Friday, January 3, 2014

Planning a Vegas Trip?

Are you in the market for a Vega Trip? Perhaps for Valentines day with your sweeties or a girls weekend getaway, where what happens there stays there...I've got a great suggestion for a place to stay at that has many accommodations and lots of gambling galore to satiate that craving for financial adventure. Along with an interesting history of the creator. The wynn resort is the place you want to be if you are looking for a high class stay. 

When one goes to a Las Vegas casino for a weekend, odds are good that he or she will wind up spending time in either a hotel or gaming room owned by casino owner Stephen A. Wynn, better known to the general public as Steve Wynn. In addition to the Wynn Las Vegas, he also controls, relaunched, or was responsible for the creation of the Bellagio, the Mirage, the Golden Nugget, Treasure Island, and Encore.

Wynn is a key figure in the resurgence of the 1990s Las Vegas gaming industry. He got his start in the revamp of the Golden Nugget. In the late 1980’s The Mirage was his first original ground up designed success, funded at the time by Drexel Burnham Lambert junk bonds, given the perceived risk at the time for a brand new casino. The Mirage was a major hit, which set the stage for Wynn’s subsequent milestones, Treasure Island and The Bellagio. Wynn consolidated his casinos, including the Golden Nugget in Atlantic City, under Mirage Resorts. In 2000, Mirage Resorts was sold to MGM Grand, and launched Wynn Resorts Ltd. as a successful Initial Public Offering in 2002, trading under the ticker “WYNN”. This paved the way for the opulent Wynn Las Vegas, located at the site of the former Desert Inn. The Encore was launched in 2008

Steve Wynn’s gaming empire has expanded beyond the boundaries of Las Vegas. He is the only non Chinese gaming concession holder in Macau. This was a landmark achievement - an American had finally broken the stranglehold on Macau gaming that was controlled by Stanley Ho. Wynn Macau opened in 2006 with the Wynn Encore Macau in 2010. 

As Macau is the only territory in China where gambling has been legalized, it is a major attraction not only for Chinese residents but for gamblers throughout all of South East Asia. Citizens of Hong Kong, Taiwan, Japan, South Korea, Singapore, Thailand, Malaysia, and the Philippines all flock to Macau to try their luck. The economic doldrums that have plagued the US economy since the sub prime mortgage fueled banking collapse of 2008 are still being felt, and the US gaming industry has not come away unscathed. However, Wynn Resorts Ltd.’s earnings have been buoyed by gambling in Macau. In their last quarterly report in October, 2013, Wynn Resorts earned $1.84 per share versus analysts’ estimates of $1.67 per share. Wynn’s Las Vegas earnings gained 1.1 percent while Wynn Macau climbed a whopping 9.6 percent net earnings and 13 percent EBITDA.

As with any successful businessman, Steve Wynn is not without rivals or controversies. He has had a love/hate relationship over the years with Donald Trump concerning Wynn gaming projects in Atlantic City, although the two are apparently now on friendly terms. There is also an ongoing case that was prompted by Kazuo Okada, a former business partner of Wynn, that concerns allegations of influence peddling connected to Wynn’s $135 Million pledge to the University of Macau. Wynn has accused Okada’s company, Aruze, of violating the Foreign Corrupt Practices Act over gifts to gaming officials from Japan, South Korea, and the Philippines. 

In spite of an eye affliction that has left Steve Wynn legally blind, he is one of the world’s great art patrons and collectors. He owns original works from Impressionist Master Claude Monet, Rembrandt, and Jeff Koons and famously accidentally damaged his Picasso, Le Reve, by putting his elbow through it, though it was later repaired and sold.

Find out more about the amazing Wynn Resort 

Sponsored by Wynn Resort 

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