Las Vegas casino magnates top Forbes richest list

Updated March 8, 2018 - 12:51 pm

Despite sexual misconduct accusations, Steve Wynn’s ranking on the annual Forbes list of world’s richest people has improved over last year.

The list, which looked at people’s wealth based on stock prices and exchange rates on Feb. 9, put the former Wynn Resorts CEO at $3.4 billion and ranked him the 679th richest person on Earth. Wynn resigned Feb. 6.

On the list published about this time last year, he ranked 814th with $2.5 billion. In February, he resigned from Wynn Resorts after The Wall Street Journal and Review-Journal published detailed accusations of him seeking sexual favors from employees.

His ex-wife Elaine, whom he’s accused of orchestrating a campaign against him, ranked 965th with $2.5 billion. Elaine Wynn has denied that she played a hand in his recent scandal.

Last year, she ranked No. 1,161 with $1.8 billion.

Former business partner Kazuo Okada, also wrapped up in the legal fight over control of shares of Wynn Resorts, had $3 billion and ranked 791st.

Here’s how other listmakers with Southern Nevada connections performed:

■ Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson, 84, ranked No. 21 with $38.5 billion. Adelson, the richest man in Nevada and in the casino industry, operates The Venetian, Palazzo and properties in Macau. Though his net worth increased from last year’s amount of $30.4 billion, he slipped out of the top 20.

■ Siblings Jacqueline and John Mars ranked No. 34 for their candymaker family, owners of Ethel M Chocolates in Henderson, with $23.6 billion.

■ Former Fontainebleau owner Carl Icahn ranked No. 73 with $16.8 billion.

■ Lui Che Woo, 88, of Macau casino-operator Galaxy Entertainment, increased his net worth about 70 percent to $20.1 billion and ranked 50th. Last year, he ranked No. 109.

■ Ronald Perelman, chairman of Scientific Games, ranked No. 152 with $9.8 billion.

■ Johann Graf, whose Novomatic Group received approval last year to invest in Ainsworth Game Technology Ltd. of Australia, ranked 186 with $8.1 billion. The namesake for Ainsworth, Len Ainsworth, ranked No. 1,756 for $1.3 billion in net worth.

■ Hedge fund magnate John Paulson, who’s invested millions into Lake Las Vegas, ranked No. 261 with $6.5 billion.

■ Silverton owner Edward Roski Jr. placed 351st with $5.7 billion. He bought the struggling property for $70 million in 1997.

■ Pansy Ho, co-chair and executive director of MGM China Holdings who helped open MGM Cotai earlier this year, posted $5.3 billion and ranked 365th. Her stepmother, Angela Leong of SJM Holdings, has $3.7 billion and ranked 606th. Pansy Ho’s brother Lawrence, who controls Cotai Strip casino operator Melco Resorts, ranked 935th with $2.5 billion.

■ Richard Branson of the Virgin conglomerate that includes music and airline businesses, ranked 388th with $5 billion. Virgin is expected to have an ownership stake once Hard Rock Hotel sells, and the company has invested enough money in experimental transportation company Hyperloop One, which runs a test track near North Las Vegas, for the Hyperloop One to add Virgin to its name. Ziyavudin Magomedov, co-executive chairman on the Virgin Hyperloop One board, ranked 1876th with $1.2 billion.

■ Lim Kok Thay, chairman of Genting Group, the company behind Resorts World Las Vegas, netted $4.7 billion and ranked 441st.

■ Golden Nugget owner Tilman Fertitta ranked No. 499 for $4.3 billion. The 60-year-old also owns the Houston Rockets NBA team. His cousins Lorenzo and Frank III, former UFC owners and owners of Station Casinos, ranked No. 1,103 with $2.2 billion each.

■ James Packer, the Australian whose Crown Resorts gave up on the Alon resort and sold the land to Wynn Resorts, has $4.1 billion and ranked 527th. Packer is also a former business partner of Lawrence Ho.

■ John Paul DeJoria, Patron Spirits Co. founder and John Paul Mitchell Systems hair care company co-founder, ranked No. 729 with $3.2 billion. He still maintains a home in Las Vegas and is a large donor to the city’s Cleveland Clinic Lou Ruvo Center for Brain Health.

■ TI owner Phil Ruffin, the rare sole owner of a Las Vegas Strip casino, ranked 887th with $2.7 billion.

■ Bill Ackman, who sent Howard Hughes Corp. stock down when he announced he was selling a chunk of his stake in the developer, ranked No. 1,999 with $1.1 billion.

President down in ranks

Amazon CEO Jeff Bezos has become the first $100 billion mogul to top Forbes’ annual rankings. But the fortune of President Donald Trump, the namesake for off-Strip hotel Trump International, sank during his first year in office despite a surging stock market.

The Bezos milestone, revealed in Tuesday’s release of Forbes’ list, underscores the growing clout of both Bezos and the company that he founded in 1994 as an online bookstore. Forbes’ breakdown provided further evidence that serving as president isn’t the most lucrative job, even when most of the rich are getting richer.

All told, the world now has more than 2,200 billionaires with a combined fortune of $9.1 trillion, up 18 percent from ago, according to Forbes’ calculations.

Although Trump is part of that elite group, he saw his fortune sink by about $400 million to $3.1 billion during his first year in office. The decline left him as the world’s 766th richest person, more than 200 places lower than his 544th spot on last year’s Forbes list.

Bezos seized the top ranking for the first time and has the added the distinction of becoming the first person to break the $100 billion barrier since Forbes began compiling its list in 1987. As of Feb. 9, Bezos’ wealth stood at $112 billion, up from about $73 billion last year, according to Forbes.

Most of Bezos’ fortune is tied up in Amazon stock, which soared 59 percent during the period tracked by Forbes.

The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.

Contact Wade Tyler Millward at wmillward@reviewjournal.com or 702-383-4602. Follow @wademillward on Twitter. The Associated Press contributed to this report.

ad-high_impact_4
Business
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like