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If you want to make money in a casino, own one

Stephen A. Wynn casino owner learned at a young age if you want to make money in a casino, own one. Winn’s interest in gambling began at an early age when his father ran a bingo parlor. The Wynn family moved to Las Vegas when Steve was 10 years old when his father opened a bingo parlor on the Las Vegas Strip.

Wynn took an interest in Las Vegas and began investing in the hotels and casinos. He was not afraid to take a chance and chances he did take. His enthusiasm and entrepreneurship was rewarded with lucrative business opportunities, which he parlayed into bigger and better things. Several times he was associated with illegal gambling and mob activities but was never found of any wrongdoing.

Steve Wynn began to make his mark on the Las Vegas Strip when he became involved with the Golden Nugget Hotel and Casino. He began purchasing shares in the Nugget and eventually bought out the majority investor. He received a gaming license from the state of Nevada and became the executive vice president and quickly was elected chairman of the board. After acquiring 225,000 additional shares, he was elected company chairman.

He set about making some changes in the way the Nugget was operated and raised profits considerably, and turned the Golden Nugget into the finest hotel-casino on the Las Vegas Strip.

Mr. Wynn tried his hand at establishing gaming operations in London, but after running into licensing problems, he turned his attention to Atlantic City, New Jersey. He was able to leverage his property and cash and opened his Golden Nugget Atlantic City Hotel and Casino. At the same time, he was planning an expansion for his property in Las Vegas.

Back in Las Vegas, Wynn began to take on the strip once again. He set about an aggressive course of action and with the help of $1 billion in credit he began building a $620 million casino and hotel that has since become a tourist attraction and financially successful.

Steve Wynn single handedly created the blue print for megaresorts. They were high end resorts with high standards, superior décor, high end restaurants and suites in an attempt to attract middle and upper class tourists. His gamble paid off as other developers began building megaresorts up and down the Las Vegas strip.

He sold his company in 1999 and continued to invest in building megaresorts in Las Vegas. He then took his megaresort blue print and took on the Island of Macau and built a 600 room casino and hotel with a price tag of $1.2 billion.

Stephen Wynn played a pivotal role in the expansion and resurgence of the Las Vegas strip. He has proved anything worth doing is worth doing right, and that can only be accomplished by raising the level of personal risk jumping into the fray. He developed a resort plan that has been duplicated by others and it has changed the face of the Las Vegas strip while bringing it to a whole new level.

Wynn has been recognized for his innovative work building resorts in Las Vegas and was inducted into the American Gaming Association Hall of Fame. He has been called the “Captain of Capitalism” and Wynn Resorts was recognized as one of the best places to work in 2013.

About Emma Gilbert

Working in the marketing industry since 2002. This blog is one of my hobbies.

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