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What is Steve Wynn’s net worth and salary?

Steve Wynn, an American casino resort developer and art collector, has a net worth of $3.4 billion, making him one of the richest people in Nevada. He made his debut on the list of the 400 richest Americans in 2003 with a net worth of $650 million, which increased to $1.1 billion only six months later.

Wynn has made significant personal and commercial contributions to Las Vegas, improving the fortunes of the city forever. His life story is a perfect metaphor for the city, where a $45,000 bet can turn into a multi-billion-dollar fortune.

Wynn’s notable accomplishments include The Golden Nugget, The Mirage, Treasure Island, The Bellagio, The Wynn, and Encore.

Early Life and Family Business

Stephen Alan Weinberg, later known as Steve Wynn, was born on January 27, 1942, in New Haven, Connecticut. His father Michael owned illegal bingo parlors, prompting him to change the family’s name to Wynn in 1946 to avoid anti-Jewish discrimination. The family moved to Las Vegas in 1952, where his father’s bingo parlor failed after six weeks due to the popularity of the Golden Nugget’s bingo games. After his father’s death, Wynn chose not to attend Yale Law School and instead took over the family’s business in Maryland.

Early Business Ventures

Wynn ran the family’s bingo parlor in Maryland, which allowed him to meet his father’s old business contacts, including gamblers and Mafia associates. This led him to Maurice Friedman, a Las Vegas resident linked to a Mafia branch in Detroit. Wynn concluded that owning a casino was the key to making money in the industry.

Steve Wynn’s Early Ventures in Las Vegas

In 1965, Steve Wynn purchased three percent of the Frontier Hotel on the Las Vegas Strip for $45,000 using contacts from his mentor, Moe Dalitz, and a loan from a family friend. He later acquired an additional two percent stake in the hotel and casino by borrowing $30,000 from a Las Vegas bank. As the slot and casino manager, he was entitled to a small portion of the Frontier’s gambling profits. However, the hotel-casino was sold to Howard Hughes for $24 million, and Steve did not receive any significant income from the sale.

After the sale, Wynn co-produced lounge acts in casinos before meeting E. Parry Thomas, a Las Vegas banker who got him a job as the Nevada liquor distributor for Best Brands. Wynn eventually bought the company on credit granted to him from Valley Bank and purchased 10 acres off the Las Vegas Strip for $154,000. Thomas lent him $400,000 to build a liquor warehouse on the property, which Wynn sold after one year along with Best Brands for more than $700,000, netting him $170,000.

Wynn’s success with Golden Nugget Las Vegas

Steve Wynn purchased a controlling interest in Golden Nugget Las Vegas in 1971, using profits from a land deal. He transformed the old casino into a resort hotel and casino, attracting a new upscale clientele to downtown Las Vegas. Wynn’s renovations and expansions led to enormous success and in 1977 he opened the Golden Nugget’s first hotel tower, followed by several others.

Wynn’s First Major Casino Sparks Building Boom

Steve Wynn’s first major casino on the Las Vegas Strip was The Mirage, which opened in November 1989. It was the first time Wynn was involved with the design and construction of a casino. The hotel featured an erupting volcano and South Seas theme, which ignited a $12 billion building boom on the Strip.

Wynn Opens Bellagio, the World’s Most Expensive Hotel

In October 1998, Steve Wynn opened the Bellagio, a luxurious resort and casino that cost a staggering $1.6 billion to build. The Bellagio instantly became the most expensive hotel in the world at the time of its opening.

Encore Las Vegas Opens

Encore Las Vegas, the latest addition to Wynn’s collection of resorts, opened in late 2008. The tower of Encore is modeled after the Wynn Las Vegas tower and both hotels share the same property. The construction of the resort and casino took two years and cost $2.3 billion.

Wynn’s Casino Empire Expands to Macau and China

Steve Wynn extended his casino and resort business to Macau by launching the Wynn Macau in 2006 and Encore Macau in 2010. In 2016, he opened the Wynn Palace in China.

Steve Wynn Resigns as CEO Amid Sexual Misconduct Allegations

Dozens of employees and former employees have reported a pattern of sexual misconduct by Steve Wynn, according to a 2018 report. In response to these allegations, Wynn resigned as CEO of Wynn Resorts in early February 2018. He has consistently denied all allegations against him.

Steve Wynn: Personal Life

Steve Wynn married Elaine Pascal in 1963 and they have two daughters. They divorced in 1986, remarried in 1991, and divorced again in 2010. Kevyn Wynn, their daughter, was kidnapped in 1993, but was safely returned after Wynn paid a ransom of $1.45 million. Wynn suffers from retinitis pigmentosa, a degenerative eye disease, and is a citizen of the U.S. and Monaco. In 2010, Wynn switched to a vegan diet after a guest on his yacht discussed the environmental and health consequences of eating meat. He announced that he would add animal-free menus to all his restaurants.

Steve Wynn’s Art Collection

Steve Wynn’s art collection includes Picasso’s Le Rêve, which he purchased in 2001. In 2006, he planned to sell it for $139 million, but accidentally put his elbow through the painting while showing it off to Nora Ephron and Barbara Walters. The damage cost $90,000 to repair and canceled the sale. He eventually sold it in 2013 for $155 million.

In addition to Le Rêve, Wynn’s collection includes J.M.W. Turner’s Guidecca, La Donna Della Salute, and San Giorgi for $38.5 million, a $33.2 million Rembrandt, several paintings by Claude Monet, and Jeff Koons’ Tulips, which he acquired in 2012 for approximately $33.6 million.

Steve Wynn’s Recent Real Estate Sales and Listings

Steve Wynn, the former CEO of Wynn Resorts, has recently listed or sold several high-end residential properties, totaling $300 million. In March 2020, he listed his nearly 3-acre Beverly Hills estate, which he purchased in 2015 for $48 million, for $135 million. The main house is 27,000 square feet and underwent extensive renovations.

In Las Vegas, Wynn sold his gated country club mansion for $17.5 million in June 2022 after initially listing it for $25 million two years prior. He also listed his New York City penthouse at the Ritz Carlton for $90 million and his oceanfront Palm Beach mansion for $78.5 million in late 2022. Wynn purchased the penthouse for $70 million in 2012 and the Palm Beach mansion for $40 million in 2019.

Additionally, Wynn listed his 2.4 acre ski compound in Sun Valley, Idaho, which he purchased for $7.5 million in 2009, for $27 million in late 2022. The property underwent major renovations, including an addition of over 5,000 square feet of living space, and includes an adjacent 2-acre property with a 3,200 square foot home.

Steve Wynn’s $215 Million Yacht: Aquarius

Steve Wynn, in addition to his impressive real estate portfolio, is the owner of a luxurious yacht called Aquarius. The yacht is valued at $215 million and features a helicopter landing pad, beauty salon, and full-time 30-person crew.

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