertised concessions in Macau , a former Portuguese colony and now a Chinese Special Administrative Region , which can look back on a long gambling tradition and in 2006 overtook Las Vegas as the largest gambling market in the world. The Wynn Macau opened on September 5, 2006. A year later, the Wynn Macau saw significant expansion with the addition of retail, dining and play areas. In 2008, Wynn Macau became the fifth Asian hotel to receive the Mobil Five-Star Award , with Wynn accepting the award on behalf of Wynn Macau.

Encore Hotels and other projects (2008-2018)

Row of shops in Encore Las Vegas.
Encore Las Vegas (pictured) opened on the same lot as Wynn Las Vegas in 2008 , though they are separate hotels.

In the summer of 2008, hiring began for Encore Las Vegas , the newest in Wynn's collection of resorts. Encore's tower is modeled after the Wynn Las Vegas tower, and in fact, they share the same "estate" despite being separate hotels.

When construction began in 2006, the total cost of the project was $ 2.3 billion. The Encore opened on December 22, 2008. As of December 31, 2012, Wynn and Encore Las Vegas employed approximately 9,000 full-time employees.

Together with the adjacent Wynn Las Vegas Casino, the entire Wynn Resorts complex has a total of 4,750 rooms, making it the fifth largest hotel in the world . Wynn Macau Encore, an extension of Wynn Macau similar to the Las Vegas property extension, opened on April 21, 2010.

In early 2011, Wynn said he was expecting the Macau government to approve an application from Wynn Resorts to build a new hotel on the Cotai Strip in the People's Republic of China . After planning permission for the 51-hectare site was granted in May 2012, Leighton Holdings received the planning and construction contract worth USD 2.6 billion for the construction of the Wynn Palace on the site a year later. The resort, which opened in August 2016, includes a gondola lift in the shape of smoke-breathing dragons, plinth gardens and a 30,000 square meter artificial lake.

In September 2014 Wynn received a license to build the Wynn Boston Harbor casinos in the eastern district of Everett in Massachusetts , near downtown Boston .

On February 6, 2018, Wynn stepped down as CEO of Wynn Resorts.

Picasso painting

Steve Wynn is a passionate art collector and owned, among other things, the painting Le Rêve by Pablo Picasso , which he bought in 2001 for around 60 million US dollars from an anonymous collector who bought it on November 11, 1997 at Christie's from the Ganz collection for 48, Auctioned $ 4 million. When Wynn was about to sell it for around $ 139 million in 2006, he knocked his elbow clumsily against it at an art reporter reception and damaged the image. The potential buyer Steven A. Cohen then jumped out. Wynn later asserted that he understood the event as a sign not to sell the painting. After a $ 90,000 repair, the painting was restored; the value has now been estimated at $ 85 million. Wynn now wanted to collect the difference of 54 million US dollars to the then agreed sales price of 139 million US dollars from his insurer Lloyd's of London , which would have been about his purchase price. When the insurer refused, Wynn filed a lawsuit in January 2007. The dispute was finally settled out of court in March 2007. Wynn sold the painting to Cohen in March 2013 for $ 155 million.

capital

He was ranked 503rd on Forbes' list of the world's richest people in 2013 with an estimated net worth of $ 2.8 billion. In January 2018, it still ranks 814 with around 3.5 billion US dollars .

Individual evidence

  1. ^ Julie Creswell: The Chips Are Down in Vegas, but Steve Wynn Is Betting Big. The New York Times , August 3, 2008, accessed June 22, 2017 .
  2. ↑ http://www.t-online.de/nachrichten/ausland/usa/id_83128238/trump-freund-stephen-wynn-soll-dutzende-frauen-sexuell-genoetigt-haben.html
  3. ↑ Exit after abuse allegations: Steve Wynn is out. Retrieved December 21, 2018 .
  4. ↑ Sexual abuse allegations: Casino billionaire Wynn resigns from the top of his group. In: Spiegel Online . February 7, 2018, accessed June 9, 2018 .
  5. ↑ a b c Steve Wynn's Biggest Gamble. In: vanityfair.com. June 1, 2005, accessed November 18, 2019 .
  6. ^ The First 100 Persons Who Shaped Southern Nevada. In: san-francisco-hotels-ca.com. Retrieved November 18, 2019 .
  7. ↑ a b Frank Sinatra Dies at 82. In: nytimes.com. May 16, 1998. Retrieved November 18, 2019 .
  8. ↑ Encore in Las Vegas returns Frank Sinatra's 1954 Oscar. In: reviewjournal.com. January 8, 2009, accessed November 18, 2019 .
  9. ^ Wynn, Lose or Draw. In: casinoconnectionac.com. November 25, 2008, archived from the original on July 9, 2015 ; accessed on November 18, 2019 .
  10. ^ After Boom Decade, Gambling Town of Laughlin Shows Strain. In: latimes.com. July 25, 1991, Retrieved November 18, 2019 .
  11. ↑ Biography: Stephen A. Wynn. In: pbs.org. June 5, 2007, accessed December 17, 2019 .
  12. ↑ Blink and you'll miss him. In: casinocitytimes.com. February 26, 2007, accessed January 5, 2020 .
  13. ↑ LVRJ Readers' Poll. In: bestoflasvegas.com. Archived from the original on March 25, 2011 ; accessed on January 5, 2020 .
  14. ^ The Tale of MGM Grand Atlantic City, Borgata and Le Jardin. In: atlanticcitytripping.com. November 19, 2007, accessed January 5, 2020 .
  15. ↑ When Atlantic City projects had to be big, so were the ideas ... and the failures. In: pressofatlanticcity.com. May 14, 2010, accessed January 5, 2020 .
  16. ↑ Mirage Reshuffles Deal in Mega-Resort Plan Ocala Star-Banner. In: news.google.com. January 21, 1998, accessed January 5, 2020 .
  17. ↑ Steve Wynn: Net worth $ 2.3 billion. In: oyster.com. March 9, 2010, accessed January 12, 2020 .
  18. ↑ Big, Bigger, and Bellagio. In: inlandarchitectmag.com. Retrieved January 12, 2020 .
  19. ↑ The spectacular fountain-fed pool at Bellagio. In: latimes.com. Retrieved January 15, 2020 .
  20. ↑ Steve Wynn. In: reviewjournal.com. February 7, 1999, accessed January 15, 2020 .
  21. ↑ Beau Rivage Home. In: beaurivage.mgmresorts.com. Retrieved January 15, 2020 .
  22. ^ My Way Finance. In: finance.myway.com. Archived from the original on March 13, 2005 ; accessed on January 21, 2020 .
  23. ^ Wynn's $ 2.7 billion Las Vegas hotel-casino finally opens. In: usatoday.com. April 28, 2005, accessed January 21, 2020 .
  24. ↑ Las Vegas Golf Courses: Our Top Ten. In: lasvegasactivities.net. Archived from the original on October 7, 2012 ; accessed on January 21, 2020 .
  25. ↑ Mobile Travel Guide. In: mobiltravelguide.howstuffworks.com. Archived from the original on February 3, 2007 ; accessed on January 28, 2020 .
  26. ^ Macau leads Las Vegas in gambling. In: usatoday.com. January 22, 2007, accessed January 28, 2020 .
  27. ↑ Mobile Five-Star Winners. In: casino.org. Retrieved January 28, 2020 .
  28. ↑ a b Annual Report Pursuant to Section 13. In: secdatabase.com. December 31, 2012, accessed February 4, 2020 .
  29. ↑ $ 2.3 billion Encore opens its doors. In: lasvegassun.com. December 22, 2008, accessed February 4, 2020 .
  30. ^ Encore at Wynn Macau Opens Today. In: prnewswire.com. April 21, 2010, accessed February 4, 2020 .
  31. ↑ Wynn to Play Catch-Up With Macau Casino. In: wsj.com. May 3, 2012, accessed February 12, 2020 .
  32. ↑ Leighton finalises $ 2.8bn contract to build new Wynn resort in Macau. In: theaustralian.com.au. July 30, 2013, accessed February 12, 2020 .
  33. ^ Wynn Palace. In: leightonasia.com. Retrieved February 12, 2020 .
  34. ↑ Wynn's $ 1.6B resort in Everett wins casino license. In: wcvb.com. Retrieved February 12, 2020 .
  35. ^ Wynn Resorts CEO Steps Down. In: bloomberg.com. February 6, 2018, accessed February 12, 2020 .
  36. ↑ Nora Ephron: My weekend in Vegas. In: The Huffington Post , October 16, 2006, accessed September 7, 2010.
  37. ^ A b Nick Paumgarten: The $ 40 Million Elbows. In: The New Yorker , October 23, 2006, accessed September 7, 2010
  38. ↑ Steve Wynn's Bad Dream. Vegas mogul sues Lloyd's over $ 54 million damaged Picasso claim. In: The Smoking Gun , January 11, 2007. Retrieved September 7, 2010
  39. ↑ Marc Spiegler: From dream to nightmare In: Artnet.de, January 17, 2007 (English). Retrieved September 7, 2010
  40. ↑ David Glovin: Wynn Settles Suit With Insurance Lloyd's Over a Torn Picasso. In: Bloomberg , March 23, 2007. Retrieved September 7, 2010
  41. ↑ Carol Vogel, Peter Lattman: $ 616 million poorer, hedge fund owner still buys art , New York Times, March 26, 2013 (English)
  42. ^ Forbes.com: Profile of Steve Wynn

Web links

Commons : Steve Wynn  - collection of images, videos and audio files
personal data
SURNAME Wynn, Steve
ALTERNATIVE NAMES Wynn, Stephen Alan; Weinberg, Steve (birth name)
BRIEF DESCRIPTION American billionaire and casino operator
DATE OF BIRTH January 27, 1942
PLACE OF BIRTH New Haven , Connecticut