Steve Wynn exits Wynn Resorts

 


He’s widely hailed as the man who created modern Las Vegas. Certainly without the resorts he built—Golden Nugget, Mirage, Treasure Island, Bellagio, Wynn, and Encore—Las Vegas would look much different today. The Mirage changed the paradigm of what a casino resort should be, paving the way for the mega-resort era of the 1990s. His leaving Wynn Resorts is unquestionably a big deal.


With or without Wynn, the Las Vegas Strip would have grown in the 1990s. Without him, though, new resorts would have tended more to the Excalibur than Caesars Palace. After all, Circus Circus Enterprises was wildly profitable, while Caesars was a takeover target of none other than Donald Trump (among others) before being acquired by ITT in 1995. Hence the skepticism, which was widespread, over the potential profitability of The Mirage. Without Wynn’s design sensibilities and financial savvy to prove it could be done, the concept of an integrated mass luxury resort with a non-gaming emphasis might not have caught on.


So Wynn’s departure from the company that bears his name and has continued to lead the market in many ways is significant.


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