Word: wynn
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...chance, I was an overnight guest at the Bellagio the week Steve Wynn's $1.6 billion Las Vegas hotel with the $300 million art collection opened, and I have one question that was left unanswered even by the extensive coverage in TIME: Why didn't Wynn spend more of the $300 million on the art in my room? After careful inspection of all the pictures on the walls of our standard double, my wife and I arrived at a ballpark estimate...
...answer to my question about the art in my room, I suppose, is that it made sense for Wynn to spend the entire $300 million on what he stashed in a two-room gallery in the lobby not simply because he can charge ten bucks a shot for admission but because it gives the rubes the opportunity to say, "I hear he's got $300 million tied up in those two rooms." If you use conspicuous capitalization as your principal marketing tool, the real point of a $300 million art collection is that it costs $300 million. The occasional visitor...
...Steve Wynn sure does--with his Bellagio. The Medicis would have been at home here, stabbing each other by the pool, shopping for leather at Prada or dining on caviar at Petrossian. No detail has escaped Wynn's notice. "New hotels are always a blessing and a curse, but if well done, they stimulate the public's interest in Vegas," says Wynn, CEO of Mirage Resorts, Inc., and the son of a gambler who came to Las Vegas in the 1960s. The biggest stimulus at the Bellagio, of course, is Wynn's $300 million collection of works by, among others...
...higher costs of the fancier hotels will make breaking even a bit more daunting. Wynn needs to take in a record $2.5 million a day to make the new Bellagio pay for itself. "Lot of money, eh?" he says, winking. "Guess how much the Mirage made a day last year? $1.7 million." He shrugs at the idea that he might end up cannibalizing his own ranks of gamblers at the Mirage. "We're just going to change the pecking order. The other casinos will just move down a notch," he says...
...Campanile was built virtually to scale of the original. Craftsmen labored at a workshop in suburban Las Vegas, turning out hand-chiseled columns and marble floors to the exact specifications of an architectural historian imported from Venice. ("This isn't some box with slots in it," says Wynn respectfully of his rivals' projects...