Steve Wynn

Steve Wynn
Steve Wynn
Born	Stephen Alan Weinberg; January 27, 1942 (age 84); New Haven, Connecticut, U.S.
Occupation(s)	Entrepreneur, art collector
Years active	1967–2018
Known for	Development of major Las Vegas casinos and resorts; CEO and Chairman of Wynn Resorts

Stephen Alan Wynn (born Stephen Alan Weinberg on January 27, 1942) is an American entrepreneur in real estate development and an avid art collector, widely acknowledged for his influential role in the upscale casino and hotel industry until his departure in 2018. Early in his professional journey, he spearheaded the development and management of prominent properties such as the Golden Nugget, Golden Nugget Atlantic City, The Mirage, Treasure Island, the Bellagio, and Beau Rivage, playing a pivotal role in transforming the Las Vegas Strip throughout the 1990s.

In 2000, Wynn divested his firm, Mirage Resorts, to MGM Grand Inc., leading to the creation of MGM Mirage (currently known as MGM Resorts International). Subsequently, he took the helm of Wynn Resorts as CEO and Chairman until his resignation on February 6, 2018. A significant contributor to the Republican Party, Wynn served as finance chairman for the Republican National Committee from January 2017 until he stepped down amid allegations of sexual misconduct, which he has consistently denied.

During his leadership at Wynn Resorts, he supervised the development of high-end resorts including Wynn Las Vegas (2005), Wynn Macau (2006), Encore Las Vegas (2008), Encore at Wynn Macau (2010), Wynn Palace in Macau (2016), and Wynn Everett near Boston, which opened as Encore Boston Harbor in June 2019. In recognition of his contributions, Wynn was inducted into the American Gaming Association Hall of Fame in 2006. As reported by Forbes in April 2025, his net worth was estimated at $3.7 billion. Additionally, he is a distinguished collector of fine art, owning pieces by renowned artists such as Picasso and Claude Monet.

Early life and education

Stephen Wynn was born Stephen Alan Weinberg on January 27, 1942, in New Haven, Connecticut, into a Jewish household. His father, Michael, operated a chain of bingo halls across the eastern United States. His mother, Zelma (née Kutner), hailed from Maine. To evade anti-Semitic prejudice, his father legally changed their surname from "Weinberg" to "Wynn" in 1946. Raised in Utica, New York, Wynn completed his secondary education at The Manlius School in 1959.

He pursued a Bachelor of Arts degree in English literature at the University of Pennsylvania, where he joined the Sigma Alpha Mu fraternity, graduating in 1963. Shortly before completing his studies, Wynn’s father passed away leaving $350,000 in gambling debts. Consequently, Wynn relinquished his admission to Yale Law School to assume control over the family’s bingo business located in Waysons Corner, Maryland.

Frontier and Golden Nugget era (1967–1989)

In 1967, Wynn relocated to Las Vegas and acquired a minority stake in the New Frontier Hotel and Casino. During that period, he established a relationship with E. Parry Thomas, president of the Bank of Las Vegas—the sole financial institution then providing loans to casinos—who supported financing for several of Wynn’s initial real estate acquisitions.

By 1971, Wynn had secured a controlling interest in the historic Golden Nugget Las Vegas, one of Las Vegas’s earliest gaming establishments. Two years later, he became the majority owner and was recognized as the youngest casino proprietor on the Las Vegas Strip. He expanded the Golden Nugget by inaugurating its first hotel tower in 1977 and subsequently added more towers. Legendary entertainer Frank Sinatra frequently performed there; Wynn later honored this connection by naming a restaurant at Encore after Sinatra.

In 1980, Wynn initiated construction on the Golden Nugget Atlantic City, noted as Atlantic City’s first "locals casino" and sixth casino overall following legalization in 1976. Designed by architect Joel Bergman, it quickly became Atlantic City’s highest-grossing casino by 1983 despite its modest initial size. In 1987, Wynn sold this Atlantic City property for $440 million.

The Mirage and Treasure Island Era (1989–1997)

The opening of The Mirage on November 22, 1989, marked Steve Wynn's inaugural venture into designing and constructing a major casino on the Las Vegas Strip. This landmark project was primarily financed by $630 million in high-yield bonds arranged by Michael Milken. Notably, The Mirage pioneered the use of continuous security camera surveillance for all table games. It became the home of the Siegfried & Roy show starting in 1990 and later featured Cirque du Soleil's Nouvelle Expérience in 1993.

During this timeframe, University of Michigan students Bobby Kotick and Howard Marks secured a $300,000 investment from Wynn for their start-up Arktronics, which developed GUI-based integrated software solutions. Wynn initially acquired a one-third ownership stake but refrained from further funding after the company's progress stalled. Subsequently, he supported Kotick's aggressive acquisition of Activision, facilitating Kotick’s rise to CEO—a position he held until Microsoft’s $68.7 billion acquisition of Activision Blizzard in 2023.

Following The Mirage, Wynn launched Treasure Island Hotel and Casino on October 27, 1993, investing $450 million to build it on The Mirage’s former parking area. This property became notable for hosting Las Vegas's inaugural permanent Cirque du Soleil production.

In 1995, Wynn announced plans for the Le Jardin hotel-casino in Atlantic City, contingent upon state-funded road infrastructure improvements. Although the Atlantic City-Brigantine Connector was completed, the Le Jardin project was eventually scrapped after Wynn’s company was acquired by MGM Grand Inc. in 2000. MGM later developed the Borgata resort on that site in collaboration with Boyd Gaming.

Bellagio and Beau Rivage Launches (1998–1999)

On October 15, 1998, Wynn unveiled the $1.6 billion Bellagio, which quickly earned acclaim as one of the globe’s most opulent hotels. Conceived by architect Jon Jerde and constructed under Wynn's Mirage Resorts, Inc., it was then the most costly hotel ever built worldwide. The Bellagio’s signature Fountains of Bellagio—an elaborate water display choreographed over an 8.5-acre artificial lake—became an iconic Las Vegas attraction. This resort established a new benchmark for luxury hospitality in Las Vegas and influenced subsequent developments such as The Venetian, Mandalay Bay, and Paris Las Vegas.

In 1999, Wynn extended Mirage Resorts’ operations to Biloxi, Mississippi, overseeing the creation of the 1,835-room Beau Rivage. Blending Mediterranean architectural elements with Southern hospitality, this resort played a key role in transforming Biloxi into a prominent tourist destination along the Mississippi Gulf Coast. Initially intended as the Bellagio’s name, Beau Rivage was adopted after Wynn selected Bellagio inspired by the Italian region. At its debut, Beau Rivage was the largest hotel-casino constructed outside Nevada. Due to local laws mandating casinos be located on floating platforms, its gaming facilities operated on barges while accommodations and amenities remained on solid ground.

Wynn Las Vegas and Macau Developments (2000–2007)

In June 2000, Mirage Resorts was acquired by MGM Grand Inc. for $6.6 billion, resulting in the formation of MGM Mirage. Just five weeks before this transaction closed, Wynn purchased the Desert Inn for $270 million and subsequently shuttered it within the same year.

Wynn took his company public with the establishment of Wynn Resorts Limited in 2002. By 2004, his net worth reached $1.3 billion, elevating him to billionaire status. On April 28, 2005, he launched Wynn Las Vegas on the site formerly occupied by Desert Inn. With a construction cost of $2.7 billion, it stood as the largest privately financed building project in U.S. history at that time.

Expanding internationally, Wynn secured one of three gaming licenses awarded in Macau. His property there, Wynn Macau, officially opened its doors on September 5, 2006.

Encore hotels and additional developments (2008–2018)

In the summer of 2008, Wynn initiated recruitment efforts for Encore Las Vegas, designed as a complement to Wynn Las Vegas. Construction had started in 2006, with a total investment of $2.3 billion. Encore officially opened its doors on December 22, 2008. By the close of 2012, the combined workforce at Wynn and Encore reached approximately 9,000 full-time employees. An extension of Wynn Macau, named Encore at Wynn Macau, commenced operations on April 21, 2010.

Wynn introduced Wynn Palace in Cotai, Macau in 2016, following approval from the Macau authorities granted in 2012.

In September 2014, Wynn obtained the license to develop Encore Boston Harbor casino located in Everett, Massachusetts, near Boston.

In 2018, allegations surfaced accusing Wynn of repeated sexual misconduct involving former staff members. On February 6, 2018, he resigned as CEO of Wynn Resorts while maintaining his innocence regarding these claims.

Political activities

Wynn has provided financial backing to both Democratic and Republican political initiatives. In 2011, he publicly endorsed Nevada Senator Harry Reid and supported Barack Obama during the 2008 presidential campaign. In December 2010, Prince Albert II of Monaco granted Wynn citizenship due to his role as an external director of Monaco QD International Hotels and Resorts Management, a joint enterprise overseeing hotels throughout Europe, the Middle East, and North America.

From 2012 through 2018, Wynn contributed more than $2.5 million to the Republican Governors Association and made substantial donations to the National Republican Senatorial Committee, Republican National Committee, and National Republican Congressional Committee. In 2016 alone, he donated $833,000 to Republican joint fundraising committees. After Donald Trump’s election victory in 2016, Wynn was appointed vice-chairman of Trump’s inauguration committee and later assumed the position of finance chairman for the Republican National Committee in January 2017.

Reports surfaced in October 2017 indicating that Wynn lobbied President Trump on behalf of the Chinese government concerning whistleblower Guo Wengui. Amid sexual misconduct accusations, Wynn stepped down as RNC finance chairman in January 2018. In May 2021, the U.S. Department of Justice mandated that Wynn register as a foreign agent representing China and filed a civil lawsuit; Wynn denied engaging in lobbying activities for China. The lawsuit was dismissed in October 2022.

Together with his wife, Wynn contributed $1.5 million toward Donald Trump’s 2020 presidential campaign.

Art collecting

Wynn is recognized for assembling an extensive collection of fine art, frequently exhibited within his casinos and hotels. In 2004, he acquired Vermeer’s A Young Woman Seated at the Virginals at a Sotheby’s auction for $30 million—marking the first Vermeer purchase by a private collector in over eight decades. He subsequently sold this piece to the Leiden Collection for the same amount.

In 2006, Wynn purchased J. M. W. Turner’s Giudecca, La Donna Della Salute and San Giorgio for $35.8 million through an anonymous auction; this acquisition was confirmed by his associates. The artwork was obtained from the St. Francis of Assisi Foundation, which supports Capuchin priests’ missions.

His private collection prominently features works by Claude Monet and was showcased in the 2008 film Monet’s Palate. Additionally, pieces were displayed at the Nevada Museum of Art during construction of Wynn Las Vegas. The resort's gallery charged admission but closed shortly after opening in 2006.

In 2009, Wynn paid $33.2 million for Rembrandt’s Man with His Arms Akimbo, setting an auction record for the artist.

Under Wynn’s leadership, Wynn Resorts acquired Jeff Koons’s Tulips in 2012 for roughly $33.6 million and Popeye in 2014 for over $28 million.

In February 2020, Wynn purchased two Picasso paintings—Woman with Beret and Collar and Jacqueline—from Donald Marron’s collection for $105 million.

The Picasso portrait Le Rêve, which inspired the name of one of Wynn’s resort projects, was privately acquired in 2001. In 2006, he intended to sell it to Steven A. Cohen for $139 million—a potential record price—but an accident damaged the painting and halted the sale. After a $90,000 restoration, its value was estimated at $85 million. Wynn filed a lawsuit against his insurer over the valuation difference but settled out of court in 2007. Eventually, in 2013, he sold Le Rêve to Cohen for $155 million.

Personal life

Wynn wed Elaine Farrell Pascal in 1963; the couple divorced in 1986, remarried in 1991, and separated once more in 2010. Elaine Wynn held a position on the company's board for 13 years, concluding her tenure in 2015. Together, they have two daughters, Kevyn and Gillian. In 1993, Kevyn was abducted, prompting Wynn to pay a ransom of $1.45 million for her safe return; the kidnappers were apprehended while attempting to spend the ransom on a Ferrari.

On April 30, 2011, Wynn married Andrea Hissom—who is the great-niece of Ben Novack—in a ceremony held at Wynn Las Vegas. Actor Clint Eastwood fulfilled the role of best man.

Diagnosed with retinitis pigmentosa, a progressive eye disorder, in 1971, Wynn later transitioned to a plant-based diet in 2010 after watching the documentary Eating by Mike Anderson.

Honors and recognition

In May 2006, Time magazine included Wynn among the "World's 100 Most Influential People." Later that year, in October, President George W. Bush appointed him to serve on the Board of Trustees for the John F. Kennedy Center for the Performing Arts. November 2006 marked his induction into the American Gaming Association Hall of Fame. The following year, Forbes recognized him as one of the "captains of capitalism," alongside notable figures such as Oprah Winfrey and Jeff Bezos. Between 2008 and 2011, Institutional Investor featured Wynn on its list of Best CEOs.

By March 2011, Barron's ranked him among the top 30 "World's Best CEOs." In November 2014, Harvard Business Review placed him at number 17 on its global list of the top 100 performing CEOs.

Wynn was awarded an honorary doctorate from the University of Pennsylvania in 2006; however, this honor was revoked following sexual misconduct allegations that emerged in 2018.

Legal issues

In 1991, Wynn filed a lawsuit against Donald Trump and Dennis Gomes concerning Gomes’ premature exit from Golden Nugget Las Vegas to join Trump Taj Mahal; this matter was settled by 1994.

In 1997, he initiated legal action against Barricade Books for defamation related to an unauthorized biography. Although initially granted $3.2 million in damages, the verdict was overturned in 2001 and eventually resolved through a confidential settlement.

During a conflict over a Mirage casino project in Atlantic City, Trump accused Wynn of employing a private investigator acting as a double agent. The dispute concluded with a settlement in 2000, after which Wynn and Trump developed an amicable relationship.

Beginning in 2008, Wynn was involved in legal confrontations with Joe Francis over a $2 million gambling debt. After criminal charges were dropped, Wynn secured $7.5 million in damages for defamation in 2012 and subsequently received an additional $40 million following publicized repeated threats.

In 2012, former business partner Kazuo Okada sued for access to documents tied to Wynn’s $135 million donation to the University of Macau Development Foundation. Wynn countered by accusing Okada’s company Aruze of violating the Foreign Corrupt Practices Act (FCPA), triggering an investigation by the Department of Justice. A Securities and Exchange Commission inquiry into the Macau contributions concluded without any enforcement actions in 2013.

In 2014, Wynn pursued legal action against hedge fund manager James Chanos for slander related to FCPA allegations; however, the lawsuit was dismissed on grounds of protected speech, and Wynn was ordered to cover legal fees. Federal courts denied subsequent appeals.

In March 2024, Wynn petitioned the United States Supreme Court to revisit New York Times v. Sullivan, challenging existing First Amendment safeguards that restrict defamation claims brought by public officials.

2018 Departure from Wynn Resorts

In 2018, Steve Wynn encountered several legal challenges stemming from sexual misconduct accusations highlighted by The Wall Street Journal. One claimant, a manicurist, was awarded a $7.5 million settlement. Nevada regulatory authorities imposed a $20 million penalty on Wynn’s company for its insufficient handling of these allegations. Subsequently, in April 2019, the Massachusetts Gaming Commission levied a $35 million fine against Wynn Resorts due to executives' failure to disclose the accusations directed at Steve Wynn.

Angelica Limcaco, a former salon manager, initiated a lawsuit against both Wynn Resorts and Steve Wynn in 2018, claiming retaliation after she voiced concerns back in 2006. Although the lawsuit was dismissed based on the statute of limitations, it was appealed amid assertions of conflicts of interest involving the magistrate overseeing the case. The Massachusetts Gaming Commission verified that following Limcaco’s report, Wynn Las Vegas and Steve Wynn took actions to remove a rape survivor and that Limcaco herself faced intimidation aimed at silencing her.

In March 2018, attorney Lisa Bloom represented a former dancer in a sexual misconduct lawsuit targeting Wynn; in response, Wynn filed a defamation suit citing his legal blindness. The following month, Wynn filed a defamation claim against ex-employee Jorgen Nielsen concerning misconduct allegations; Nielsen countered by suing Wynn Resorts and its executives over alleged employee surveillance. In 2019, former security director James Stern resigned after admitting to monitoring staff members, including Elaine Wynn.

Court records disclosed a 2006 settlement with another accuser under confidentiality terms; when she planned to speak out publicly following the Wall Street Journal exposé, Wynn’s attorney alerted the FBI alleging extortion, though no charges ensued.

A Nevada judge ruled in 2020 that a woman had defamed Steve Wynn by accusing him of rape in the 1970s, citing insufficient evidence. That same year, a federal court dismissed without prejudice an anonymously filed lawsuit by nine employees against Wynn Resorts, leaving open the possibility for re-filing.

External links

WynnResorts.com