Steve Wynn (developer)
Encyclopedia
Stephen Alan "Steve" Wynn (born January 27, 1942) is an American
business
magnate
who played a pivotal role in the 1990s resurgence and expansion of the Las Vegas Strip
. His companies refurbished or built what are now widely recognized resorts in Las Vegas, including the Golden Nugget
, The Mirage
, Treasure Island
, Bellagio
, Wynn
, and Encore
.
As of 2011, Wynn is the 512th richest man in the world with a net worth of $2.3 billion (up from $1.5 billion).
, Connecticut
. His father, Michael, changed the family's last name in 1946 from "Weinberg" to "Wynn" when Steve was six months old "to avoid anti-Jewish discrimination" according to several sources. Wynn was raised in Utica
, New York
, and graduated from The Manlius School
, a private boys' school east of Syracuse
, New York, in 1959. Steve Wynn studied cultural anthropology
and English literature
at the University of Pennsylvania
, where he was a member of the Sigma Alpha Mu
fraternity.
Wynn's father ran a string of bingo parlors in eastern United States
. In 1963, his father died of complications from open heart surgery in Minneapolis, leaving $350,000 of gaming debts, shortly before Wynn graduated from Penn with a Bachelor of Arts degree in English Literature.
Wynn took over running the family's bingo operation in Maryland
. He did well enough at it to accumulate the money to buy a small stake in the Frontier Hotel and Casino
in Las Vegas, where he and his wife Elaine moved in 1967. Between 1968 and 1972 Wynn also owned a wine and liquor importing company. He managed to parlay his profits from a land deal in 1971 (the deal involved Howard Hughes
and Caesars Palace
) into a controlling interest in the landmark downtown casino, the Golden Nugget Las Vegas
(he also owned Golden Nugget Atlantic City in Atlantic City
, New Jersey
). Wynn renovated, revamped and expanded the Golden Nugget from a gambling hall to a resort hotel and casino with enormous success, in the process attracting a new upscale clientele
to downtown Las Vegas.
casino, the Mirage
, which opened in 1989, set a new standard for size, opulence and construction costs. The Mirage featured an indoor forest and an outdoor "volcano"; and with high-quality room appointments and an emphasis on service, the Mirage was another major success. The Mirage was the first project in which he was involved in the design and construction of a casino. The $630 million cost to build the facility was financed largely with junk bond
s issued by Michael Milken
. The property was considered a high-risk venture by the standards then prevailing in Las Vegas because of its expensiveness and emphasis on luxury. However, it became enormously lucrative and made Wynn a major part of Las Vegas history.
Wynn's next project was Treasure Island Hotel and Casino
, which opened in 1993 at a cost of $450 million. With its live pirate show and location next to the Mirage, Treasure Island was another victory for Wynn. The Cirque du Soleil
show at the Treasure Island was the first permanent Cirque du Soleil show in Las Vegas.
Wynn expanded further on his concept of the luxury casino with Bellagio, a $1.6 billion resort, including an artificial lake, indoor conservatory, a museum-quality art gallery and branches of high-end boutiques and restaurants from Paris
, San Francisco, and New York City
. The architect was the famous American Jon Jerde
of The Jerde Partnerships. When built, Bellagio was the most expensive hotel in the world. The Bellagio is credited with starting a new spree of luxurious developments in Las Vegas. Among these developments include The Venetian, Mandalay Bay
, and Paris Las Vegas
.
for $6.6 billion ($21 a share) in June 2000 to form MGM Mirage
. Five weeks before the deal was closed (April 27, 2000) Steve Wynn purchased the Desert Inn
for $270 million. He closed the Inn in only 18 weeks, and with the money he made on that deal, and with his ability to secure ever-greater financing, Steve Wynn took Wynn Resorts Limited
public in 2002. Wynn became a billionaire
in 2004, when his net worth
doubled to $1.3 billion. On April 28, 2005 he opened his most expensive resort to that date, the Wynn Las Vegas
, on the site of the former Desert Inn.
Wynn successfully bid for one of three gaming concessions that were opened for tender in Macau
, a Special Administrative Region (SAR) of China
, which has a long history of gaming and is the largest gaming market in the world, having surpassed Las Vegas in 2006. This property, known as Wynn Macau
, opened on September 5, 2006.
In the summer of 2008, hiring began for Encore Las Vegas, the newest in Steve Wynn's collection of resorts (the tower of Encore is modeled after the Wynn Las Vegas tower, and in fact, they share the same "property" though they are separate hotels). Wynn hired 3500 employees for this property. Encore opened on December 22, 2008.
Wynn Encore Macau opened on April 21, 2010.
Recently he spent a record price for a painting by J. M. W. Turner
, $35.8 million for the Giudecca, La Donna Della Salute and San Giorgio and spent $33.2 million on a Rembrandt, the auction record for the artist.
Many of the collection's pieces were on display at the Bellagio. The collection was on display at the Nevada Museum of Art
in Reno
while the Wynn Las Vegas was being constructed and was installed in the resort shortly before it was opened. The Wynn Las Vegas gallery, which had charged an entrance fee, closed shortly after the start of 2006. The artwork from the former gallery is now scattered around the resort. Although the artwork is owned personally by Wynn, Wynn Resorts pays an annual lease of $1. As part of the lease agreement, insurance and security are the responsibility of the company.
The centerpiece of the collection is Le Rêve
, the Picasso portrait that was the working name of the resort project. Wynn purchased the painting in 1997 for $48.4 million at the Christie's
auction of the Ganz
-collection on November 11, 1997. In 2006 he reportedly was to sell it to Steven A. Cohen
for $139 million, which would at that time have been the highest price paid for any piece of art. However, he put his elbow through the canvas while showing it to his guests, including the screenwriter Nora Ephron
and her husband Nick Pileggi, the broadcaster Barbara Walters
, the art dealer Serge Sorokko
and his wife, the model Tatiana Sorokko
, the New York socialite Louise Grunwald and the 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 over the $54 million difference with the virtual selling price, possibly exceeding his own buying price. The case was settled out of court in April 2007.
They have two daughters, Kevyn and Gillian. Kevyn was kidnapped in 1993 and Wynn paid $1.45 million in ransom for her safe return. The kidnappers were apprehended when one attempted to buy a Ferrari
in Newport Beach, California
, with cash. Kevyn was found unharmed several hours later.
Steve Wynn also suffers from the degenerative eye disease retinitis pigmentosa
(RP), which cripples night vision and reduces visual ability in the periphery until the sufferer essentially has "tunnel vision." Many people with RP eventually become legally blind.
In 2010, Wynn switched to a vegan diet after watching the documentary Eating by Mike Anderson.
In December 2010, Prince Albert II of Monaco bestowed Monegasque citizenship to Wynn. This was unusual since a prerequisite of Monegasque citizenship is to reside there for at least ten continuous years and contribute in some major way, and Wynn has never resided there. According to the Las Vegas Sun
, Wynn was given the citizenship when he agreed to serve as outside director in the Monaco QD International Hotels and Resorts Management, which is a joint venture between the governments of Monaco and Qatar
. The organization buys and manages hotels in Europe
, the Middle-East and North America
.
On April 29, 2011, Wynn married Andrea Hissom in a ceremony at the Wynn Las Vegas.
magazine included Wynn as one of the World's 100 Most Influential People
.
Wynn was appointed to the Board of Trustees
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
.
Wynn has received honorary doctorates from the University of Pennsylvania
, the University of Nevada, Las Vegas
and Sierra Nevada College
.
On July 26, 2009, a segment on Wynn was aired on the CBS News
series 60 Minutes
.
Wynn was named to Institutional Investor's
Best CEOs list in the All-America Executive Team Survey from 2008 through 2011.
Wynn was one of three new additions to the Barron's Top 30 C.E.O's in the World List in 2010.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
magnate
Magnate
Magnate, from the Late Latin magnas, a great man, itself from Latin magnus 'great', designates a noble or other man in a high social position, by birth, wealth or other qualities...
who played a pivotal role in the 1990s resurgence and expansion of the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
. His companies refurbished or built what are now widely recognized resorts in Las Vegas, including the Golden Nugget
Golden Nugget Las Vegas
The Golden Nugget Las Vegas is a luxury casino-hotel located in Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's Restaurants....
, The Mirage
The Mirage
The Mirage is a 3,044 room hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada, United States.The Mirage is connected by a free tram to Treasure Island. The marquee in front of the Mirage is the largest free standing marquee in the world.-History:The Mirage was built by...
, Treasure Island
Treasure Island Hotel and Casino
Treasure Island Hotel & Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA with 2,664 rooms and 220 suites, and is connected by tram to The Mirage as well as pedestrian bridge to the Fashion Show Mall shopping center...
, Bellagio
Bellagio (hotel and casino)
Bellagio is a hotel and casino located on the Las Vegas Strip in the Paradise area of unincorporated Clark County, Nevada, USA and a member of The Leading Hotels of the World. It is owned by MGM Resorts International and was built on the site of the demolished Dunes hotel and casino.Inspired by the...
, Wynn
Wynn Las Vegas
Wynn Las Vegas is a resort and casino located on the Las Vegas Strip in Paradise, Nevada. The US $2.7 billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts Limited. The resort covers . It is located on Las Vegas Boulevard and Sands Avenue Wynn Las...
, and Encore
Encore Suites
Encore Las Vegas or Encore at Wynn Las Vegas is a luxury resort, casino and hotel located on the Las Vegas Strip in Paradise, Nevada. The resort is connected to its sister resort, Wynn Las Vegas; both are owned by Wynn Resorts Limited, headed by casino developer Steve Wynn.Encore has been awarded...
.
As of 2011, Wynn is the 512th richest man in the world with a net worth of $2.3 billion (up from $1.5 billion).
Early life, Frontier, and the Golden Nugget
Wynn was born Stephen Alan Weinberg in New HavenNew Haven, Connecticut
New Haven is the second-largest city in Connecticut and the sixth-largest in New England. According to the 2010 Census, New Haven's population increased by 5.0% between 2000 and 2010, a rate higher than that of the State of Connecticut, and higher than that of the state's five largest cities, and...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
. His father, Michael, changed the family's last name in 1946 from "Weinberg" to "Wynn" when Steve was six months old "to avoid anti-Jewish discrimination" according to several sources. Wynn was raised in Utica
Utica, New York
Utica is a city in and the county seat of Oneida County, New York, United States. The population was 62,235 at the 2010 census, an increase of 2.6% from the 2000 census....
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, and graduated from The Manlius School
Manlius Pebble Hill
The Manlius Pebble Hill School is a non-sectarian, coeducational, independent Pre-K through 12 school in DeWitt, New York. The school is a result of a merger in 1970 between the Manlius School and the Pebble Hill School .-The Manlius School:The Manlius School was founded in 1869 in Manlius, New...
, a private boys' school east of Syracuse
Syracuse, New York
Syracuse is a city in and the county seat of Onondaga County, New York, United States, the largest U.S. city with the name "Syracuse", and the fifth most populous city in the state. At the 2010 census, the city population was 145,170, and its metropolitan area had a population of 742,603...
, New York, in 1959. Steve Wynn studied cultural anthropology
Cultural anthropology
Cultural anthropology is a branch of anthropology focused on the study of cultural variation among humans, collecting data about the impact of global economic and political processes on local cultural realities. Anthropologists use a variety of methods, including participant observation,...
and English literature
English literature
English literature is the literature written in the English language, including literature composed in English by writers not necessarily from England; for example, Robert Burns was Scottish, James Joyce was Irish, Joseph Conrad was Polish, Dylan Thomas was Welsh, Edgar Allan Poe was American, J....
at the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, where he was a member of the Sigma Alpha Mu
Sigma Alpha Mu
Sigma Alpha Mu , also known as "Sammy", is a college fraternity founded at the City College of New York in 1909. Originally only for Jewish men, Sigma Alpha Mu remained so until 1953, when members from all backgrounds were accepted. Originally headquartered in New York, Sigma Alpha Mu has...
fraternity.
Wynn's father ran a string of bingo parlors in eastern United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. In 1963, his father died of complications from open heart surgery in Minneapolis, leaving $350,000 of gaming debts, shortly before Wynn graduated from Penn with a Bachelor of Arts degree in English Literature.
Wynn took over running the family's bingo operation in Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
. He did well enough at it to accumulate the money to buy a small stake in the Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
in Las Vegas, where he and his wife Elaine moved in 1967. Between 1968 and 1972 Wynn also owned a wine and liquor importing company. He managed to parlay his profits from a land deal in 1971 (the deal involved Howard Hughes
Howard Hughes
Howard Robard Hughes, Jr. was an American business magnate, investor, aviator, engineer, film producer, director, and philanthropist. He was one of the wealthiest people in the world...
and Caesars Palace
Caesars Palace
Caesars Palace is a luxury hotel and casino located on the Las Vegas Strip in Paradise, Nevada, an unincorporated township in Clark County, Nevada, United States in the Las Vegas metropolitan area. Caesars Palace is owned and operated by Caesars Entertainment Corp....
) into a controlling interest in the landmark downtown casino, the Golden Nugget Las Vegas
Golden Nugget Las Vegas
The Golden Nugget Las Vegas is a luxury casino-hotel located in Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's Restaurants....
(he also owned Golden Nugget Atlantic City in Atlantic City
Atlantic City, New Jersey
Atlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
). Wynn renovated, revamped and expanded the Golden Nugget from a gambling hall to a resort hotel and casino with enormous success, in the process attracting a new upscale clientele
Customer
A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...
to downtown Las Vegas.
The Mirage, Treasure Island and Bellagio
Wynn had previously acquired interests in various existing casinos. His first major StripLas Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
casino, the Mirage
The Mirage
The Mirage is a 3,044 room hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada, United States.The Mirage is connected by a free tram to Treasure Island. The marquee in front of the Mirage is the largest free standing marquee in the world.-History:The Mirage was built by...
, which opened in 1989, set a new standard for size, opulence and construction costs. The Mirage featured an indoor forest and an outdoor "volcano"; and with high-quality room appointments and an emphasis on service, the Mirage was another major success. The Mirage was the first project in which he was involved in the design and construction of a casino. The $630 million cost to build the facility was financed largely with junk bond
High-yield debt
In finance, a high-yield bond is a bond that is rated below investment grade...
s issued by Michael Milken
Michael Milken
Michael Robert Milken is an American business magnate, financier, and philanthropist noted for his role in the development of the market for high-yield bonds during the 1970s and 1980s, for his 1990 guilty plea to felony charges for violating US securities laws, and for his funding of medical...
. The property was considered a high-risk venture by the standards then prevailing in Las Vegas because of its expensiveness and emphasis on luxury. However, it became enormously lucrative and made Wynn a major part of Las Vegas history.
Wynn's next project was Treasure Island Hotel and Casino
Treasure Island Hotel and Casino
Treasure Island Hotel & Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA with 2,664 rooms and 220 suites, and is connected by tram to The Mirage as well as pedestrian bridge to the Fashion Show Mall shopping center...
, which opened in 1993 at a cost of $450 million. With its live pirate show and location next to the Mirage, Treasure Island was another victory for Wynn. The Cirque du Soleil
Cirque du Soleil
Cirque du Soleil , is a Canadian entertainment company, self-described as a "dramatic mix of circus arts and street entertainment." Based in Montreal, Quebec, Canada, and located in the inner-city area of Saint-Michel, it was founded in Baie-Saint-Paul in 1984 by two former street performers, Guy...
show at the Treasure Island was the first permanent Cirque du Soleil show in Las Vegas.
Wynn expanded further on his concept of the luxury casino with Bellagio, a $1.6 billion resort, including an artificial lake, indoor conservatory, a museum-quality art gallery and branches of high-end boutiques and restaurants from Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, San Francisco, and New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The architect was the famous American Jon Jerde
Jon Jerde
Jon Jerde is an American architect based in Venice, California, Founder & Chairman of , a design architecture and urban planning firm that pioneered the concept of placemaking and "experience architecture;" and has created multiple award-winning commercial developments around the globe...
of The Jerde Partnerships. When built, Bellagio was the most expensive hotel in the world. The Bellagio is credited with starting a new spree of luxurious developments in Las Vegas. Among these developments include The Venetian, Mandalay Bay
Mandalay Bay Resort and Casino
Mandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas...
, and Paris Las Vegas
Paris Las Vegas
Paris Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA, that is owned and operated by Caesars Entertainment Corp....
.
Beau Rivage
He also designed and built a luxury resort, the Beau Rivage, in Biloxi. Beau Rivage was originally the name he wanted to give to the Bellagio. He then went to Italy on vacation and decided Bellagio was a better name for the hotel.Wynn Las Vegas to Wynn Macau to present and Encore
Mirage Resorts was sold to MGM Grand Inc.MGM Grand Inc.
MGM Grand Inc. was formed by Kirk Kerkorian as a casino owner and operator.- History :On October 1, 1998 the company opened a temporary casino in Johannesburg, South Africa. It announced a plan to acquire Primadonna Resorts, Inc. on November 9, 1999...
for $6.6 billion ($21 a share) in June 2000 to form MGM Mirage
MGM Mirage
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about...
. Five weeks before the deal was closed (April 27, 2000) Steve Wynn purchased the Desert Inn
Desert Inn
The Desert Inn was a Paradise, Nevada, hotel/casino that operated from April 24, 1950, to August 28, 2000. Designed by noted New York architect Jac Lessman, it was the fifth resort to open on the Las Vegas Strip. The property included an 18-hole golf course. Locals nicknamed the resort "The D.I."...
for $270 million. He closed the Inn in only 18 weeks, and with the money he made on that deal, and with his ability to secure ever-greater financing, Steve Wynn took Wynn Resorts Limited
Wynn Resorts
Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A...
public in 2002. Wynn became a billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
in 2004, when his net worth
Net worth
In business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...
doubled to $1.3 billion. On April 28, 2005 he opened his most expensive resort to that date, the Wynn Las Vegas
Wynn Las Vegas
Wynn Las Vegas is a resort and casino located on the Las Vegas Strip in Paradise, Nevada. The US $2.7 billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts Limited. The resort covers . It is located on Las Vegas Boulevard and Sands Avenue Wynn Las...
, on the site of the former Desert Inn.
Wynn successfully bid for one of three gaming concessions that were opened for tender in Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, a Special Administrative Region (SAR) of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
, which has a long history of gaming and is the largest gaming market in the world, having surpassed Las Vegas in 2006. This property, known as Wynn Macau
Wynn Macau
Wynn Macau , owned by Wynn Resorts, is a luxury integrated resort in Macau Peninsula, Macau, People's Republic of China, offering gaming combined with a deluxe hotel, restaurants, designer shops, spa, and a "Performance Lake". It is the first Las Vegas-style integrated resort in Asia. It opened on...
, opened on September 5, 2006.
In the summer of 2008, hiring began for Encore Las Vegas, the newest in Steve Wynn's collection of resorts (the tower of Encore is modeled after the Wynn Las Vegas tower, and in fact, they share the same "property" though they are separate hotels). Wynn hired 3500 employees for this property. Encore opened on December 22, 2008.
Wynn Encore Macau opened on April 21, 2010.
Recently he spent a record price for a painting by J. M. W. Turner
J. M. W. Turner
Joseph Mallord William Turner RA was an English Romantic landscape painter, watercolourist and printmaker. Turner was considered a controversial figure in his day, but is now regarded as the artist who elevated landscape painting to an eminence rivalling history painting...
, $35.8 million for the Giudecca, La Donna Della Salute and San Giorgio and spent $33.2 million on a Rembrandt, the auction record for the artist.
Many of the collection's pieces were on display at the Bellagio. The collection was on display at the Nevada Museum of Art
Nevada Museum of Art
The Nevada Museum of Art, located at 160 West Liberty Street in Reno, Nevada, is the only American Association of Museums accredited art museum in the state of Nevada. The museum is thematic, focusing on the growing interest in the protection of the land...
in Reno
Reno, Nevada
Reno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
while the Wynn Las Vegas was being constructed and was installed in the resort shortly before it was opened. The Wynn Las Vegas gallery, which had charged an entrance fee, closed shortly after the start of 2006. The artwork from the former gallery is now scattered around the resort. Although the artwork is owned personally by Wynn, Wynn Resorts pays an annual lease of $1. As part of the lease agreement, insurance and security are the responsibility of the company.
The centerpiece of the collection is Le Rêve
Le Rêve (painting)
Le Rêve is a 1932 oil painting by Pablo Picasso, then 50 years old, portraying his 24-year-old mistress Marie-Thérèse Walter. It is said to have been painted in one afternoon, on 24 January 1932...
, the Picasso portrait that was the working name of the resort project. Wynn purchased the painting in 1997 for $48.4 million at the Christie's
Christie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
auction of the Ganz
Victor Ganz
Victor Ganz was one of the most important collectors of contemporary art in the 20th century.- Biography :Victor Wendell Ganz was born in New York on April 7, 1913. The son of Saul Ganz and his wife, the former Ruth Wendell, he attended public schools and the City College of New York before going...
-collection on November 11, 1997. In 2006 he reportedly was to sell it to Steven A. Cohen
Steven A. Cohen
Steven "Steve" A. Cohen is an American hedge fund manager. He is the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund focusing primarily on equity market strategies....
for $139 million, which would at that time have been the highest price paid for any piece of art. However, he put his elbow through the canvas while showing it to his guests, including the screenwriter Nora Ephron
Nora Ephron
Nora Ephron is an American film director, producer, screenwriter, novelist, playwright, journalist, author, and blogger.She is best known for her romantic comedies and is a triple nominee for the Academy Award for Writing Original Screenplay; for Silkwood, When Harry Met Sally... and Sleepless in...
and her husband Nick Pileggi, the broadcaster Barbara Walters
Barbara Walters
Barbara Jill Walters is an American broadcast journalist, author, and television personality. She has hosted morning television shows , the television newsmagazine , former co-anchor of the ABC Evening News, and current contributor to ABC News.Walters was first known as a popular TV morning news...
, the art dealer Serge Sorokko
Serge Sorokko
Serge Sorokko is an American art dealer, publisher and owner of the Serge Sorokko Gallery in San Francisco. He played a major role in establishing the first cultural exchanges in the field of visual arts between the United States and the Soviet Union during the period of perestroika...
and his wife, the model Tatiana Sorokko
Tatiana Sorokko
Tatiana Sorokko is a Russian-born American model, fashion journalist and haute couture collector. She walked the runways for the world's most prominent designers and fashion houses, appeared on covers of leading fashion magazines, and became the first Russian model of the post-Soviet period to gain...
, the New York socialite Louise Grunwald and the lawyer David Boies
David Boies
David Boies is an American lawyer and chairman of the law firm Boies, Schiller & Flexner. He has been involved in various high-profile cases in the United States.-Early life and education:...
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 over the $54 million difference with the virtual selling price, possibly exceeding his own buying price. The case was settled out of court in April 2007.
Personal life
Wynn married Elaine Farrell Pascal in 1963. They divorced in 1986, remarried in 1991, and filed for divorce again in 2009. Elaine Wynn remains a director of the company's board. Wynn once said he bought the Desert Inn casino, the site of his Wynn Las Vegas, as a birthday gift for his wife.They have two daughters, Kevyn and Gillian. Kevyn was kidnapped in 1993 and Wynn paid $1.45 million in ransom for her safe return. The kidnappers were apprehended when one attempted to buy a Ferrari
Ferrari
Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles as Ferrari S.p.A. in 1947...
in Newport Beach, California
Newport Beach, California
Newport Beach, incorporated in 1906, is a city in Orange County, California, south of downtown Santa Ana. The population was 85,186 at the 2010 census.The city's median family income and property values consistently place high in national rankings...
, with cash. Kevyn was found unharmed several hours later.
Steve Wynn also suffers from the degenerative eye disease retinitis pigmentosa
Retinitis pigmentosa
Retinitis pigmentosa is a group of genetic eye conditions that leads to incurable blindness. In the progression of symptoms for RP, night blindness generally precedes tunnel vision by years or even decades. Many people with RP do not become legally blind until their 40s or 50s and retain some...
(RP), which cripples night vision and reduces visual ability in the periphery until the sufferer essentially has "tunnel vision." Many people with RP eventually become legally blind.
In 2010, Wynn switched to a vegan diet after watching the documentary Eating by Mike Anderson.
In December 2010, Prince Albert II of Monaco bestowed Monegasque citizenship to Wynn. This was unusual since a prerequisite of Monegasque citizenship is to reside there for at least ten continuous years and contribute in some major way, and Wynn has never resided there. According to the Las Vegas Sun
Las Vegas Sun
The Las Vegas Sun is a Pulitzer Prize-winning newspaper. It is one of Las Vegas, Nevada's two daily newspapers. It is owned by the Greenspun family and is affiliated with Greenspun Media Group....
, Wynn was given the citizenship when he agreed to serve as outside director in the Monaco QD International Hotels and Resorts Management, which is a joint venture between the governments of Monaco and Qatar
Qatar
Qatar , also known as the State of Qatar or locally Dawlat Qaṭar, is a sovereign Arab state, located in the Middle East, occupying the small Qatar Peninsula on the northeasterly coast of the much larger Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its...
. The organization buys and manages hotels in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, the Middle-East and North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
.
On April 29, 2011, Wynn married Andrea Hissom in a ceremony at the Wynn Las Vegas.
Accolades
In May 2006, TimeTime (magazine)
Time is an American news magazine. A European edition is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition is based in Hong Kong...
magazine included Wynn as one of the World's 100 Most Influential People
Time 100
Time 100 is an annual list of the 100 most influential people in the world, as assembled by Time. First published in 1999 as a result of a debate among several academics, the list has become an annual event.-History and format:...
.
Wynn was appointed to the Board of Trustees
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
of the John F. Kennedy Center for the Performing Arts
John F. Kennedy Center for the Performing Arts
The John F. Kennedy Center for the Performing Arts is a performing arts center located on the Potomac River, adjacent to the Watergate complex in Washington, D.C...
by President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
on October 30, 2006.
In November 2006, Wynn was inducted into the American Gaming Association
American Gaming Association
The American Gaming Association is a United States gaming industry association.The AGA was founded in 1995 with the goal of promoting, educating and lobbying on behalf of the gaming entertainment industry through education and advocacy...
Hall of Fame
Hall of Fame
A hall of fame, wall of fame, walk of fame, walk of stars or avenue of stars is a type of attraction established for any field of endeavor to honor individuals of noteworthy achievement in that field...
.
Wynn has received honorary doctorates from the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, the University of Nevada, Las Vegas
University of Nevada, Las Vegas
University of Nevada-Las Vegas is a public, coeducational university located in the Las Vegas suburb of Paradise, Nevada, USA. The campus is located approximately east of the Las Vegas Strip. The institution includes a Shadow Lane Campus, located just east of the University Medical Center of...
and Sierra Nevada College
Sierra Nevada College
Sierra Nevada College was founded in 1969 as a private, liberal arts university. It is located in Incline Village, Nevada, and is known for its programs in Entrepreneurship, Environmental Science, Computer Science, Entertainment Technology, English, Ski Business & Resort Management, and Teacher...
.
On July 26, 2009, a segment on Wynn was aired on the CBS News
CBS News
CBS News is the news division of American television and radio network CBS. The current chairman is Jeff Fager who is also the executive producer of 60 Minutes, while the current president of CBS News is David Rhodes. CBS News' flagship program is the CBS Evening News, hosted by the network's main...
series 60 Minutes
60 Minutes
60 Minutes is an American television news magazine, which has run on CBS since 1968. The program was created by producer Don Hewitt who set it apart by using a unique style of reporter-centered investigation....
.
Wynn was named to Institutional Investor's
Institutional Investor (magazine)
Institutional Investor magazine is a monthly periodical published by Euromoney Institutional Investor. A separate international edition of the magazine was established in 1976 for readers in Europe and Asia. Capital Cities Communications purchased the magazine in 1984...
Best CEOs list in the All-America Executive Team Survey from 2008 through 2011.
Wynn was one of three new additions to the Barron's Top 30 C.E.O's in the World List in 2010.