Steve Wynn
Las Vegas, 1990s-2000s
- Born
- 1942, New Haven, Connecticut
- Arrived in Las Vegas
- 1967, as slot and keno manager at the Frontier, where he held a small stake
- Golden Nugget
- Elected chairman of the downtown Golden Nugget's parent company in 1973, aged 31
- The Mirage
- Opened November 22, 1989; the Las Vegas Sun puts its cost at $630 million
- Later Strip resorts
- Treasure Island (1993), Bellagio (1998), Wynn Las Vegas (2005), Encore (2008)
- Sale of Mirage Resorts
- Bought by Kirk Kerkorian's MGM Grand Inc. in 2000 for $6.7 billion
- Departure
- Resigned as chairman and CEO of Wynn Resorts in 2018 after sexual misconduct allegations, which he has denied
- Regulatory settlement
- In 2023 the Nevada Gaming Commission fined him $10 million and he agreed to have no future role in Nevada gaming
- Where to see his legacy today
- Bellagio, Treasure Island, Wynn Las Vegas, Encore and the Golden Nugget; Mirage artifacts at the Neon Museum
About
Steve Wynn first came to Las Vegas as a child in 1952, when his father briefly ran a bingo parlor at the Silver Slipper. He returned in 1967 with a small stake in the Frontier and a job as its slot and keno manager. With backing from Valley Bank head E. Parry Thomas, he made money in liquor distribution and a Strip land deal, then bought into the Golden Nugget. In 1973, at 31, he became chairman and turned it into downtown's fanciest hotel-casino.
Wynn's defining project was the Mirage, which opened on November 22, 1989, financed partly with junk bonds arranged through Michael Milken. It was the first new resort on the Strip in more than 15 years, and its volcano, lagoons and Siegfried & Roy show made the resort itself the attraction. The Online Nevada Encyclopedia calls it the Strip's first "megaresort", and its success prompted rivals to build Excalibur, MGM Grand, Luxor and the Venetian.
He followed with Treasure Island in 1993 and Bellagio in 1998, built on the site of the Dunes, which he had imploded on national television. Bellagio set a Strip construction-cost record of $1.6 billion and added a fine-art gallery. In 2000, Kirk Kerkorian's MGM Grand Inc. bought Mirage Resorts for $6.7 billion. Wynn then bought and demolished the Desert Inn, opening Wynn Las Vegas in 2005 and Encore next door in 2008.
His career ended in controversy. In 2018 he resigned as chairman and CEO of Wynn Resorts after a series of sexual misconduct allegations, which he has denied. In July 2023 the Nevada Gaming Commission approved a settlement in which he paid a $10 million fine, the largest individual disciplinary penalty state regulators have imposed, and agreed never again to be involved in the state's gaming industry.
What to expect
Several Wynn-built resorts still operate on the Strip, including Bellagio, Treasure Island, Wynn Las Vegas and Encore, and downtown's Golden Nugget, which he transformed in the 1970s. The Mirage closed in July 2024 and is being rebuilt as a Hard Rock resort, which the Las Vegas Sun reports is expected to open in 2027.
The Neon Museum has acquired pieces of the Mirage for its permanent collection, including the Lagoon sign and an original Volcano FireShooter, both on view in the Neon Boneyard.
More people who shaped Las Vegas
Las Vegas history
Good to know
- The Online Nevada Encyclopedia notes that state and federal authorities never tied Wynn to organized crime, though early associations were a source of controversy.
- Before it opened, the Mirage project was called Victoria Bay, then Bombay, then Golden Nugget; the Mirage name was settled on December 10, 1988.
- The Mirage cost is reported differently: $620 million (Online Nevada Encyclopedia), about $600 million (Neon Museum) and $630 million (Las Vegas Sun).
- Wynn Resorts paid a separate $20 million fine to Nevada regulators in February 2019 over the same misconduct claims.
- The 2023 settlement still lets Wynn hold a passive stake of less than 5 percent in a licensed gaming company.
Questions about Steve Wynn
What casinos did Steve Wynn build in Las Vegas?
On the Strip, Wynn built the Mirage (1989), Treasure Island (1993), Bellagio (1998), Wynn Las Vegas (2005) and Encore (2008). Downtown, he took control of the Golden Nugget in 1973 and turned it into a destination resort. He also opened the Golden Nugget in Atlantic City in 1980 and later developed Wynn Macau.
Why was the Mirage so important?
When it opened on November 22, 1989, the Mirage was the first new resort on the Strip in more than 15 years and, at a reported $630 million, the most expensive hotel-casino built up to then. Its volcano, Siegfried & Roy show and lavish design made the resort itself an attraction, and rivals responded with megaresorts such as Excalibur, MGM Grand, Luxor and the Venetian.
Is the Mirage still open?
No. The Mirage closed in July 2024 after Hard Rock International, owned by the Seminole Tribe of Florida, bought it in December 2021. Its hotel stopped operating on July 15, the volcano erupted for the last time the next night, and the casino closed on July 17. A Hard Rock resort is being built on the site and is expected to open in 2027.
Why did Steve Wynn leave Wynn Resorts?
Wynn resigned as chairman and CEO of Wynn Resorts in 2018 after a series of sexual misconduct allegations were reported, and he sold his stock and gave up his Nevada gaming license. He has denied any wrongdoing. In 2023 he agreed to pay a $10 million fine to settle a state complaint and to have no future involvement in Nevada gaming.
Who bought Steve Wynn's Mirage Resorts?
Kirk Kerkorian's MGM Grand Inc. bought Mirage Resorts in 2000 for $6.7 billion, then the biggest buyout of a hotel-casino company in history. The Online Nevada Encyclopedia says Wynn agreed to the offer reluctantly after shareholder criticism of his spending. Wynn used his share of the proceeds to buy the Desert Inn, the site of Wynn Las Vegas.
Where can I see Steve Wynn's legacy in Las Vegas today?
Bellagio, Treasure Island, Wynn Las Vegas and Encore still operate on the Strip, and the Golden Nugget downtown is the property where his career took off. The Mirage is gone, but the Neon Museum has added its Lagoon sign and an original Volcano FireShooter to the Neon Boneyard, where visitors can see them.