Steve Wynn is a wonderful representative of the gambling world
The life of Steve Wynn embodies the life of the current Las Vegas. Thanks to him, we know Las Vegas as it is now.
Steve Wynn launched a new round of gambling, built new business schemes and even changed the very policy of gaming in the state of Nevada. He masterfully controlled the situation, despite the fact that most residents were concerned about the changes he was making. Their main fear was the fear that the interests of the casino would be put above all others. However, Steve was moving towards his goal. The new policy became a boon for the state, new schools and colleges began to open, and the city began to grow.
He came to Las Vegas for the first time in his life in 1952, when he was 10 years old. He often recalled how his father would go out at night to play at the casino. At that time, it seemed to him that the casino owners controlled the whole world. He thought they had everything-money, power and beautiful girls.
Much later, a similar conclusion could be made about Steve himself.
His father tried to open his own business, but never received the approval of the authorities. Soon he had to close the doors of his casino. His father went home to New York, and Steve and his brother got a job at the Wharton Business School, where Wynn met Elaine Pasal.
She was the daughter of a friend of his father's who was a manager at a Miami hotel. Elaine was a girl of extraordinary beauty who received the title of Miss Miami Beach. At first she studied at UCLA, but because of the desire to be closer to Steve, she transferred to Washington University. Their wedding took place in 1963. Shortly before that, Steve's father died, and a few months later his training was coming to an end.
Together with his wife, Steve moved to Las Vegas in 1967. He invested his savings in the Hotel Frontiere. It was one of the most controversial decisions made in my life. Some of the business partners were engaged in illegal activities, although Steve himself had never been accused of any crimes before. He owned the hotel for a year, then it was bought by Howard Huges, a billionaire of that time.
In 1971, articles about Steve Wynn began to appear in newspapers. At that time, he was engaged in producing shows and selling alcohol. He wanted to acquire the land of Hugues, where Caesar's Palace stood. However, Huges did not want to agree to its sale in any way. Then Steve conducted an exchange of territories. He exchanged the Palace for lands that the billionaire needed very much. Steve's plans were to build the world's narrowest casino. He spent more than a million dollars on this project.
This case brought good money and allowed Wynn, together with Perry Thomas, to buy the famous Golden Nugget Casino. Previously, it was run by incompetent people, but thanks to the successful work of Steve, the casino began to play with new colors.
Since 1973, Steve has been increasing his profits. After a couple of years, it increased by more than 4 million. However, Steve didn't stop there. With the expansion of the Nugget and thanks to some improvements, his pocket was replenished with 12 million net profit.
Steve lived big, raiding competitive casinos, buying luxury private jets and limousines. Its profit grew every year, reaching 100 million by 1984.
In 1886, Vinn bought the territory of the Las Vegas Strip, which was never built up. Previously, it was owned by Howard Huges, but after his death in 1976, his property began to be sold.
In the end, the Nugget was sold for 440 million. This money was spent on the purchase of "Mirage", a resort in a strip of the city. He decided to organize a gambling business there, opening a hotel with 3,000 rooms. Investors were interested because they felt the huge potential of this project. It was a period of legalization of gambling and wild competition. The Mirage Hotel opened in 1989, when many establishments were trying to attract attention. Shops and galleries opened that had never been seen before in Las Vegas.
The construction of new casinos, such as Excalibur, which included 4000 rooms, Circus Circus, MGM the Great, was also launched, it was sold to Kerkorian for the construction of exactly the same hotel. Caesar's Palace was also expanded. As time passed, it became clear that they were all wildly popular. Each had its own advantages, like the luna Park or the Castle from the legends of the Knights of the round table. The "Mirage" used a volcano and waterfalls, creating the illusion of a desert oasis. After a while, a pirate-style hotel was built, owned by Steve. It was called "Treasure Island".
In 1998, Vinn designed the Bellagio Hotel, which had 3,000 rooms. It was estimated at $1.6 billion. At that time, it was considered the most expensive in the world.
Steve Wynn is not going to stop. His contribution to the gambling business is invaluable.