Steve Wynn Net Worth 2024

What is Steve Wynn’s net worth and wage?

Steve Wynn is an American on line casino resort/real-estate developer and artwork collector who has a net worth of $3.4 billion. Wynn is likely one of the richest individuals within the Nevada and made his debut on the checklist of the 400 richest Americans at #377 with a net worth of $650 million in September 2003. His net worth jumped as much as $1.1 billion solely six months later. Steve Wynn’s private and industrial contributions to each the Las Vegas Strip and the town at massive have radically improved the fortunes of Las Vegas endlessly. And his life story is an ideal metaphor for Las Vegas itself: Where else might somebody place a $45,000 wager and see it develop right into a multi-billion-dollar fortune? Some of his most notable accomplishments embody The Golden Nugget, The Mirage, Treasure Island, The Bellagio, The Wynn, and Encore.

Early Life

Steve Wynn was born Stephen Alan Weinberg on January 27, 1942, in New Haven, Connecticut. His father Michael owned a series of unlawful bingo parlors on the East Coast. He modified the family’s final identify to Wynn in 1946 to keep away from anti-Jewish discrimination. The Wynn family moved to Las Vegas in 1952 so his father Mike might run his bingo parlor on the Silver Slipper on line casino on the Strip. However, after six weeks, he was run out of enterprise by the much more well-liked bingo video games on the Golden Nugget in downtown Las Vegas. After the failure of the bingo parlor, the Wynns moved to Maryland.

Wynn received his BA in English literature from the University of Pennsylvania. He was a member of the Sigma Alpha Mu fraternity in college. Shortly earlier than Wynn graduated from Penn in 1963, his dad died, leaving $350,000 in playing money owed. Wynn was set to go to legislation faculty at Yale Law School however opted to not. Instead, he took over the family’s enterprise in Waysons Corner, Maryland.

Wynn ran the sport, calling the numbers, whereas his then-wife Elaine dealt with the money. Running the parlor allowed Steve to satisfy a lot of his dad’s outdated enterprise contacts. These contacts included a number of very long time gamblers and characters related to the Mafia. These individuals he met within the Sixties led him to a different one in every of his father’s longtime associates, Maurice Friedman. Friedman, who lived in Las Vegas, was later linked to a department of the Mafia in Detroit. (It must be famous that Steve Wynn has by no means been tied to organized crime in any manner.)

After spending years watching his father and cronies lose cash playing, Steve Wynn got here to a quite simple conclusion. In his personal phrases: “This confirmed me at a really early age that in case you wished to earn a living in a on line casino, the reply was to personal one.”

Frontier Hotel

Using Friedman’s contacts and a $30,000 mortgage from a family buddy, Steve Wynn purchased three p.c of the Frontier Hotel on the Las Vegas Strip in 1965. The complete value of this enterprise was $45,000. He quickly borrowed one other $30,000 from a Las Vegas financial institution to amass an extra two p.c stake within the lodge and on line casino. This quantity of shares allowed Steve to qualify for a small portion of the Frontier’s playing earnings. In 1967, Steve and Elaine Wynn moved to Las Vegas. At the age of 25, he turned the Frontier’s slot and on line casino supervisor. However, inside weeks, Friedman was implicated in a card dishonest scheme in California and his affiliation with the Detroit Mafia got here to gentle. The Frontier’s buyers shortly bought the hotel-casino to Howard Hughes for $24 million. As a minority investor who was solely entitled to playing earnings, Steve didn’t see any vital earnings from the sale.

After the Frontier sale, Wynn floated a bit, co-producing lounge acts in casinos. He wished extra, and in 1969, the 27-year outdated would have a fateful assembly with a Las Vegas banker named E. Parry Thomas. Thomas headed up Valley Bank, which was just like the Bank of America of Las Vegas – it was on each nook. Valley Bank was well-known for granting loans to casinos for years when different native banks wouldn’t. Thomas received Wynn a job because the Nevada liquor distributor for Best Brands. Wynn purchased the corporate on credit score granted to him from Valley Bank. In 1970, Wynn purchased 10 acres off the Las Vegas Strip for $154,000. Thomas lent him $400,000 to construct a liquor warehouse there. After one yr, Wynn bought that warehouse, and Best Brands, for greater than $700,000. His share of that deal was $170,000.

Golden Nugget

In 1971, Wynn managed to parlay his earnings from a land deal involving Howard Hughes and Caesars Palace right into a controlling curiosity within the Golden Nugget Las Vegas, a landmark downtown on line casino and one of many oldest casinos within the metropolis. Wynn renovated, revamped, and expanded the Golden Nugget from a playing corridor to a resort lodge and on line casino with huge success. In the method, he attracted a brand new upscale clientele to downtown Las Vegas.  In 1977 he opened the Golden Nugget’s first lodge tower, adopted by a number of others.

The Mirage

Wynn’s first main on line casino on the Las Vegas Strip was The Mirage, which opened with a lot fanfare in November 1989. It was the primary time Wynn was concerned with the design and building of a on line casino. The lodge, with its erupting volcano and South Seas theme, ignited a $12 billion constructing growth on the Strip.

Bellagio

In October 1998, Wynn opened the much more opulent Bellagio, a $1.6 billion resort and on line casino. When it was constructed, the Bellagio was the costliest lodge on the earth.

Encore

Just earlier than Christmas 2008, Encore Las Vegas, the most recent of Wynn’s assortment of resorts, opened. The tower of Encore is modeled after the Wynn Las Vegas tower, and in reality, they share the identical property although they’re separate inns. Construction of the resort and on line casino took two years and price $2.3 billion.

Macau

Wynn expanded his on line casino and resort empire to Macau with the opening of the Wynn Macau in 2006 and Encore Macau in 2010. Wynn opened the Wynn Palace in China in 2016.

Sexual Misconduct

In 2018, it was reported that dozens of workers and former workers had revealed a sample of sexual misconduct by Steve Wynn. He stepped down as CEO of Wynn Resorts in early February 2018 in gentle of the allegations towards him. He denies all allegations.

Personal Life

Steve Wynn married Elaine Pascal in 1963. They have two daughters Kevyn (1967) and Gillian (1969). Steve and Elaine divorced in 1986, remarried in 1991, and divorced once more in 2010.

Steve Wynn beforehand resided in a personal villa at Wynn Las Vegas, whereas Elaine Wynn resided within the couple’s mansion contained in the Las Vegas growth of Southern Highlands Golf Club.

Kevyn Wynn was kidnapped in 1993 and Wynn paid $1.45 million in ransom for her secure return. The kidnappers have been apprehended when one tried to purchase a Ferrari in Newport Beach, California, with money. Kevyn was discovered unhurt a number of hours later.

On April 30, 2011, Wynn married Andrea Hissom in a ceremony on the Wynn Las Vegas.

Steve Wynn suffers from the degenerative eye illness retinitis pigmentosa.

Wynn is a citizen of the U.S. and Monaco.

In 2010, Wynn switched to a vegan weight loss plan. According to Wynn, his vegan weight loss plan was impressed by a visitor on his yacht in St. Tropez, who mentioned the environmental and well being penalties of consuming meat. After turning into a vegan, Wynn introduced that he would add animal-free menus to all his eating places.

Art Collection

The centerpiece of Steve Wynn’s intensive artwork assortment is Picasso’s Le Rêve. Wynn bought the portray in 2001. In 2006 Wynn reportedly deliberate to promote it for $139 million, which might at the moment have been the best value paid for any piece of artwork. However, sooner or later whereas displaying the portray off to Nora Ephron and Barbara Walters, Wynn accidentally put his elbow through the painting. The harm canceled the sale and price $90,000 to restore. He ultimately bought Le Rêve in 2013 for $155 million.

Wynn’s artwork assortment additionally contains $38.5 million for J.M.W. Turner’s Guidecca, La Donna Della Salute, and San Giorgi, a $33.2 million Rembrandt, a number of work by Claude Monet, and in 2012 he acquired Jeff Koons‘ Tulips for roughly $33.6 million.

Real Estate

In a interval of just some months in 2022, Steve Wynn listed or bought $300 million price of non-public residential properties. Here’s a breakdown of the key gross sales and listings:

In 2015, Steve paid $48 million for an almost 3-acre property in Beverly Hills. He then spent years and lots of thousands and thousands on large renovations. The predominant home is 27,000 sq. feet and was initially constructed by Guess? co-founder Maurice Marciano within the Nineties. Wynn listed the house for sale in March 2020 for $135 million. Steve lowered his asking value to $75 million in January 2024.

In Las Vegas, for a few years Steve owned a big mansion inside a gated nation membership. He bought this property in June 2022 for $17.5 million after initially itemizing it two years prior for $25 million. Here’s a video tour from the itemizing:

In New York City he owns the penthouse of the Ritz Carlton, which he picked up in 2012 for $70 million. Steve listed this property on the market in late 2022 for $90 million.

In Florida, Steve paid $40 million for an oceanfront mansion in Palm Beach in 2019. Steve listed this property on the market in late 2022 for $78.5 million. Here’s a video tour of the Palm Beach mansion from 2016, it has since been renovated and re-painted:

In 2009 Steve paid $7.5 million for a 2.4 acre ski compound in Sun Valley, Idaho. He proceeded to carry out a significant renovation which added greater than 5,000 sq. feet of dwelling house, bringing the mansion to 12,400 sq. feet. He additionally owns an adjoining property which spans 2 acres and contains a 3,200 sq. foot dwelling. In late 2022, Steve listed the mixed Idaho compound for $27 million.

Yacht

Outside of his spectacular actual property portfolio, Steve owns a $215 million yacht known as Aquarius which contains a helicopter touchdown pad, magnificence salon, and full-time 30-person crew.