Steve Wynn

Stephen Alan Wynn (né Weinberg; born January 27, 1942) is an American businessman and real estate developer who transformed Las Vegas from a gambling destination into a luxury resort and entertainment capital. He is credited with spearheading the construction of several landmark hotel-casinos including The Mirage, Treasure Island, Bellagio, Wynn Las Vegas, and Encore Las Vegas, fundamentally reshaping the modern Las Vegas Strip.

Wynn resigned as chairman and CEO of Wynn Resorts in February 2018 following allegations of sexual misconduct spanning decades. Despite the controversy, his impact on the casino and hospitality industry remains significant, and he is often referred to as the "father of modern Las Vegas."

Early life and education

Wynn was born Stephen Alan Weinberg on January 27, 1942, in New Haven, Connecticut, to Michael Weinberg and Zelma. His father operated a bingo parlor chain on the East Coast, giving young Steve early exposure to the gaming industry. The family legally changed their surname from Weinberg to Wynn when Steve was a child.

Wynn grew up in Utica, New York, where his father's bingo business provided a comfortable middle-class lifestyle. However, his father accumulated significant gambling debts, totaling approximately $350,000 at the time of his death in 1963 - a debt that Steve would later pay off.

Wynn attended the Manlius Pebble Hill School, a private preparatory school in New York, where he demonstrated academic ability and an interest in student theater. He went on to attend the University of Pennsylvania, graduating in 1963 with a Bachelor of Arts degree in English literature.

After his father's death, Wynn inherited both the family bingo business and the substantial debt. He took over operations and worked to stabilize the business while developing his skills as an operator and salesman.

Career

Entry into Las Vegas

In 1967, Wynn moved to Las Vegas and began working in the gaming industry. He initially worked as a slot manager at the Frontier Hotel, learning the operational aspects of the casino business.

In 1971, Wynn acquired a small stake in the Golden Nugget casino in downtown Las Vegas. He gradually increased his ownership and, by 1973, had gained control of the property. Under his leadership, the Golden Nugget was transformed from a small gambling hall into a luxury casino resort, establishing Wynn's reputation as a visionary developer.

Golden Nugget Atlantic City

Following the legalization of gambling in Atlantic City, New Jersey in 1976, Wynn expanded to the East Coast, opening the Golden Nugget Atlantic City in 1980. The Atlantic City property became the most profitable casino in the city and demonstrated Wynn's ability to succeed in new markets.

In 1987, Wynn sold the Golden Nugget Atlantic City to Bally's Corporation for $440 million, generating substantial capital for his Las Vegas ambitions.

The Mirage (1989)

In 1989, Wynn opened The Mirage on the Las Vegas Strip, a $630 million development that revolutionized the casino industry. The Mirage featured:

• A 3,044-room hotel
• An erupting volcano attraction at the entrance
• A tropical atrium and rainforest
• Siegfried & Roy's white tigers
• The Dolphin Habitat
• High-end restaurants and entertainment

The Mirage transformed Las Vegas from a gambling-focused destination into a luxury resort destination. It established the template for the modern integrated resort and inspired competitors to upgrade their offerings.

Treasure Island (1993)

Following The Mirage's success, Wynn opened Treasure Island next door in 1993. The pirate-themed resort featured a nightly outdoor battle between pirates and the British Navy, becoming one of the Strip's most popular attractions.

Bellagio (1998)

In 1998, Wynn opened Bellagio, a $1.6 billion resort inspired by the Lake Como village of Bellagio in Italy. The resort represented the pinnacle of Las Vegas luxury and featured:

• The famous Fountains of Bellagio choreographed water show
• An 8-acre artificial lake
• A conservatory with changing botanical displays
• The Bellagio Gallery of Fine Art displaying Wynn's personal art collection
• Cirque du Soleil's "O" show
• High-end shopping and dining

Bellagio set new standards for Las Vegas hospitality and solidified Wynn's reputation as the industry's leading developer.

Sale to MGM

In 2000, Wynn sold Mirage Resorts, including The Mirage, Treasure Island, and Bellagio, to MGM Grand Inc. for $6.4 billion. As part of the deal, Wynn agreed to a non-compete clause that prevented him from operating casinos in Las Vegas for a specified period.

Wynn Resorts

In 2002, Wynn founded Wynn Resorts and began planning his next Las Vegas development. In April 2005, he opened Wynn Las Vegas, a $2.7 billion resort on the site of the former Desert Inn.

Wynn Las Vegas featured:

• 2,716 luxury rooms and suites
• An 18-hole golf course (later replaced by additional development)
• High-end retail (Wynn Esplanade)
• Multiple fine dining restaurants
• An artificial mountain and waterfall
• Lake of Dreams water feature

In 2008, Wynn opened Encore Las Vegas, a $2.3 billion expansion adjacent to Wynn Las Vegas, adding 2,034 additional rooms and expanding the resort's offerings.

Macau expansion

Wynn expanded into Macau, the Chinese territory that surpassed Las Vegas as the world's largest gambling market:

Wynn Macau (2006): A $1.2 billion resort that brought Wynn's luxury standards to Asia.

Wynn Palace (2016): A $4.2 billion resort in Macau's Cotai Strip, featuring an elaborate Performance Lake and cable car system.

The Macau properties became significant profit centers for Wynn Resorts, capitalizing on the explosive growth of Chinese gambling tourism.

Business philosophy

Wynn's approach to resort development emphasized:

Luxury and attention to detail: Every aspect of his resorts, from bedding to door handles, was carefully designed to create a premium experience.

Entertainment and spectacle: Free attractions like the Mirage volcano and Bellagio fountains drew visitors and created marketing buzz.

Art and aesthetics: Wynn invested heavily in architecture, landscaping, and fine art, viewing resorts as aesthetic experiences.

Personal involvement: Wynn was known for hands-on management, personally reviewing design decisions and walking his properties regularly.

Innovation: Each new resort introduced features that competitors would later emulate.

Art collection

Wynn assembled one of the world's most valuable private art collections, featuring works by Pablo Picasso, Claude Monet, Vincent van Gogh, Edgar Degas, and other masters. Pieces from his collection were displayed at his resorts, bringing museum-quality art to casino visitors.

In 2006, Wynn accidentally damaged his prized Picasso painting "Le Rêve" (worth an estimated $139 million at the time) by putting his elbow through the canvas. After restoration, he sold the painting to Steven A. Cohen in 2013 for $155 million - still one of the highest prices ever paid for a painting.

Controversies

Sexual misconduct allegations

In January 2018, The Wall Street Journal published a report detailing allegations of sexual misconduct against Wynn spanning decades. Multiple women, including former employees, accused Wynn of harassment, pressure for sexual favors, and in one case, rape. Key allegations included:

• A pattern of unwanted sexual advances toward massage therapists and other employees
• A $7.5 million settlement with a manicurist who alleged Wynn had forced her to have sex with him
• Creating a workplace environment where such behavior went unchallenged

Wynn denied all allegations, calling them "preposterous" and suggesting they were instigated by his ex-wife Elaine during legal disputes over control of company shares.

Nevertheless, Wynn resigned as chairman and CEO of Wynn Resorts on February 6, 2018. He also resigned as finance chairman of the Republican National Committee, a position he had held since 2017.

Following his departure:

• Massachusetts gaming regulators issued a $35.5 million fine to Wynn Resorts
• Nevada regulators imposed additional penalties
• Wynn sold his entire stake in Wynn Resorts for approximately $2.1 billion
• His name was removed from various company assets in Macau

Other controversies

Political donations: Wynn has been a major Republican donor and fundraiser, generating controversy among those who opposed his political positions.

Business disputes: Wynn engaged in various legal battles with competitors and former partners, including prolonged litigation with his ex-wife Elaine over company control.

Labor relations: Wynn Resorts has faced criticism and litigation over labor practices and union relations.

Personal life

Wynn married Elaine Pascal in 1963. The couple divorced in 1986, remarried in 1991, and divorced again in 2010. Their tumultuous relationship and subsequent legal battles over Wynn Resorts shares generated significant publicity. They have two daughters, Kevyn and Gillian.

In 2011, Wynn married Andrea Hissom, a British socialite, in a ceremony at Wynn Las Vegas. The couple remains married.

Wynn suffers from retinitis pigmentosa, a degenerative eye condition that has progressively impaired his vision. Despite this challenge, he continued to lead resort development through his tenure at Wynn Resorts.

He is known for his larger-than-life personality, demanding management style, and attention to detail. Wynn has been called both a visionary and a difficult boss by former colleagues.

Wynn has been a significant philanthropist, supporting education, the arts, and medical research through the Wynn Family Foundation and other vehicles.

Legacy

Despite the controversy surrounding his departure from Wynn Resorts, Wynn's impact on Las Vegas and the global casino industry is widely acknowledged:

• Transformed Las Vegas from a gambling destination to a luxury resort destination
• Pioneered the integrated resort concept that combines hotels, gaming, entertainment, dining, and retail
• Raised standards for design, service, and amenities across the industry
• Inspired competitors to invest billions in upgrading their properties
• Demonstrated the viability of luxury gaming markets in Macau and beyond

The properties he developed continue to operate as some of Las Vegas's most prominent resorts, and the development model he pioneered has been replicated worldwide.

External links

• Wynn Resorts