Steve “Wynns” Timely Honor

Recognized in the “Builders and Titans” category, Wynn was cited for his “extraordinary ability to influence the world of business.” This is because Wynn’s ability to make Las Vegas successful for all stratum of people, effortlessly catering to different demographics and tastes.

A year ago, Wynn opened his latest pleasure palace, Wynn Las Vegas. Built for an astounding $2.7 billion, this mega casino features 2,716 guest rooms and suites; an 111,000 square foot casino, a Ferrari and Maserati dealership and more than 20 food and beverage outlets featuring some of the world’s top chefs including Daniel Bouland, Mark LoRusso and David Walzog. There’s also an 18-hole golf course designed by Tom Fazio and Steve Wynn himself, which is the only course on the Strip and costs and astounding $500 to play a single round.

In the early 1970s Wynn parlayed the profits from a lucrative land deal involving Howard Hughes and Caesars Palace into the controlling of the Golden Nugget casino, an underperforming downtown casino. His success in turning this property around into a major profit center that attracted upscale gamblers became the cornerstone of his future empire.

After the Golden Nugget, Wynn did nothing less then recreates the entire notion of the Las Vegas experience when he built and opened The Mirage in November 1989. Constructed at a cost of $611 million, this first ever mega casino cost more than the combined price tag of every Las Vegas hotel that came before it, according to Alan Feldman, MGM Mirage spokesperson. This casino needed to rake in more than $1 million a day in profits, an astronomical fee never believed possible. It has earned that and much more nearly since the day it opened.

The Mirage also created the idea that people would be willing to pay for a quality hotel room and haute cuisine. Most casinos used to give away cheap rooms and food to keep players on the gaming floor.

Wynn was also responsible for building Treasure Island, Monte Carlo and the Bellagio, amongst others, before selling his Mirage Corp. to MGM Grand in 2000. The deal was for $6.4 billion, a large chunk of which went into his own personal coffer and fueled his purchase of the former Desert Inn, a 240 acre land tract where Wynn Las Vegas now sits.

Now Wynn is building the aptly named Encore adjacent to, and integrated with, Wynn Las Vegas. Expected to open in December 2008, the property will cost $1.7 billion to build. This hotel broke ground exactly one year after the opening of Wynn on April 28 and will be occupy 20 acres on the Strip. The property will contain a 2,054 room hotel tower (including 144 suites), a 54,000 square foot casino, restaurants, nightclubs, swimming pools, a spa and salon and retail outlets.

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He’s also building Wynn Macau, a $1.2 billion project which broke ground in June 2004 and is expected to open September 5th. A second phase of the project should open in the 4th quarter of 2007.  This property is located in Macau, a former Portuguese colony which became a Special Administrative Region of the People's Republic of China in 1999. The hotel will feature 600 hotel rooms and suites, approximately 100,000 square feet of casino gaming space, seven restaurants, retail space, a spa, a salon, entertainment lounges and meeting facilities.

Wynn Resorts, Limited is traded on the Nasdaq National Market under the ticker symbol WYNN and is part of the NASDAQ-100 Index. The stock has seen a more than fivefold increase since its debut in late 2002.


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