Word: wynn
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Dates: during 2000-2009
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...cash, stock and debt) that would create an even bigger company. Sheldon Adelson, 70, the owner of the Venetian, is contemplating an ipo to score cash to make a bigger bet on a new Strip hotel, the Palazzo, and other properties in the U.S. and overseas. In April, Steve Wynn, 62, who brought renewed glamour to Vegas in the '90s with the shimmering-sided Mirage and the Bellagio's Continental swank, will open the $2.6 billion Wynn Las Vegas. It's just a construction site, but Wynn's creation is scaring all his competitors, with its plans...
...owners of Palms Casino Resort, which opened at the end of 2001, decided to aim even younger. The Maloof brothers, who also own the Sacramento Kings basketball team, built the Palms off-Strip and gave it no theme, figuring Vegas visitors would find out which hotel fit their demographic. (Wynn will also be unthemed, as will the Palazzo.) "I wanted to make sure I cultivated young Hollywood," says George Maloof, 40, the brother who runs the hotel. "In the '70s, '80s and most of the '90s, Hollywood didn't really come to Las Vegas except for a big fight...
...clean up the territory's casino culture - and to profit from it - China ended Ho's choke hold on the industry in 2001, launching a bidding war for two additional casino licenses and slapping a 39% tax on all three. One of the new license holders is Steve Wynn, who is credited with reinventing the Strip in Vegas. "Right now, Macau is for the gambler - period," Wynn told TIME last month before breaking ground on a $705 million wonderland to be flanked by the old Lisboa and a planned joint venture between Ho and MGM Mirage. "The trick...
...Sheldon Adelson and Steve Wynn, two formidable American entrepreneurs, aim to transform Macau into a first-class tourist destination for millions of Asians, mainland Chinese in particular. Adelson and Wynn are credited with reviving Las Vegas' flagging fortunes in the 1990s by building a succession of spectacular complexes that combine hotels, entertainment and gambling facilities, among them the posh Venetian (Adelson's best-known resort) and the Mirage (a project by Wynn). Today, with separate gaming licenses from the Macau government, the pair are racing to duplicate their U.S. success. Adelson, 72, built the Sands Macau, so he is first...
...Adelson and Wynn point out they are adapting their winning formulas to suit Asians. For example, the Sands has gaming tables for fan tan and other games preferred by Chinese. A jackpot combination on specially adapted slot machines is the locally auspicious "888" instead of the traditional triple seven that wins big in the U.S. But no matter how Asian-friendly, gambling alone won't be enough to fill thousands of new hotel rooms. "Right now, Macau is for the gambler, period," says Wynn, who is planning to break ground on a $550 million hotel-casino he calls "the most...