If you’ve ever wondered who owns Wynn Las Vegas, you’re in the right spot! This deep dive will uncover the history of Wynn Las Vegas, the owner, and controversies associated with the brand. Knowing who’s behind one of the most successful resorts on the Las Vegas Strip can offer some helpful insight before you book your stay.
Wynn Las Vegas Owner
Technically, Wynn Las Vegas is owned by a resort and casino company called Wynn Resorts LTD. This parent company owns five resorts tota, including Wynn Las Vegas, Encore at Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace Cotai.
Wynn Resorts LTD isn’t owned by one person. Instead, ownership is spread in a few ways. 64.85% is owned by institutional stockholders, 21.69% is owned by Wynn Resorts Insiders, and 13.46% is owned by retail investors.
Founding Wynn Las Vegas
Steve Wynn was the original founder of Wynn Las Vegas, but that wasn’t his first addition to Las Vegas resorts. He was most notably involved in creating Treasure Island, The Mirage, and Bellagio. In 2000 he parted ways with Mirage Resorts when it became an MGM property known as MGM Mirage today.
He took this opportunity to start another adventure with the purchase of Desert Inn. Wynn bought the property for $270 million.
The old resort was destroyed to make room for Wynn Las Vegas, including Desert Inn’s Augusta Tower. Desert Inn’s golf course was kept intact, upgraded, and used for the new Wynn Golf Club. The new property design included an artificial lake known as the Lake of Dreams, multiple swimming pools, a large gaming space for gamblers, and even a Ferrari and Maserati dealership inside the resort.
Wynn Las Vegas opened on April 28, 2005. The casino & resort saw immediate success and quickly became one of the most popular Las Vegas casinos.
Wynn Controversy
In 2018 Wynn Las Vegas and Wynn Resorts LTD came under scrutiny when Stephen Alan Wynn was accused of sexual misconduct allegations in the workplace. Steve denied the allegations.
On February 6, 2018, Wynn announced that Steve Wynn had resigned as CEO. Steve would go on to sell the majority of his shares after a settlement was reached with Universal Entertainment Corporation following a lengthy legal battle.
The CEO position was filled by Matthew Maddox, who turned the CEO title over once again on February 1, 2022, to Craig Billings.
The Rise of Steve Wynn
A lot of people question how Steve Wynn became a resort and casino mogul who founded the Wynn, but the story isn’t as exciting as you might expect. In 1963, he inherited a bingo business from his father. He used this business to start a hotel and casino company while investing in real estate on the side.
In 1971, he saw his biggest profit yet and bought the Golden Nugget Gambling Hall. The casino located in Downtown Las Vegas saw great success with a revamped casino floor and luxurious hotel upgrades. This was the beginning of multiple property purchases around Las Vegas, where Steve would help bring successful resorts and casinos to life.
Today, Steve Wynn is 81 years old, and he resides in Palm Beach, Florida. His Beverly Hills residence was listed for sale in 2021. He is still quite wealthy, with a #343 spot on the Forbes 400 list in 2022 and #913 on the Forbes Billionaires list. His wealth is well-distributed across assets, including a car collection, a fine art collection, multiple properties, and a yacht. In 2012 he sold a famous fine art piece, Le Reve, for $155 million.
FAQs
Is Wynn owned by MGM?
No, Wynn is owned by Wynn Resorts LTD.
Who is the owner of Wynn Resorts?
Wynn is owned by a parent company called Wynn Resorts LTD.
Does Steve Wynn own the Bellagio?
No, Steve Wynn did help found the Bellagio, but he sold his shares in 2000.
Does Steve Wynn own the Wynn?
Steve Wynn sold the majority of his Wynn shares in 2018. He’s no longer an owner or CEO.
Is Steve Wynn rich?
Steve Wynn has an estimated net worth of around 3 billion dollars. His assets include a car collection, a fine art collection, and a yacht.
Does Steve Wynn have a wife?
Steve is married to Andrea Hissom. His most well-known marriage was to Elaine Wynn (Pascal), but they divorced in 2010.
How was Steve Wynn connected with Frank Sinatra?
They met back in the 80’s when they worked together and eventually, became good friends.
I once met Steve at a ski resort in Idaho. We sat beside each other while we waited on getting our custom ahi boot insoles made. I felt honored to have met him.
Ben Hilty