Word: wynn
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Dates: during 2000-2009
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...despite all the talk of organic spaces, Wynn can't completely keep the old showman in check. His original plan for the hotel called for a small, intimate, all-suites establishment. That didn't last long. It was also supposed to be named Le Rêve, after the Picasso painting, instead of Wynn, after himself. He was certain for years that he wanted all the signs in the hotel to be sleek and minimal. Then he saw the giant Louis Vuitton sign in his retail space a few weeks before the opening. "Now that's a sign!" he told...
...plans to slap that giant signature around the world. His company, Wynn Resorts, is set to open Wynn Macau in China next year, has bid for a gaming license in Singapore, is investigating a London property and in 2008 will finish Encore, a $1.4 billion, all-suites hotel on 8 hectares adjacent to the Wynn. Within a decade, the company intends to rip up Wynn Las Vegas' brand-new, Tom Fazio-designed golf course to build housing developments and entertainment facilities...
...Wall Street, suddenly, loves the plan. When Wynn Resorts went public in 2002, demand for shares was so soft that Wynn put up $150 million for the $13-a-share stock. Since then the stock has soared, closing at nearly $53 last Friday. Much of that price is high expectation about his new Macau property, due in 2006, which is part of an influx of American casinos setting up shop there...
...some people, building a $2.7 billion hotel-with plans for a $1.4 billion one next door-would be gambling, but Wynn doesn't see it that way. He agreed to take his new company public only after Wynn Resorts president Ron Kramer argued that the influx of cash would remove pressure to open the new casinos quickly or generate immediate profits. "Steve is a very conservative guy. He is not a gambler in any sense of the word," says Kramer. "He said, 'I want to build a company that will outlast me.' That's a very different point of view...
...Oddly, Wynn isn't very interested in gambling. His bingo-parlor-owner father, to whom Steve was reportedly close, was a compulsive gambler. On the eve of his father's cancer surgery, as an English major at the University of Pennsylvania, Steve sat at his father's bed, tallying more than $200,000 in the elder Wynn's outstanding debt. Steve made his first major foray into Vegas in 1972, buying an interest in the Golden Nugget, a seedy downtown casino. He overhauled the place, then built a new Golden Nugget in Atlantic City, New Jersey, (with financing from junk...