Steve Wynn Net Worth , Biography , Age , Career 2024

By Dinesh Bajaj

Published on:

Introduction

Steve Wynn, a prominent figure in the casino and hotel industry, has amassed a significant Steve Wynn Net Worth of $3.4 billion. His entrepreneurial journey began with strategic investments and developments in the Las Vegas area, culminating in iconic establishments like The Mirage, Bellagio, and The Wynn. Alongside his business ventures, Wynn has navigated personal challenges and controversies, including allegations of misconduct, while maintaining a notable presence in the art world and real estate market. Through his multifaceted career, Wynn has left an indelible mark on the landscape of luxury hospitality and entertainment.

Steve Wynn Net Worth 2024

CategoryRichest Business CEOs
Net Worth$3.4 Billion
BirthdateJan 27, 1942
BirthplaceNew Haven
GenderMale
ProfessionBusinessperson, Entrepreneur
NationalityUnited States of America

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What is Steve Wynn Net Worth and salary?

Steve Wynn, an American who builds casinos and hotels, and collects art, is Steve Wynn Net Worth $3.4 billion. He’s one of the richest people in Nevada. In 2003, he first appeared on a list of the 400 richest Americans, ranking #377 with $650 million. Just six months later, his worth rose to $1.1 billion. Wynn’s work has greatly helped Las Vegas, making it much better off. His life is like a story of Las Vegas itself: starting with a small bet and ending up with billions. Some of his most important projects include The Golden Nugget, The Mirage, Treasure Island, The Bellagio, The Wynn, and Encore.

Early Life

Stephen Alan Weinberg, later known as Steve Wynn, was born on January 27, 1942, in New Haven, Connecticut. His father, Michael, ran illegal bingo games along the East Coast. In 1946, they changed their last name to Wynn to avoid discrimination. The family moved to Las Vegas in 1952, where his father managed a bingo parlor at the Silver Slipper casino. However, they soon faced tough competition from the more popular bingo games at the Golden Nugget downtown and had to leave Las Vegas after just six weeks. They resettled in Maryland.

Wynn earned a BA in English literature from the University of Pennsylvania, where he was a member of the Sigma Alpha Mu fraternity. Shortly before graduating in 1963, his father passed away, leaving behind $350,000 in gambling debts. Although Wynn had plans to attend Yale Law School, he chose instead to take over the family’s business in Waysons Corner, Maryland.

Wynn managed the bingo game, calling out the numbers, while his then-wife Elaine handled the money. This allowed him to connect with his father’s old business contacts, many of whom were long-time gamblers. Through these connections, Wynn met Maurice Friedman, who lived in Las Vegas. It’s important to note that Steve Wynn has never been linked to crime.

After watching his father and his friends lose money gambling for years, Wynn realized: “If you wanted to make money in a casino, the solution was to own one.”

Frontier Hotel

Using connections and a $30,000 loan from a family friend, Steve Wynn bought a small part of the Frontier Hotel in Las Vegas in 1965. He then borrowed more money to buy a bit more. With these shares, Steve got some of the hotel’s gambling profits. In 1967, Steve and Elaine Wynn moved to Las Vegas. At just 25 years old, he became the Frontier’s slot and casino manager. However, Friedman’s involvement in a cheating scheme and his Mafia ties were discovered. So, the hotel was sold to Howard Hughes for $24 million. As a small investor, Steve didn’t make much money from the sale.

After selling the Frontier, Wynn tried different things, like helping with shows in casinos. In 1969, when he was 27, he met a banker in Las Vegas named E. Parry Thomas. Thomas ran Valley Bank, a big bank in Las Vegas.

The bank was known for giving loans to casinos when others wouldn’t. Thomas helped Wynn get a job selling liquor for Best Brands in Nevada. Wynn used a loan from Valley Bank to buy the company. In 1970, Wynn bought some land near the Las Vegas Strip for $154,000. With a $400,000 loan from Thomas, he built a liquor warehouse there. He sold both the warehouse and Best Brands a year later for over $700,000, making $170,000 from the deal.

Golden Nugget

In 1971, Wynn used the money he made from a deal with Howard Hughes and Caesars Palace to buy a big part of the Golden Nugget Las Vegas. It’s an old and famous casino downtown. Wynn made it bigger and fancier, turning it into a popular hotel and casino. This attracted richer customers to downtown Las Vegas. In 1977, he built the first hotel tower at the Golden Nugget, and later added more. [Steve Wynn Net Worth]

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The Mirage

Wynn’s first major casino on the Las Vegas Strip was The Mirage, which opened with a lot of excitement in November 1989. It was the first time Wynn was involved in planning and building a casino. The hotel, with its exploding volcano and tropical theme, started a $12 billion construction boom on the Strip.

Bellagio

In October 1998, Wynn opened the even more opulent Bellagio, a $1.6 billion resort and casino. When it was built, the Bellagio was the most expensive hotel in the world.

Sexual Misconduct

In 2018, many employees and former employees accused Steve Wynn of wrongdoing. He stepped down as CEO of Wynn Resorts in February 2018 because of these claims. Wynn denies all the allegations.

Personal Life

“Wynn married Elaine Farrell Pascal in 1963. They divorced in 1986, remarried in 1991, and divorced again in 2010. Elaine Wynn served on the company’s board for 13 years until 2015. They have two daughters, Kevyn and Gillian. Kevyn was kidnapped in 1993, and Wynn paid $1.45 million in ransom for her safe return. The kidnappers were apprehended when one attempted to buy a Ferrari in Newport Beach, California, with cash. [Steve Wynn Net Worth]

Kevyn was found unharmed several hours later. On April 30, 2011, Wynn married Andrea Danenza Hissom in a ceremony at the Wynn Las Vegas. She is the mother of Alex Hissom and art gallerist Nick Hissom, great-niece of Ben Novack (developer of the Fontainebleau Miami Beach Hotel), and cousin of Ben Novack Jr. Wynn suffers from the degenerative eye disease, retinitis pigmentosa, which he was diagnosed with in 1971. In 2010, Wynn switched to a vegan diet after watching the documentary Eating by Mike Anderson.”

(031516 Malden,MA) Steve Wynn talks about his proposed Everett casino and unveils a new model at a press conference in Malden on Tuesday,March 15, 2016. Staff Photo by Nancy Lane (Photo by Nancy Lane/MediaNews Group/Boston Herald via Getty Images)

Art Collection

Steve Wynn’s art collection is highlighted by Picasso’s Le Rêve, which he bought in 2001. In 2006, Wynn planned to sell it for $139 million, aiming to set a record. However, while showing it to Nora Ephron and Barbara Walters, Wynn accidentally damaged the painting, costing $90,000 to repair and canceling the sale. He eventually sold Le Rêve in 2013 for $155 million. [Steve Wynn Net Worth]

Additionally, Wynn’s collection includes J.M.W. Turner’s Guidecca, La Donna Della Salute, and San Giorgi, purchased for $38.5 million, a $33.2 million Rembrandt, various Claude Monet paintings, and Jeff Koons’ Tulips, bought for around $33.6 million in 2012.

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Real Estate

In 2022, Steve Wynn sold or listed personal homes Steve Wynn Net Worth $300 million. Here are the major sales and listings:

In 2015, Wynn bought a large estate in Beverly Hills for $48 million. After renovating, he listed the 27,000 square feet main house for sale in March 2020 at $135 million. He lowered the price to $75 million in January 2024.

In Las Vegas, Wynn sold a mansion in a gated community in June 2022 for $17.5 million after initially listing it for $25 million two years earlier.

In New York City, Wynn owns a penthouse in the Ritz Carlton, bought in 2012 for $70 million. He listed it for sale in late 2022 for $90 million.

In Florida, Wynn bought an oceanfront mansion in Palm Beach for $40 million in 2019. He listed it for sale in late 2022 for $78.5 million.

In 2009, Wynn bought a ski compound in Sun Valley, Idaho, for $7.5 million. He renovated the mansion, adding over 5,000 square feet of living space. He also owns an adjacent property with a smaller home. In late 2022, Wynn listed the combined Idaho compound for $27 million.

Conclusion

Steve Wynn’s life and career are a story of overcoming challenges and achieving success. Starting from modest beginnings, he rose to prominence in the casino and hotel industry. With landmarks like The Mirage and Bellagio, Wynn reshaped Las Vegas, setting new standards for luxury and entertainment. However, he also faced personal setbacks and allegations of wrongdoing, which affected his reputation. Despite these hurdles, Wynn’s impact on the art world and real estate market remains significant. His journey is a testament to resilience and determination in the face of adversity.

FAQS

1. How much is Steve Wynn Net Worth?

Forbes reports that Wynn, currently unavailable for comment, has a Steve Wynn Net Worth of $3.4 billion. In 2018, he stepped down from his roles as chairman and chief executive of Wynn Resorts following allegations of sexual misconduct.

2. How much is the Wynn property worth?

The estate of the casino mogul, which was put back on the market in January for $75 million, saw a reduction of $10 million just last Thursday. It is now listed for $65 million, marking a significant decrease from its initial asking price of $125 million in April 2021.

3. What is the Steve Wynn Net Worth casino?

Wynn Resorts has a market cap or Steve Wynn Net Worth of $11.32 billion as of March 15, 2024. Its market cap has decreased by -12.30% in one year.

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Dinesh Bajaj

Hi there! I'm Dinesh Bajaj, the founder of ChecksNetWorth.com. I'm passionate about sharing stories and insights about famous personalities' net worth and backgrounds. With over three years of blogging experience, I aim to provide accurate and engaging content for the United States audience. Join me in exploring the lives of your favorite celebrities at ChecksNetWorth.com!

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