Steve Wynn: The Life of Gambling Genius

steve wynn

Steven Alan Wynn is one of the most famous American billionaires, a philanthropist, collector, manager, and owner of several luxury casinos. He was the CEO of Mirage Resorts for more than 25 years, which was then sold to MGM Grand, Inc. For many years, he was closely associated with Wynn Resorts Ltd., whose shares are traded on the NASDAQ. Despite his old age, Steve Wynn is still actively involved in the country’s political life. In addition, the billionaire is considered one of the fans of the Republican Party, of which he is a huge sponsor. In 2018, Steve was accused of sexual harassment, and he had to resign as CEO of the corporation. More about the life of the gambling genius – read below.

The long road to success: billions in the gambling business

Steve has won several awards during his long life, some of which are considered quite prestigious. In addition, according to Time magazine, he is one of the 100 most influential people on the planet. In short, the biography of the billionaire looks quite interesting. Before we dive into the peculiarities of his biography, we invite you to enjoy reading the Starlight Princess overview by following the link alongside other best reviews.

Steve Wynn (the real name – Steven Alan Weinberg) was born in 1942 in Connecticut. Since the future billionaire’s father owned a chain of salons selling Bingo tickets, Steve had an idea of ​​gambling since his early childhood. After his father died in 1963, the family inherited only his $350,000 card debt. At that time it was very solid money. 

Almost immediately, Steve went to Las Vegas, where he was involved in any work related to the gambling business. Thanks to his natural talent and instincts, he manages to earn and pay off debts quickly. After that, he began to build a career in the gambling business, which, in 40 years, will make him one of the most famous and very influential people in the world.

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In 1967, the future tycoon acquired shares of the casino and hotel Frontier, while in 1971 he already became the owner of a control package in the oldest casino in the city – Golden Nugget Las Vegas. His career developed rapidly. By the early 1980s, Steve became the youngest casino owner in Las Vegas and built the Golden Nugget in Atlantic City, New Jersey, which three years later became the most profitable institution in Vegas.

1990-2020

In the early 90s, Wynn opened two famous casinos – Mirage and Treasure Island Hotel and Casino. The cost of the second reached almost half a million dollars! By the way, the famous Cirque du Soleil show in Las Vegas was presented for the first time in the casino “Treasure Island”. However, the most significant event was the construction of the luxurious Bellagio complex. It cost a company owned by the billionaire $1.6 billion! The hotel, which was part of the complex, was the most expensive in the world. The original water shows at Bellagio are still one of Las Vegas’s main attractions.

In the 2000s, Steve Wynn continued to expand the boundaries of his empire. A brief list of acquisitions, new casinos, and achievements of the tycoon look like this:

  • In 2002, he acquired Wynn Resorts Limited;
  • Until 2004, independent experts estimated Steve’s fortune at $1.3 billion;
  • In 2005, the billionaire opened the most expensive gaming complex in the world – Wynn Resorts Limited. $2.7 billion was spent on construction;
  • In 2006, Steve built the Wynn Macau, which in 2008 received the Mobil Five-Star award;
  • In 2008, he opened the hotel and casino Encore Las Vegas, which cost him $2.3 billion. Meanwhile, Wynn and Encore Las Vegas appeared, which by 2012 had about 9,000 employees;
  • In 2014, Steve claimed the right to build the Wynn Boston Harbor;
  • In 2016, Wynn Palace in Macau opens its doors to the first visitors;
  • In 2018, Steve Wynn was forced to resign as CEO of Wynn Resorts due to a sexual harassment accusation.
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gambling

Unfortunately, in 2018, a black stripe begins in Steve Wynn’s life. Several women accused him of sexual harassment and filed lawsuits. These stories became widely known after they were published in The Wall Street Journal. One of the lawsuits was satisfied, Steve pleaded guilty and paid his manicurist $7.5 million. In 2019, Wynn Resorts was forced to pay a $35 million fine to the Massachusetts Gaming Commission. It was imposed for concealing the story of the boss’ sexual harassment. Unfortunately, this is not the end of the story. A fine with the same wording was imposed in Nevada, and cost him 20 million dollars. Other lawsuits against Steve Wynn for sexual harassment have been dismissed after a detailed trial. However, lawyers for potential victims can challenge these decisions at any time. 

Despite the unattractive story, which has become widely known, Steve Wynn remains one of the best entrepreneurs in the world, who devoted his life to the gambling business and did not lose. The success he has achieved clearly confirms this fact.

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