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Tuesday, March 07, 2000
Copyright © Las Vegas Review-Journal
Observers: Wynn lofty visionary
A gaming titan bought out by a rival will give up the hotels he built, but his mark on the valley lingers.
By Trevor Hayes
Review-Journal
Steve Wynn's future was cloudy Monday, but his legacy was clear: The Mirage Resorts Inc. chairman has reigned for the last quarter century as a gaming innovator and one of Nevada's biggest power brokers.
His critics blast his influence over the political system, and his admirers credit him with redefining Las Vegas as an upscale tourist destination.
"I think that without question he has been the greatest visionary in the history of Las Vegas," said former Gov. Bob Miller. "He's done more to modernize, to upscale it than any single individual."
On Monday, Mirage Resorts, which Wynn built from a downtown Las Vegas casino operator into a gaming giant, agreed to be acquired by MGM Grand Inc. in a $6.4 billion deal.
MGM Chairman J. Terrence Lanni said Wynn would not be a part of the new company.
"He neither asked for a position in the combined company, nor did we offer him a position," Lanni told The Associated Press. "I think whatever Steve decides to do, he's going to be staggeringly successful."
Donald Trump, Wynn's longtime adversary, was gracious on Monday when commenting on Wynn. Last month, the two settled years of court battles and animosity.
"I think it's a loss for the industry not having him," Trump told The Press of Atlantic City. "We're now friends again. I have a lot of respect for Steve."
Peter Thomas, managing partner at development company Thomas & Mack Co., credits Wynn with starting Las Vegas' boom of the 1990s.
"He's been pretty consistent in putting his money where his mouth is, he's often been criticized for it," Thomas said.
After Wynn announced plans to build The Mirage, Thomas said, most of the people in the industry said it would never pay for itself.
"(But) he proved everybody wrong," Thomas said. "Very soon after they were all designing properties to compete with it."
Wynn, the son of a compulsive gambler and bingo operator, moved to Las Vegas with his wife, Elaine, in 1967 and invested in the Frontier hotel.
A few years later he bought a piece of land Howard Hughes wanted and traded it for a parcel Hughes owned adjacent to Caesars Palace. Wynn sold the parcel to Caesars Palace and put his share of the $1 million profit into the Golden Nugget.
He used profits generated by the hotel-casino to build a Golden Nugget in Atlantic City and to expand his Las Vegas property.
In 1986, he bought a parcel of mid-Strip land. Wynn then sold his Atlantic City resort for $440 million and put part of the money into a new resort, The Mirage, at the Strip location.
The Mirage was built for $630 million and was the first new resort on the Strip since Kirk Kerkorian's MGM Grand, now Bally's, opened in 1973. Wynn went on to open in 1998 the $1.6 billion Bellagio -- the most expensive resort ever built.
Wynn is responsible for much of Las Vegas' current success, said longtime Las Vegas developer Irwin Molasky, who is partners with Wynn in the Park Towers high-rise condominium project.
"He's a genius," Molasky said. "He's a designer extraordinaire, a builder of icons. His attention to detail and his tastes have been impeccable."
Though his friends and foes disagree on whether his influence on the community has been positive, they all agree it is far-reaching.
"His contribution to the community and his involvement in the political environment matched his commitment to his business," said Billy Vassiliadis, political consultant and chief executive officer of R&R Partners.
"His influence over the valley has been extensive, not only the valley but the whole state," said state Sen. Joe Neal, D-North Las Vegas. "He virtually gets what legislation he wants passed regardless of how it affects the state."
Neal, long an advocate for higher gaming taxes, thinks this deal will lessen Wynn's political influence.
"(Wynn) frightened a lot of politicians with that power," Neal said. "Frankly, I believe MGM will be a better corporate citizen."
Former Las Vegas Councilman Steve Miller also hopes Wynn will opt out of politics.
"The influence peddling he has displayed in the state of Nevada ... has caused him to fall from favor not only of his fellow Nevadans but observers outside," Steve Miller said.
Wynn should be remembered "as a blowhard and a manipulator and a corruptor of politicians," said the former councilman, once the target of a Wynn lawsuit.
Others say Wynn's political influence has been beneficial.
Bob Miller commended Wynn and his wife, Elaine, for their commitment to the community in education, traffic, water and the Greater Las Vegas Inner-City Games.
"The two of them as a team have been extremely benevolent," the former governor said. "I can assure you every day he's not (involved in the community) will be a day he's missed."
Thomas cited Wynn's commitment to the University of Nevada, Las Vegas as another example of his work in the community.
"I don't think we are going to lose that (his community involvement)," Thomas said. "I think Steve is too vital of a person not to continue participating in the way he has."
Others agreed that the Steve Wynn saga is not near its end.
"It's too early to remember him because he is going to have a long, continued, successful career," said Molasky. "We are going to see a lot more of Steve Wynn and his vision here."
Even if Wynn chooses to leave the gaming industry, his influence in Nevada will still be strong, Vassiliadis said.
"I don't think he needs a rebirth whatever he chooses to do," Vassiliadis said. "He won't settle for being second best, and I think that is his most valuable asset."
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