In the world of Las Vegas casinos, Steve Wynn is a name that is synonymous with luxury, opulence, and innovation. Wynn, often credited as the man who changed the way Las Vegas casinos were financed and built, is best known for his groundbreaking work on The Mirage resort.
Before The Mirage opened its doors in 1989, Las Vegas was primarily dominated by older, more traditional casinos that were often financed through mob connections or syndicates. However, Wynn had a vision of creating a new kind of resort that would cater to a more upscale clientele and set a new standard for the industry.
To finance the construction of The Mirage, Wynn pioneered the use of Wall Street financing, securing a $630 million junk bond offering through the now-defunct investment firm Drexel Burnham Lambert. This move was considered highly unconventional at the time, as most Las Vegas casinos were financed through more traditional means such as syndicate loans or private investors.
Wynn’s decision to use junk bonds to finance The Mirage was a game-changer for the industry, as it opened the door for other developers to access the capital markets for funding. This paved the way for a new era of mega-resorts in Las Vegas, with developers like Sheldon Adelson and Kirk Kerkorian following in Wynn’s footsteps to build their own luxurious properties on the Strip.
In addition to revolutionizing the way casinos were financed, Wynn also changed the way they were built. The Mirage was the first casino resort in Las Vegas to feature a full-scale volcano, a dolphin habitat, and a world-class theater for entertainment. These amenities set a new standard for luxury and entertainment, and cemented Wynn’s reputation as a visionary in the industry.
The success of The Mirage paved the way for Wynn to develop other iconic properties in Las Vegas, including the Bellagio, Wynn Las Vegas, and Encore. Each of these resorts has continued to push the boundaries of luxury and innovation, setting new benchmarks for the industry.
Today, Wynn is revered as a pioneer in the world of Las Vegas casinos, credited with changing the way they are financed, built, and operated. His legacy continues to inspire developers and investors in the industry, shaping the future of gaming and entertainment in Sin City.
