steve-wynn

The sexual misconduct scandal surrounding casino mogul Steve Wynn keeps getting weirder. A self-described pal of Wynn is now claiming that Jorgen Nielsen, a former hairdresser with Wynn Las Vegas. Casino mogul Steve Wynn in Medford, Mass., Tuesday, March 15, 2016. (AP Photo/Charles Krupa) LAS VEGAS (FOX5) - Nevada's gaming board filed a complaint on Monday to have casino magnate Steve Wynn. Though it took some time, Wynn Resorts’ first hotel and casino, Wynn Las Vegas, opened its doors in the middle of 2005. While visitors were just beginning to take in the newly-constructed Wynn Las Vegas, the company was already planning new ventures overseas.

Casino mogul and billionaire Steve Wynn (estimated net worth: $3 billion) has put his $25 million Las Vegas home on the market — or, as he calls it, “Museo.” Like many billionaires, Wynn eventually tired of toiling in his given field (the luxury casino and hotel industry) and pursued his true passions as a collector of both real estate and fine art. Before we get into the details, let’s say it: Wynn’s reputation is less than sterling. In 2018, he was forced to resign from Wynn Resorts after multiple claims of sexual misconduct, and ex-wife Elaine Wynn has also sued him over his alleged sexual assault of an employee. A friend to President Trump, Wynn has alienated many in recent years. And that’s exactly why we’re so glad that this newly renovated home-slash-museum will soon belong to a new owner.

Suffolk Downs owner files new suit against Wynn over casino license After case was dismissed in federal court, Sterling Suffolk Racecourse takes its argument to state court By Jon Chesto Globe. Steve Wynn is rolling the dice in Las Vegas. The casino mogul has put his mansion on the market for $25 million after a $16-million renovation, making it the most expensive home currently listed.

Wynn’s Vegas paradise sits on 1.5 acres of property in a secured community, just a stone’s throw away from the Las Vegas Country Club. With 13,500 square feet of living space, the home includes six bedrooms, nine baths, two kitchens, his-and-hers executive offices, a gym, laundry room, and more. The decor is as luxurious as you can imagine, playing off the home’s Old World European architecture. But contrary to appearances, Museo is as modern as it gets.

Given the collections of rare art on the property, Wynn has several safeguards in place to protect his valuable collection. A state-of-the-art gas suppression system, an emergency-lock gallery hallway, and infrared cameras are just a few of the measures he’s installed. Museo also has its own power plant that can run the home for 36 hours, because who has time to deal with blackouts, right?

According to casino mogul Steve Wynn, none of the casino resorts he has owned and/or operated — Mirage, Golden Nugget, Bellagio, Encore, to name a few — have ever done as much in gaming revenue as they have from amenities off the casino floor.

Hotel rooms, restaurants, shopping, spas, nightclubs — those are the real money makers in Las Vegas and many other casino meccas across the world, Wynn confirmed.

“The casino revenue has never been equal to 50% of the revenue, it’s always been less,” Wynn said recently during his company’s first-quarter earnings call. “Lately, it’s almost two to one. So what moves people are the adventures of a vacation, great service and choice of activities.”

Wynn was defending his company’s decision to re-develop a golf course and add a lagoon, a 1,000-room hotel, a convention center and family-friendly entertainment at Paradise Park, adjacent to Wynn and Encore on the Las Vegas Strip. The new resort is expected to open in 2019.

Wynn is not alone. Many casino companies have been very vocal about their attempts to cast a wider net and protect against concerns over the future of the casino industry.

But the numbers are bearing that out in Las Vegas, where Wynn relies on high-rolling Asian visitors.

“You may ask yourself: Why would Asian people, with so many casinos in their home territory, fly 15 hours to Las Vegas, and stay at a place like Bellagio or the Venetian?” Wynn asked. “It’s because of the choices you have here, it’s because of the non-casino venues.”

For an integrated resort, tracking and analyzing revenue spend from various outlets across the property can prove challenging. In fact, Duetto’s Marco Benvenuti recently told Global Gaming Business magazine that operators are still struggling with the “new-look casino” because coordinating operations among different departments is difficult. Much of this is due to the fact that, at many casinos across the country, departments still work in silos without a proper operating structure that encourages collaboration and communication, he said.

In Vegas, Wynn said the addition of the Raiders NFL football franchise as well as the new NHL expansion team Golden Knights will only enhance the non-gaming options in Sin City.

“The football team is just like adding into a symphonic orchestra the strings and percussion,” he said. “So we got T-Mobile Arena that MGM and Phil Anschutz built, AEG. My guess is we’ll end up with an NBA team before this is over. We’ve got a hockey team. You fast-forward 36 months or so, and Las Vegas, I believe, will be a sports capital — how about that?”

Wynn is confident that Vegas will continue to grow as a destination and within 15 to 20 years will be one of the top destinations in the world. If results from the first quarter are any indication, the outlook is good.

Steve Wynn New Casino Las Vegas

“I think the first quarter was a perfect balance of all areas. You look at our gaming, hotel, food and beverage, we were perfect position where all those areas actually performed much better than they did last year,” said Maurice Wooden, president of Wynn Las Vegas. “Looking forward, our convention pace is outpacing any future historical metrics that we use. And so we are on a really strong pace of 2018 and 2019 for convention bookings as well.”

Wooden said both transient and convention business appear strong at Wynn for the remainder of 2017.

“That translates into cash revenue,” he said.

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