2024-02-04
Steve Alan Wynn was born in 1942 in New Haven, Connecticut. He began his career by purchasing a small stake in the Frontier Hotel and Casino, using money he made from his father's bingo parlors, which were left behind to him after his father's death. After obtaining a loan and operating a wine and liquor importing company, he acquired a controlling interest in the Golden Nugget Las Vegas Casino in 1971, eventually becoming a majority shareholder. In 1977, he expanded by building the first Golden Nugget hotel tower. In 1980, Wynn opened a Golden Nugget in Atlantic City, which he later sold in 1987 for $440 million.
In 1989, he began building The Mirage for $630 million, primarily financed with high-yield bonds issued by Michael Milken. In 1993, he constructed the Treasure Island Hotel and Casino for $450 million, followed by the Bellagio in 1998 for $1.6 billion. He continued to build resorts in Las Vegas, Macau, and Boston, one of the most famous being the Encore hotels in 2008 for $2.3 billion.
Have a passion for the process to produce superior outcomes.
Take calculated risks and don't be reckless. Reexamine to be sure that you are not acting recklessly or out of fear. Capital structure will help you navigate through business cycles. "Capital structure is everything" and should be bulletproof.
Steve Wynn implemented a system at his resorts where every staff member aims to raise the self-esteem of the customer. It's not just about "dealer" and "customer"; it's Mr. Jones and Anny talking to each other. You hit the jackpot when you make people feel good about themselves, both staff and customers. "That's a dead-on bullseye in human relations."
Don't care about short-term business cycles; be consistent with staff and customers.
Thanks,
Finn