Stephen Alan Wynn nÃÆ' Â © Weinberg , born January 27, 1942) is an American real estate and art collector. He is known for his involvement in the casino industry and luxury hotels in America. Early in his career he oversaw the construction and operation of several famous hotels in Las Vegas and Atlantic City, including the Golden Nugget, Atlantic City's Atlantic Nugget, The Mirage, Treasure Island, Bellagio and Beau Rivage in Mississippi, and he played an important role in the rise and expansion Las Vegas Strip in the 1990s. In 2000, Wynn sold its company, Mirage Resorts, to MGM Grand Inc., producing the MGM Mirage formation (now MGM Resorts International). Wynn then took his company public Wynn Resorts in an initial public offering, and CEO and Chairman of the Executive Board of Wynn Resorts until February 6, 2018, when he announced his resignation. He is a prominent Republican donor, and was the chairman of the Republican National Committee finances from January 2017 to January 2018, when he resigned amid allegations of sexual offenses.
Through Wynn Resorts, he has overseen the development and development of several luxury resorts, opening Wynn Las Vegas in 2005, Wynn Macau in 2006, Encore Las Vegas in 2008, Encore at Wynn Macau in 2010, and Wynn Palace in Macau in 2016 The current project includes Wynn Everett near Boston. In 2006, Wynn was inducted into the American Gaming Association Hall of Fame. In September 2015, Wynn's net worth was estimated by
In 2018, Wynn was accused by dozens of people of sexual offenses; he denied the allegations. Wynn resigned as CEO of Wynn Resorts on February 6, 2018 because of this allegation. His name was also removed from a plaza on the University of Pennsylvania campus and his honorary degree from the school was revoked.
Video Steve Wynn
Early life and education
Steve Wynn was born Stephen Alan Weinberg in New Haven, Connecticut on January 27, 1942. His father, Michael, who manages a series of bingo parlors in the eastern United States, changed the family name in 1946 from "Weinberg" to "Wynn" "When Steve was 4 year "to avoid anti-Jewish discrimination." Wynn grew up in Utica, New York, and graduated from The Manlius School, a private male school east of Syracuse, New York, in 1959.
Steve Wynn received his Bachelor of Arts degree in English literature from the University of Pennsylvania, where he is a member of the Sigma Alpha Mu fraternity. Shortly before graduation, in March 1963, his father died of heart problems, leaving $ 350,000 in debt gambling. Wynn relinquished his position at Yale Law School to take over his family business in Waysons Corner, Maryland, working at his own bingo club. Within a year, he has expanded the company.
Maps Steve Wynn
Careers
Frontier and Golden Nugget (1967-1989)Wynn and his young family moved in 1967 to Las Vegas where his success with his family business allowed him to buy a small stake in the Frontier Hotel and Casino. That year she met E. Parry Thomas, nicknamed by Vanity Fair as "the most influential banker in Las Vegas." Thomas was president of the Bank of Las Vegas, which was the only bank at the time willing to lend to Las Vegas casinos, and Thomas helped finance some of Wynn's initial land deals. Beginning in 1968, Wynn also spent four years operating the company importing wine and liquor he bought.
In 1971, Wynn managed to take advantage of a land deal involving Howard Hughes and Caesars Palace into the controlling interests of the Las Vegas Golden Nugget, a downtown casino and one of the city's oldest casinos. Wynn renovated, revamped and expanded the Golden Nugget from the gambling hall to resort hotels and casinos with great success, in the process of attracting new, upscale customers to downtown Las Vegas. His company's shares increased so that, in 1973, he became the majority shareholder, and the youngest casino owner in Las Vegas. In 1977 he opened the first hotel tower of the Golden Nugget, followed by several others. Frank Sinatra is the main leader in the Golden Nugget, and Wynn has since maintained a relationship with the Sinatra family, even naming a restaurant in Encore "Sinatra".
In 1980, Wynn began construction at Atlantic City's Atlantic Nugget in Atlantic City, New Jersey. It was the first casino of Atlantic City "built from scratch," the first and only "local casino", and the sixth casino town after gambling was legalized in the city in 1976. Joel Bergman, who designed other resorts in Wynn, designed the Golden Nugget. Although at its opening it was the second smallest casino in town, in 1983 it was the highest-income casino in town. The Atlantic City Golden Nugget was sold by Wynn in 1987 for $ 440 million.
In 1989, the company acquired Nevada Club casinos in Laughlin, Nevada, and re-branded them as Golden Nugget Laughlin.
The Mirage and Treasure Island (1989-1997)
Wynn's main casino on the Las Vegas Strip is The Mirage, which opened on November 22, 1989. It was the first time Wynn was involved with casino design and construction, and he financed the $ 630 million project largely with the high yield bonds issued by Michael Milken. The high cost of the resort and the emphasis on luxury meant that it was considered high risk at the time, although the project ended up being very profitable. The hotel, with its erupting volcano and Southern Sea theme, sparked a $ 12 billion building boom in the Gaza Strip. Its construction is also considered important because Wynn has set new standards for the Vegas resort, and when it opened, The Mirage is the first casino to use security cameras on a full-time basis at all table games. Known for its entertainment, the hotel is home to Siegfried & amp; Roy was featured in 1990, and in 1993 the hotel hosted the Cirque du Soleil Nouvelle ExpÃÆ' Â © rience event. After that Wynn invites Cirque to create MystÃÆ'¨re for the Treasure Island resort that will soon be built next door. After Mirage, Wynn's next project, Treasure Island Hotel and Casino, opened in the old Mirage parking lot on October 27, 1993, for an overall cost of $ 450 million. Aimed at family-friendly, the swimming pool in front of the casino validates the Buccaneer Bay Battle with two full-sailing ships, while the interior features a romantic tropical island theme. This establishment is the home of the first permanent Cirque du Soleil show in Las Vegas, and the event was then selected nine times as the best production show in town by a Las Vegas Review Journal reader poll.
In 1995, the company proposed to build a Le Jardin hotel casino in the marina area if the state of New Jersey built a road connected with the hotel-casino. The company also agreed to allow Circus Circus Enterprises and Boyd Gaming to build casinos on the site, but later reneged on the agreement. While the road, called the Atlantic City-Brigantine Connector, was finally built, Le Jardin was canceled after the company was acquired in 2000 by MGM Grand Inc., which later built Borgata, in a joint venture with Boyd Gaming, on the site.. Bellagio_and_Beau_Rivage_debuts_ (1998-1999) "> Bellagio and Beau Rivage Debuts (1998-1999)
On October 15, 1998, Wynn opened a more luxurious Bellagio, a $ 1.6 billion resort considered among the most spectacular hotels in the world. The architect is Jon Jerde of The Jerde Partnerships, and construction is handled by the company Wynn Mirage Resorts, Inc. When built, Bellagio is the most expensive hotel in the world. In front of the hotel is a Bellagio fountain - a fountain shooting choreography to music that "dances" on a 8.5 km hotel-made lake that is now considered a Las Vegas landmark. The Bellagio is credited with embarking on a new splash of luxury development in Las Vegas. Among these developments include The Venetian, Mandalay Bay, and Paris Las Vegas.
Wynn brought Mirage Resorts style to Biloxi, Mississippi in 1999, where he oversaw the development of 1,835 Beau Rivage rooms. Themed blends Mediterranean beauty with Southern hospitality, this resort is part of the building boom that forms Biloxi as a regional tourism hub along the Mississippi Bay Coast. Beau Rivage was originally the name of Wynn who wanted to give Bellagio, even though he had decided Bellagio after a vacation in the Italian region of the same name. Beau Rivage opened as the largest casino-hotel to be built outside Nevada. The casino was originally located in a series of floating barges, because local law restricts all casinos by moving ocean vessels at the time. Hotels, restaurants and related facilities are built on land.
Wynn Las Vegas and Macau (2000-2007)
Mirage Resorts is sold to MGM Grand Inc. for $ 6.6 billion ($ 21 per share) in June 2000 to form MGM Mirage. Five weeks before the deal closed (April 27, 2000), Wynn bought Desert Inn for $ 270 million. He closed the lodge in just 18 weeks, and with the money he earned from the deal, and with his ability to gain ever greater financing, Wynn took the public Wynn Resorts Limited in 2002. Wynn became a billionaire in 2004, when his net worth twice folding to $ 1.3 billion. After several years of development, on April 28, 2005 he opened the most expensive resort at the time, Wynn Las Vegas, at the site of the former Desert Inn. Built at a cost of $ 2.7 billion, it is the largest private construction project funded in the country. Among clubs, restaurants and theater venues, the casino is linked to Wynn Golf Course, which is the only golf course on the Las Vegas Strip upon closing on December 17, 2017, built on the site of the former Desert Inn of course. It was designed by Wynn and Tom Fazio. Other features include The Tower Suites at Wynn Las Vegas, which has 296 suites; each with private driveway by Rolls-Royce's car and driver, as well as a private entrance with a koi pond.
Wynn successfully bid for one of the three concession games opened to tender in Macau, a former Portuguese colony and now a Special Administrative Region (SAR) of China, which has a long history of playing games and the gaming market in the world, which has surpassed Las Vegas 2006. this property, known as Wynn Macau opened on September 5, 2006. a year later experiencing significant expansion of Wynn Macau, increased the retail, food and beverage options and a games room. In 2008, Wynn Macau became the fifth Asian hotel to receive the Five Star Car award, with Wynn receiving the award on behalf of Wynn Macau.
Encore hotel and other projects (2008-2018)
In the summer of 2008, recruitment began for Encore Las Vegas, the latest in the Wynn resort collection. The Encore Tower is modeled after the Wynn Tower of Las Vegas, and in fact, they share the same "property" even though they are a separate hotel. After starting construction in 2006, the overall cost of the project is equivalent to $ 2.3 billion. Encore opened on December 22, 2008. As of December 31, 2012, Wynn and Encore Las Vegas employ approximately 9,000 full-time employees. Together with the adjacent Las Vegas Wynn casino, the entire Wynn resort complex has a total of 4,750 rooms, making it the sixth largest hotel in the world. Encore in Wynn Macau, an expansion of Wynn Macau that is similar to the Las Vegas property expansion, opened on April 21, 2010.
In early 2011, Wynn announced that he expects the Macau government to approve the Wynn Resorts application to build a new resort on the Cotai Strip in the People's Republic of China. After receiving approval in May 2012 to split the 51-acre property, a year later Leighton Holdings completed the design and built a contract worth 2.6 billion USD to build Wynn Palace on the site. The resort, which opened in August 2016, includes an air transport system with a smoke-breathing gondola, a pedestrian park, a lake of 30,000 square meters, among other features.
In September 2014, Wynn was awarded a license to build the Boston Harbor Wynn casino in the eastern city of Massachusetts, Everett, near downtown Boston. On February 6, 2018, Wynn resigned as CEO of Wynn Resorts.
Art collection
Wynn is known for collecting a large collection of art, often placing pieces in various casinos and hotels. In 2004, Wynn bought Vermeer A Young Woman Seated at The Virginals at Sotheby's auction for $ 30 million. With the purchase, he became the first art collector to buy Vermeer paintings in more than 80 years. This will be one of two Vermeers still in private hands (the other is owned by Queen Elizabeth II). Wynn then sells the painting to a Leiden Collection owned by Thomas Kaplan for the same price.
In 2006, Wynn acquired J. M. W. Turner Giudecca, La Donna Della Salute, and San Giorgio for $ 35.8 million through anonymous phone auctions. Although Wynn did not officially identify himself as a buyer, his identity was confirmed by two people who knew the deal. Wynn bought the painting from St. Francis of Assisi Foundation, a White Plains-based nonprofit organization that supports Capuchin priests on their mission journey.
Steve Wynn's personal art collection with special remarks about his paintings by Claude Monet is highlighted in the 2008 film Monet's Palate with Meryl Streep and distributed by American Public Television. Many parts of the collection are on display at Bellagio. The collection was exhibited at the Nevada Museum of Art in Reno while Wynn Las Vegas was being built and installed at the resort just before it opened. The Wynn Gallery of Las Vegas, which has charged entry fees, closed shortly after the beginning of 2006. Artwork from the former gallery is now scattered around the resort. Although the artwork is privately owned by Steve Wynn, Wynn Resorts pays $ 1 yearly rent to Steve Wynn. As part of the lease agreement, insurance and security are the responsibility of the company.
In 2009, he spent $ 33.2 million on Rembrandt's Man with His Arms Akimbo , recording the auction for the artist.
Under the direction of Steve Wynn, Wynn Resorts acquired Jeff Koons Tulips at auction in November 2012 for approximately $ 33.6 million. In May 2014, Wynn acquired PopeyeP of the same artist for more than $ 28,000,000, putting the work on display at Wynn Las Vegas.
Le RÃÆ'ªve
The core of this collection is Le RÃÆ'ªve , Picasso's portrait which is the work name of the resort project. Wynn bought the painting from an anonymous collector in private sales in 2001. In 2006 he reportedly sold it to Steven A. Cohen for $ 139 million, which at the time was the highest price paid for any artwork. However, he placed his elbows on the canvas while showing them to a group of guests - including screenwriter Nora Ephron and her husband Nick Pileggi, broadcaster Barbara Walters, art dealer Serge Sorokko and his wife Tatiana Sorokko model, New York Socialist Louise Grunwald and lawyer David Boies and his wife, Mary.
This canceled the sale, and after a $ 90,000 repair, the painting was estimated to be worth $ 85 million. Wynn sued his insurance company for a $ 54 million split on a virtual sale price, possibly exceeding his own purchase price. The case was settled out of court in April 2007.
Pada 2013, Wynn menjual Le RÃÆ'ªve ke Steven A. Cohen seharga $ 155 juta.
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Wynn married Elaine Farrell Pascal in 1963. They divorced in 1986, remarried in 1991, and divorced again in 2010. Elaine Wynn is director of the company's board for 13 years, ending in 2015. Wynn once said she bought a casino Desert Inn, his Wynn Las Vegas site, as a birthday gift for his wife. Steve Wynn currently lives in a private villa in Wynn Las Vegas, while Elaine Wynn lives in a couple's home at Southern Highlands Golf Club. They have two daughters, Kevyn and Gillian. Kevyn was kidnapped in 1993 and Wynn paid $ 1.45 million as a ransom for his safe return. The kidnappers were arrested when someone tried to buy a Ferrari in Newport Beach, California, with cash. Kevyn was found unharmed a few hours later. Kevyn and Gillian Wynn are mothers who are involved in charitable activities. On April 30, 2011, Wynn married Andrea Danenza Hissom in a ceremony at Wynn Las Vegas. She is the mother of model and recording artist Nick Hissom and the great nephew of Ben Novack, the developer of Fontainebleau Miami Beach Hotel and cousin Ben Novack Jr.
Steve Wynn suffered from degenerative eye disease, retinitis pigmentosa, who was diagnosed in 1971. In 2010, Wynn switched to a vegan diet after watching the documentary Eat by Mike Anderson. According to Wynn, his vegan diet is also inspired by a visitor on a cruise ship in St. Louis. Tropez, who discussed the environmental and health consequences of eating meat. After becoming vegan, Wynn announced that he would add an animal-free menu to all his restaurants.
Allegations of sexual offenses
In January 2018, The Wall Street Journal reported that dozens of people have alleged that they have been victims of sexual offenses by Wynn. Elaine Wynn, a former Steve couple, accused her of sacking a manicurist who worked at the Wynn Las Vegas resort to have sex with her in 2005. Wynn then paid him $ 7.5 million. Wynn denied all charges, stating that they emerged from "evil" litigation with his ex-wife and said that "The idea that I've attacked any woman is nonsense." Later that month, Wynn resigned from his position as chief financial officer for the Republican National Committee. On February 6, 2018, Wynn resigned as CEO of Wynn Resorts.
Wynn Resorts called for the removal of Steve Wynn's name from the Massachusetts game license in April 2018, amid the construction of a casino resort in Everett, Massachusetts.
Political activity
In the past, Wynn has financially supported both Democrats and their Republican rivals, for example donating $ 200,000 to the Republican Governor's Association in 2013. In 2011 he spoke in favor of Nevada Senator Harry Reid. Although he supported Barack Obama in the 2008 election, in 2011 he expressed disillusionment with Obama's policies relating to economic policy issues.
In December 2010, Prince Albert II of Monaco conferred Monegasque citizenship to Wynn, an unusual act since Wynn did not meet the prerequisites. According to Las Vegas Sun, Wynn was granted citizenship when he agreed to serve as outside director of Monaco QD International Hotels and Resorts Management, a joint venture between the Monaco and Qatar governments. The organization buys and manages hotels in Europe, the Middle East and North America.
Between 2012 and 2018, Wynn donated more than $ 2.5 million to the Republican Governor's Association and also contributed $ 411,000 to Republican National Senatorial Committees, $ 248,000 to the Republican National Committee, and $ 100,000 to the Republican National Congress Committee. In 2016, Wynn donated $ 833,000 to the Republican joint fundraising committee. After Donald Trump won the US presidential election in 2016, Wynn was named vice-chairman of Trump's inauguration committee, along with other donors such as Sheldon Adelson and his wife Miriam, Woody Johnson, Anthony Scaramucci, Mel Sembler and Phil Ruffin.
Following the inauguration of Donald Trump in January 2017, Wynn was appointed chair of the National Committee's finances; he was personally selected by Trump for posting. On January 28, 2018, Wynn resigned.
In October 2017 The Wall Street Journal reported that Wynn, who has financial interests in China, lobbied President Trump on behalf of the Chinese government to restore a Chinese dissident, Guo Wengui, to China.
Accolades
In 2005, the Travel Marketing Executive Association awarded Steve Wynn, ATLAS Lifetime Achievement Award for his innovation in building a resort in Las Vegas. In May 2006, Time magazine included Wynn as one of the 100 Most Influential People of the World . Wynn was appointed to the Supervisory Board of the John F. Kennedy Center for the Performing Arts by President George W. Bush on October 30, 2006. In November 2006, Wynn was inducted into the American Gaming Association Hall of Fame. He has also received honorary doctorates from the University of Pennsylvania in 2006 (repealed in 2018), and has since received an honorary doctorate from the University of Nevada, Las Vegas; Sierra Nevada College; American Culinary Institute; and Johnson & amp; University of Wales at Providence, Rhode Island. Forbes magazine named it "Captain of Capitalism" in 2007. Wynn was named the Best CEO of Investor Institutions list in the Survey of the All-American Executive Team from 2008 to 2011.
In 2009, Wynn received the Manfred Steinfeld Humanitarian Award at the 22nd Annual Circle Awards. In July 2009, the segment at Wynn aired on the CBS News series 60 Minutes . In March 2011, Barron's named Steve Wynn one of the 30 "World's Best CEOs."
In November 2014, Wynn was ranked 17th on the Harvard Business Review list of the top 100 performing CEOs in the world. The study records its position at Wynn Resorts and changes its market capitalization by $ 22 billion, and it gets a total industry shareholders adjustment of 1,944% and the total adjusted shareholder return of 2,164%.
Legal issues
In 1991, Dennis Gomes, president of Golden Nugget Wynn, left his position to join the Trump Donald Trump Taj Mahal in Atlantic City, New Jersey, received a bonus of $ 1 million as an equity substitute. Wynn filed a lawsuit against Trump and Gomes for breach of contract, because Gomes contracted to work at the Nugget to 1992. Gomes was completed in 1994. Also in 1991, Gomes was accused in a countersuit that Wynn using abusive language towards Gomes, but representatives rejected accusations Wynn , implying that they are an attempt to refocus the lawsuit from Gomes to Wynn.
In 1997, Wynn sued Barricade Books for libelous catalog descriptions of John L. Smith's unauthorized Running Screen . Wynn initially earned $ 3.2 million, forcing Barricade into bankruptcy. In 2001 the decision was issued by the Nevada Supreme Court over the mistake of the judge. The re-trial was scheduled for 2004, only for issues to be resolved between Wynn and New York publishers Lyle Stuart in a secret agreement, and his case was canceled.
In a legal battle over Mirage's attempts by Wynn to build a casino in Atlantic City, Donald Trump claimed in a lawsuit that Wynn used a private detective as a double agent to secretly record conversations with Trump. Investigator Louis Rodriguez, a former Los Angeles policeman and investigator for the IRS, claimed that he had a change of heart because he felt that Trump used his business "in an immoral and unethical way to cause financial harm" to Wynn and Mirage and thus changed " whistleblower. " Wynn completed his lawsuit in 2000 and befriended Trump, who attended Wynn's wedding in 2011.
Beginning in 2008, Wynn was involved in a dispute with Producer Joe Francis's Joe Gone Wild Girl. In 2011, a Nevada district attorney sued Francis for writing a bad check to cover a $ 2 million gambling debt paid to Wynn, but the judge dismissed the case for being out of the six month time limit. Wynn collects debts in separate civil cases. In response to the collection, Francis states that Wynn threatened to kill him, prompting Wynn to file a lawsuit for defamation against Francis. In February 2012, Clark County, Nevada, judge Mark Denton ruled that Francis damaged Wynn's reputation and gave Wynn $ 7.5 million in damages. In September 2012, after Francis repeated the alleged threat on television and Wynn added a second defamation claim, the jury gave Wynn $ 40 million in compensation and punishment, more than the original $ 12 million demanded by Wynn. The judgment was changed to $ 19 million, after Wynn failed to prove that Francis could pay the original amount.
In January 2012, Wynn's former business partner Kazuo Okada filed a lawsuit to gain access to company documents related to Wynn's pledge to donate $ 135 million to the Macau University Development Foundation. Wynn then accused Okada's company, Aruze, of violating the Foreign Corrupt Practices Act, leading to the Justice Department's examinations into hotel room gifts and other fees to Philippine, South Korean and Japanese gambling officials. Aruze, Inc. in the US is subject to FCPA. In the filing of the Securities and Exchange Commission (SEC) in March 2013, Wynn noted that although Okada's disputes could cut Wynn's profit, outside of the "informal" SEC investigation into Macau donations, no formal inquiry was underway. In July 2013, the SEC announced that its investigation into Macau donations was concluded and would not take any law enforcement action against Wynn or Wynn Resorts.
In 2014, Wynn sued hedge fund manager James Chanos for defamation after Chanos, at an event in Berkeley, allegedly saying Wynn violated the Foreign Corrupt Practices Act. Wynn's lawsuit was dismissed, with US District Judge William Orrick III ruling that Chanos's remarks were constitutionally protected speeches. Wynn was also ordered to pay Chanos legal fees. The appeal of Wynn was rejected by the US Court of Appeals for the Ninth Circuit.
Wynn has sought to weaken Nevada's anti-strategic lawsuit against community participation legislation (SLAPP). He has publicly clashed with Yelp over this issue.
Wynn has filed a libel suit against a former casino worker, Jorgen Nielsen after he made negative comments about Wynn's alleged sexual offenses to the Wall Street Journal and ABC news.
Popular culture
- Andy Garcia's character in Ocean's Trilogy , Terry Benedict, is loosely based on Wynn. In addition to owning and developing two of the same casinos as Wynn (The Mirage and the Bellagio), Benedict also has an extensive art collection. Benedict also mentioned how Kevyn Wynn's captor was caught.
- Michael Connelly's book Void Moon has a very bad casino, claims the character to hear even Steve Wynn does not see a way to play it.
References
External links
- WynnResorts.com
- Steve Wynn on IMDb
- Appearance in C-SPAN
Source of the article : Wikipedia
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