Stephen Alan Wynn, popularly known as Steve Wynn, is an American businessman and art collector. He is best known for his business ventures involving luxury hotels and casinos. He owns a chain of hotels and casinos all over the United States like Wynn Resorts, Gold Nugget Atlantic City, The Mirage, The Bellagio and many others. Steve, who is very close to current US President Donald Trump, despite his previous legal feud with him, also served in the finance chair of Republican National Community until the beginning of 2018. He was personally selected by the president for the position.
Born on 27th January 1942, the 76-year-old is the 289th wealthiest person in the United States according to Forbes and has an estimated net worth of $3.5 billion as of 2018. Moreover, he also has been ranked 248 and 814 in the Forbes list of 400 Billionaires in the world.
Here we are going to share with you some interesting information about the businessman's net worth, career, awards. Continue reading to find out more.
The estimated net worth of businessman Steve Wynn as of 2018 is $3.5 billion. Back in 2015, his estimated net worth was $2.4 billion. His major source of income is his casino empire and luxury hotels that are spread throughout the world.
Wynn is the person who built the most expensive casino resort in the world back in 1989. His The Mirage, in Las Vegas, was built at the cost of $630 million back then. Later, he broke his record by building Treasure Island and Bellagio in 1993 and 1998 costing whopping $1.6 billion.
Apart from his involvement in hotels and casinos, he also is an avid art collector and owns some of the most antique and expensive artworks aging centuries. He loves to display these artworks in his homes and casinos.
He also earns a hefty sum of money just by reselling the arts he bought. In 2004, he became the first person to buy a Vermeer painting in 80 years after he purchased Vermeer's A Young Woman Seated at the Virginals for $30 million. He sold the art later for the same price to the Leiden Collection.
Back in 2012, he also purchased Jeff Koons' Tulips at an auction for around $33.6 million. The artwork was displayed at Wynn Resort in Los Vegas.
Jeff Koons' Tulips displayed at Wynn Resorts
Source: Las Vegas Weekly
In 2001, he also acquired the Le Reve, a Picasso portrait which he was all set to sell in 2006 for a massive $139 million. However, because of a minor accident, the sale was canceled, and the art was repaired for $90,000 and was later was sold for $155 million after a legal battle.
Wynn’s enormous net worth has made him the owner of many luxurious properties, including a stunning 4,500 square foot plush residence in Las Vegas. He also owns a 5,613 square foot Plaza condominium. Apart from that, he is also the owner of the 56-meter yacht Allegro. Wynn replaced his Gulfstream G650 jet plane with a Gulfstream G650ER in 2015. The twin-engine business jet, produced by Gulfstream Aerospace, costs around $70,000,000. However, customizing it to suit personal tastes costs additional money.
Steve Wynn with his Picasso Le Reve
Source: Stremmel Gallery
As mentioned above, Wynn is very active in politics and has donated tons of money to the Republican Party from 2012 to 2018.
However, recently, in 2018, the businessman was accused of sexual misconduct. According to an article published by Wall Street Journal, interviews revealed a decades-long pattern of sexual misconduct on part of Wynn. Even though the billionaire has denied the claim, his Wynn Resorts' shares fell by 10% in just a few days. On 27th January 2018, the company's market cap dropped by $2 billion which has resulted in tumble shed of almost $250 million from his net worth.
After the stock market reaction, he resigned from the post of finance chair of the Republican National Community.
Steve is not the man who was fed with a silver spoon as a child. As a matter of fact, after the death of his father, the family was drowned in debt of $350,000 because of his father's gambling habit. His father had a business which Steve and his ex-wife took up and turned around in just a year.
Watch an interview with Steve Wynn
In the year 1967, he moved to Las Vegas and bought a small stake at Frontier Hotel and Casino. He got lucky at the same time as he became close with the president of the Bank of Las Vegas (the only bank in the place back then) E. Parry Thomas, who helped him to make numerous deals on lands.
In 1971, he expanded and renovated a landmark downtown casino, Golden Nugget Las Vegas, which became the most prominent tourist attraction of all time.
Throughout the years, he has built numerous casinos and hotels. His The Mirage is considered one of the most luxurious hotels ever built.
Moving on to his achievements, he has been named in the lists of the most successful people: billionaires in the world, America's wealthiest and many others. Moreover, back in 2005, he was awarded The Association of Travel Marketing Executives Award followed by a Hospitality Icon Award.
Steve Wynn with his Hospitality Icon Award
Source: Cornell Hotel Society
He also was honored with the Mandred Steinfeld Humanitarian Award in 2009 at the 22nd Anual Platinum Circle Awards.