Facts of Steve Wynn
|Full Name||Steve Wynn|
|Birth Name||Stephen Alan Weinberg|
|Birth City||New Haven, Connecticut|
|Father Name||Michael Weinberg|
|Mother Name||Zelma Wynn|
|Date of Birth||27,1942|
American billionaire Steve Wynn is known as a real estate mogul and former CEO of various resort chains.
In addition to this, he has also worked as the Republican National Committee finance chairman. Wynn is credited with overseeing the construction of some of the biggest resorts and casinos in Las Vegas and Atlantic City.
The billionaire also became the center of a controversy after he was accused of sexual misconduct by dozens of people, including former employees.
How Much Is The Net Worth Of Steve Wynn?
Steve Wynn has a net worth of around $3.1 billion as of March 2020. He amassed this net worth mostly from his resorts and casinos.
Forbes reported he was worth $2.4 billion in September 2015, massively increasing his net worth by a billion just 5 years later.
Wynn’s businesses make a lot of money, in fact, Wynn Resorts alone made a whopping $1.7 billion in revenue between October and December 2017.
Steve also took home a huge salary for his job as the CEO of his various ventures, as a matter of fact, he took home $28.2 million from compensation in 2016.
Wynn’s Expensive Houses
In March 2020, Wynn listed his Beverly Hills mansion for $135 Million in the market. The estate is spread over 2.7 acres and is one of the most extravagantly constructed properties in the USA. Steve bought the house for $48 million in 2015.
His home is an example of excess luxury and has 11 bedrooms, 16 bathrooms, and an elevator between the floors. It also has other features like full-view windows and a wet bar.
Adding to this, he also has another $70 million worth penthouse in New York City. He bought the property for $70 million in May 2012. The property is spread over 10,882 square feet and offers one of the best views of New York. The living room of the penthouse alone is 900 square feet in size.
He also listed his Idaho estate for around $19.5 Million in June 2018, before this he had listed the property for around $25 million in 2016.
Located near a resort town, the Idaho property is spread over 15,093 square feet of space and has features like a gym and a massage area.
Not satisfied with the already impressive catalog of properties he owned, the mogul also bought an oceanfront mansion in Palm Beach. Many tabloids have placed the price of the property at $43 million, but the price has not officially been revealed.
Fine Art Collection
Wynn is famous for having one of the most expensive art collections in the world, containing the works of Picasso, Vermeer, J. M. W. Turner, etc.
He also made the tabloids for accidentally sticking his elbow into an art piece by Picasso, Le Rêve, valued at the time at a staggering $139 million.
It took around $90,000 to repair the painting and the value depreciated to $85 million. Later he sold the piece to Steven A. Cohen for $155 million.
Additionally, he also has a lot of other expensive art pieces, including the Vermeer's A Young Woman Seated at the Virginals costing him $30 Million.
He also has J. M. W. Turner’s Giudecca, La Donna Della Salute and San Giorgio whose price is a hefty $35.8 Million. Not stopping there, he also acquired Jeff Koons’s Tulips for $33.6 Million and Rembrandt's Man with His Arms Akimbo for $33.2 Million.
In 2014, he bought another art piece, Jeff Koons’s PopeyeP, for $28 Million.
Sale Of Casinos And Resorts
Wynn started building casinos from 1967 and built the Golden Nugget in 1980. Three years later, it was already the highest-earning casino in Atlantic City. After gaining a reputation as one of the best casinos, he sold it for $440 million in 1987.
He was also the CEO of Mirage Resorts from 1973–2000. He also had a major hand in building the casino and is its sole founder. He sold the business to MGM Resorts International for a whopping $6,600,000,000 ($6.6 Billion) in June 2000.
Around 5 weeks before selling the resorts and the deal being closed, he bought the Desert Inn for around $270 Million.
Settlement From Defamation Lawsuit
The casino mogul has won various defamation suits starting with the 1997 case against John L. Smith and Barricade Books Wynn for writing an unauthorized biography titled Running Scared.
Wynn would’ve won $3.2 million and sent Barricade Books into bankruptcy as per the initial ruling, but the Supreme Court of Nevada later threw out the case after a judge’s error. Later the case was dismissed after a confidential agreement.
Then in 2008, he started a legal dispute against Joe Francis over a gambling debt. Wynn claimed Francis owed $2 million in gambling debt to him. Later after the case was dropped, Wynn collected the money from him in a civil case.
Francis alleged that Wynn threatened to kill him, which led to the casino mogul filing a defamation lawsuit. Then he added another defamation lawsuit to the case after Francis repeated the alleged threats on TV.
The court awarded $40 million to Wynn, but the ruling was later reduced to $19 million after he failed to prove Francis could pay $40 million.
Donations To The Republican Party
Steve Wynn is a passionate Republican and has contributed to the party multiple times. He paid $200,000 to the Republican Governors Association in 2013.
Similarly, he also donated $2.5 million to the Republican Governors Association, $411,000 to the National Republican Senatorial Committee, among other sizeable donations to the GOP.
He also donated $833,000 to Republican Party, and a year later, he became finance chairman of the Republican National Committee.
Sexual Misconduct Allegations
The billionaire has been accused of sexual misconduct by dozens of women. In fact, Elaine Wynn, his ex-wife, also said that he forced a manicurist to have physical relations with him and later paid her $7.5 million in a settlement.
Another one of his former employees also accused him of sexual misconduct. She later signed a non-disclosure agreement with him and also received a financial settlement from him.
Steve Wynn was born Stephen Alan Weinberg on January 27, 1942, in New Haven, Connecticut, the U.S. to Zelma Wynn and Michael Weinberg. He grew up in Utica, New York, later joining The Manlius School, and later joined the University of Pennsylvania, graduating with a Bachelor of Arts in March 1963.
Wynn has Jewish heritage and holds American and Monégasque (Monaco) citizenship. He was given the citizenship of Monaco by Prince Albert II, controversially, as he did not meet the prerequisites.
The billionaire is married to Andrea Hissom as of March 2020; they tied the knot in 2011. Before this, he was married to Elaine Pascal.
He got hitched to Elaine Farrell Pascal in 1963 and divorced in 1986. Then they remarried in 1991 before divorcing again in 2010. They have two children together, Kevyn and Gillian.
Their divorce was one of the expensive divorces of all time. Steve paid $460 million to Elaine.
In 1993 Kevyn was kidnapped, and Wynn had to pay $1.45 million in ransom. Later the kidnappers were arrested after one of them tried to buy a Ferrari.