If you really like gambling, you’ve definitely come across Wynn Resorts.
Wynn Los Vegas is currently the most profitable casino in the US, but the company can be found as far away as Macau. Here is a quick look at the company’s short but busy history.
Wynn Resorts is based in Nevada and develops and operates high-end hotels and casinos. The company’s founder, Steve Wynn, had gotten started in the casino business in 1967, so he already had decades of experience for the move that would create America’s most profitable casino and then take it abroad. In 2000, Steve Wynn sold Mirage Resorts to MGM Grand so he could finance his next venture. That same year, Wynn bought the Desert Inn for $270 million. In his next critical move, Wynn went on to create a partnership with Japanese billionaire Kazuo Okada of the Universal Entertainment Corporation. At this point Wynn and Universal’s subsidiary controlled almost half of the stock, limiting outside investors’ control over the new company.
Wynn went on to hire an investment banker, Ronald Kramer, as president and director of Wynn Resorts in 2002. This move was made in advance of the company’s IPO that same year, when Wynn Resorts made it onto the NASDAQ. The first project they launched after that was Wynn Los Vegas, which opened in 2005. Simultaneously, the company’s second project, Wynn Macau, started construction in 2004 to be opened in 2006. While it wasn’t a huge deal at the time, Wynn Macau is now one of the most successful casinos in Asia’s gambling capital. 2006 also saw the Wynn Los Vegas open its Encore extension for its first anniversary. 2010 saw the second Wynn Casino (Wynn Palace) in Macau open.
Unfortunately, after a good two-decade run, disagreements between Wynn and Okada over expanding into the Philippines led to that business partnership’s end. Wynn was heavily concerned with corruption in the Phillipino gambling industry. The dispute between the two was so ugly it led to reciprocal accusations of corruption. The fallout cost them both quite a bit of money and harmed both their reputations. Steve Wynn resigned as CEO over sexual misconduct allegations, and was replaced by Matthew Maddox. The company is now going through a change of culture while it continues to expand with a new casino near Boston. Wynn Resorts is still the most profitable casino company in the US, and one of the most recognizable brands in the gambling world.
