Hotelier. Developer. Art collector. Steve Wynn’s name is synonymous with Las Vegas.
Steve Wynn arrived in the Nevada city with his family in 1968. He soon made more than enough money on a 1971 land deal to gain a controlling interest in the famous Golden Nugget, making Wynn the youngest casino owner in Las Vegas. He then extensively renovated the property – including its expansion into a hotel.
In the 1980s, Las Vegas was experiencing a decline in tourism. Yet it was in this climate that Wynn borrowed US$500 million to build the Mirage, the first major resort to appear on the Strip for a number of years. With seven years to pay off the loan, he repaid the money in just 18 months. The success of the Mirage, which opened in 1989, is credited with revitalising what had become an unfashionable destination.
By the 1990s, Las Vegas was seeking to broaden its appeal by embarking on a ‘family friendly’ campaign. Wynn was instrumental in this charge, with the Mirage and its spectacular volcano, along with the 3,000-room Treasure Island resort – complete with live-action pirate ship – that Wynn built on the site next door.
Wynn’s next hotel was on a similar scale, but far more ambitious – the Bellagio was inspired by the culture of old Europe. At US$1.7 billion, it was the most expensive resort the Strip had seen. The Fountains of Bellagio, which shoot water choreographed to music on the hotel’s 8.5 acre man-made lake, are now considered Las Vegas landmarks.
When the Mirage was sold to MGM Resorts International, Wynn used the substantial money from that sale to build the expensive Wynn Las Vegas on the old Desert Inn site. The Encore Las Vegas would open in 2008 forming part of the Wynn Las Vegas “complex”, and the combined property became the sixth largest hotel in the world.
Setting his sights on the international scene, Wynn was a successful bidder for one of three gaming concessions available in Macau. In September 2006, he opened the Wynn Macau and by December 2007, a major expansion of the property would be completed. The Wynn footprint continues to grow in Macau with the Encore at Wynn Macau opening in 2010 and the Wynn Palace slated to open this year.
Steve Wynn is also known for combining love of art collecting with his hotel empire. He has owned works by renowned artists such as Picasso, Monet, Rembrandt and Van Gogh, and many pieces from his collection have been exhibited in his resorts and casinos over the years.
UPDATE: Steve Wynn and Wynn Resorts have discussed plans at an investor conference for a new entertainment destination in Las Vegas built around a first-ever recreational lake concept. Read more details of the proposed plans here.
