How much is Steve Wynn worth?
| Net Worth: | $3.5 billion |
|---|---|
| Profession: | Real estate developer |
| Date of Birth: | January 27, 1942 |
| Country: | United States of America |
| Height: | 1.78 m |
About Steve Wynn
After relocating to Las Vegas with his family in 1967, Wynn immediately made an investment in the local casino and hotel industry by purchasing a minority share in the Frontier Hotel and Casino. In that same year, he met E. Parry Thomas, the president of the Bank of Las Vegas, which was the only bank at the time willing to make loans to Las Vegas casinos , and Thomas assisted Wynn in financing several of his early land deals. Wynn went on to become one of the most successful casino owners in the city.
On January 27, 1942, Steve Wynn was given the name Stephen Alan Weinberg when he was born in New Haven, Connecticut. Michael, his father, was the proprietor of a chain of bingo halls that were located in the eastern United States. His mother Zelma, whose maiden name was Kutner, was originally from Maine.
In 1946, when Wynn was just four years old, his father made the decision to alter the family’s surname from “Weinberg” to “Wynn” in order to protect the family from anti-Jewish prejudice. Wynn’s father passed away while he was having heart surgery, leaving behind gambling debts totaling $350,000. Wynn gave up his employment as an assistant professor at Yale Law School in order to run the bingo hall that his family owns in Waysons Corner, Maryland.
In 1977, he opened the doors to the first hotel tower at the Golden Nugget, which was followed by numerous more. Wynn has kept up a relationship with the Sinatra family over the years, even going so far as to name a restaurant in Encore after Frank Sinatra. Frank Sinatra appeared as a regular headliner at the Golden Nugget.
The Golden Nugget was designed by Joel Bergman, the same architect who was responsible for Wynn’s previous resorts. In spite of the fact that when it first opened it was the second smallest casino in the city, by 1983 it had become the most profitable casino in the city. In 1987, Wynn received $440 million for the sale of the Golden Nugget in Atlantic City.
Wynn tied the knot with Elaine Farrell Pascal in the year 1963. They went through a divorce in 1986, wedded in 1991, and then went through another divorce in 2010. Elaine Wynn’s 13-year tenure as a member of the company’s board of directors came to an end in 2015. They have a daughter named Kevyn, and their other daughter’s name is Gillian. In 1993, Kevyn was taken hostage, and Wynn was forced to pay a ransom of 1.45 million dollars to ensure her safe release.
The Mirage was the first large casino that Wynn opened on the Las Vegas Strip. It originally welcomed guests on November 22, 1989. It was the first time that Wynn had been engaged with the design and building of a casino, and he financed the $630 million project in significant part with high-yield bonds that had been issued by Michael Milken.
Treasure Island Hotel and Casino, Wynn’s second venture, opened into business on October 27, 1993 at a total cost of $450 million and occupied the parking lot that had previously been used by the Mirage. The venue was home to the very first Cirque du Soleil act to be performed in a permanent capacity in Las Vegas.
On October 15, 1998, Wynn launched the even more extravagant Bellagio, a resort that currently ranks among the most stunning hotels in the world with a price tag of $1.6 billion. Jon Jerde of The Jerde Partnerships served as the project’s architect, and Wynn’s company, Mirage Resorts, Inc., was in charge of the building’s construction.
MGM Mirage was created after the sale of Mirage Resorts to MGM Grand Inc. in June of 2000 for a total of $6.6 billion ($21 per share). Wynn made the purchase of the Desert Inn for the price of $270 million on April 27, 2000, five weeks before the deal was finalized. In the latter part of that year, he sold the inn.
In 2002, Wynn made Wynn Resorts Limited available to the general public. When Wynn’s net worth reached $1.3 billion in 2004, he became the world’s youngest self-made billionaire. At a Sotheby’s auction in 2004, Wynn paid thirty million dollars to acquire Vermeer’s painting titled “A Young Woman Seated at the Virginals.” An anonymous telephone auction was used for Wynn’s acquisition of J. M. W. Turner’s Giudecca, La Donna Della Salute, and San Giorgio in 2006. The purchase price was $35.8 million.
On December 22, 2008, Encore first opened its doors. The Wynn and Encore Las Vegas resorts had roughly 9,000 full-time employees as of the 31st of December in the year 2012. The expansion of Wynn Macau known as Encore at Wynn Macau was opened on April 21, 2010, and was modeled after the expansion of the Wynn resort in Las Vegas. The building work on the project began in 2006, and by its completion in 2016, the total cost had reached $2.3 billion. In 2009, he set a new record for the artist by purchasing Rembrandt’s painting titled “Man with His Arms Akimbo” for the price of $33.2 million.
At an auction in November 2012, Wynn Resorts purchased Jeff Koons’s Tulips for roughly $33.6 million. Steve Wynn oversaw the acquisition of the artwork on behalf of Wynn Resorts. Wynn paid more than $2 million to the same artist in order to purchase Popeye from them in May of 2014, and the artwork is now on display in Wynn Las Vegas.
Wynn has provided financial assistance in the past to both the Democratic Party and the Republican Party. For example, in 2013, Wynn contributed $200,000 to the Republican Governors Association. Steven A. Cohen purchased Le Rêve from Wynn in 2013 for the price of $155 million.
Wynn opened the Wynn Palace in Cotai, Macao, People’s Republic of China, in the year 2016. The government of Macau had already given its blessing to the project in 2012. Wynn made the purchase of the Picasso paintings Woman with Beret and Collar and Jacqueline from the collection of Donald Marron in February of 2020 for a total of 105 million dollars.
