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The Hype is On: Wynn Las Vegas

By Chuckmonster on Sunday, 30th January 2005 9:17pm
  » filed under Las Vegas  comments: 0


Can Steve Wynn hit the jackpot again?

Five years after he sold his Las Vegas holdings, Wynn is returning to the Strip with the most expensive project ever seen in a city famous for its extravagant hotels.

When the $2.7-billion Wynn Las Vegas opens April 28, it will compete against his former properties, including the Mirage and the Bellagio, for the high-end vacationers and gamblers that keep Vegas rolling. His company, Wynn Resorts Ltd., will face deep-pocketed corporate rivals, including two behemoths that soon may control about two-thirds of the hotel rooms on the Strip.

Chief Executive Wynn, who turned 63 last week, clearly relishes the thought of going up against the other big casinos.

"This is a business that thrives on competition," he said in a recent interview. "For 24 hours a day, seven days a week, the Strip hosts the most violent competition in business in America."

The competition isn't only for customers: To fill 8,000 jobs, Wynn has been raiding adversaries' payrolls. Caesars Palace has lost several executives, including its chief financial officer, and MGM Mirage expects about 2,000 employees, or more than 5% of its workforce, to defect to Wynn.

"He's going to take a whole lot of people out of here," said Floyd Cross, the shoeshine man at the Bellagio. "He is a good boss who doesn't mind spending money on employees."



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