Steve Wynn is an American real estate developer, art collector, and legendary figure in the American casino industry.
Wynn is known for his contributions to shaping the modern Las Vegas Strip with his upscale resorts. He is the CEO of Wynn Resorts and has played a pivotal role in the development of some of the most groundbreaking resorts in the world. Some of his destinations include Wynn Las Vegas, Wynn Palace in Macau, and Wynn Macau.
As of 2025, Wynn’s net worth is estimated to be around $3.7 billion.
This article explores Wynn’s legacy and his rise from managing his family’s bingo parlor to making history as the youngest casino owner in Las Vegas.
Steve Wynn bio
Category | Details |
Full name | Stephen Alan Wynn |
Birth name | Stephen Alan Weinberg |
Date of birth | January 27, 1942 |
Nationality | American |
Education | University of Pennsylvania (BA in English Literature) |
Industry | Casino, Real Estate, Hospitality |
Notable projects | The Mirage, Bellagio, Wynn Las Vegas, Wynn Macau, Encore Las Vegas, Wynn Palace |
Net worth | $3.7 billion as of 2025 |
Marital status | Married to Andrea Hissom; previously married to Elaine Farrell Pascal |
Major controversies | Sexual misconduct allegations in 2018 |
Early life and education
Steve Wynn was born Stephen Alan Weinberg on January 27, 1942, in New Haven, Connecticut. His father, Michael Weinberg, operated gaming businesses across the East Coast, while his mother, Zelma, helped manage the family finances. In 1946, his parents changed their last name from Weinberg to Wynn to avoid the then-widespread anti-Jewish discrimination. The change proved beneficial as the family continued expanding their gaming business.
Steve Alan was exposed to the gambling and hospitality business from an early age. He assisted his father in managing the family’s bingo parlors.
Alan Wynn attended The Manlius School, a prestigious military academy in New York, and later enrolled at the University of Pennsylvania. He joined the Sigma Alpha Mu fraternity, an organization known for its deep connections in the world of business and finance. In 1963, Wynn graduated from the University of Pennsylvania with a BA in English Literature.
Wynn’s father suddenly passed the same year he graduated, leaving behind gambling debts amounting to $350,000. At only 21 years old, Steve Wynn was forced to step in and save the struggling family business, abandoning his dream of studying law at Yale Law School. This decision led him to become one of the most influential figures in the gambling industry.
Entry into the casino industry
Wynn first tasted success in 1967 when he moved to Las Vegas, Nevada. His first move was investing in the Frontier Hotel and Casino, where he became a stakeholder and operator of the casino liquor department.
With his earnings from the Frontier Hotel, Wynn purchased a small stake in the Golden Nugget Las Vegas. Though a struggling casino in downtown Las Vegas, Steve Alan recognized its potential and took control. He invested heavily in renovations and transformed the hotel into a high-end casino destination. By the mid-1970s, it had become one of the most luxurious hotel casino establishments in Las Vegas.
Wowed by this success, Alan Wynn spread his wings outside Nevada, launching Atlantic City Golden Nugget in 1980. The resort flourished quickly to become one of the most profitable major casinos in the city. He sold the property in 1987 and shifted his focus back to Nevada to develop the Las Vegas Strip, a stretch of Las Vegas Boulevard in Clark County.
During the 1980s, Alan Wynn was known as a fearless innovator thanks to his aggressive approach to business expansion. His casino company, Mirage Resort, began working on a project that would redefine the Las Vegas Strip—the construction of The Mirage in 1989.
This groundbreaking project forever transformed the gaming industry and elevated Wynn’s net worth.
The rise of Wynn Resorts
Throughout the 1990s, Steve Wynn established himself as the most innovative figure in the hotel and casino industry. After transforming the Las Vegas Strip with The Mirage, he turned his attention to a more ambitious project, The Bellagio. The Bellagio Hotel and Casino was an instant success. It featured luxurious rooms, upscale retail shops, and the Fountains of Bellagio.
Despite its success, Mirage Resorts faced financial challenges because of its investments in high-end properties and amenities. In 2000, Alan Wynn lost control of the business after MGM Grand Inc. acquired it for $6.6 billion. The then-MGM Mirage was later renamed MGM Resort International.
After losing The Mirage in 2000, Wynn acquired the land previously occupied by the Desert Inn, a historic hotel and casino. He demolished the property to erect his next project—Wynn Las Vegas on the Las Vegas Strip.
The launch of Wynn Resorts and expansion into Macau
Steve Alan Wynn founded Wynn Resorts in 2002, marking a new phase in his career. His flagship establishment, Wynn Las Vegas, began its operations in 2005. The facility featured an upscale hotel tower, a world-class casino, restaurants, and a golf course. Wynn Las Vegas saw instant success, creating an avenue for establishing Encore Las Vegas, which opened in 2008.
Alan Wynn then turned his attention to Macau, the booming gambling destination of Asia. He launched Wynn Macau in 2006, the first major casino owned and operated by an American in Macau. Wynn Macau was an instant success, prompting the development of the second casino in Macau, Wynn Palace, which launched in 2016. These expansions solidified Wynn Resorts as a global leader in the high-end gambling and hospitality business.
Wynn Interactive and Wynnbet
Steve Wynn has also made forays into the digital gambling space.
In November 2020, Wynn Resorts announced that it was to reorganize its interactive assets and existing partnership with online gaming partners into a new entity called Wynn Interactive. The new entity would launch a online gaming brand, WynnBET in New Jersey.
However, hopes that WynnBET would compete with top sportsbooks and the best online casinos for US players were short-lived: The brand bull out of numerous states in 2023 owing to high customer acquisition costs.
Steve Wynn’s net worth peaks
Steve Wynn’s net worth peaked in the late 2000s and early 2010s. In 2004, he officially became a billionaire with a net worth of $1.3 billion, becoming one of the wealthiest individuals in the industry. As the owner and CEO of Wynn Resorts, Steve’s wealth was directly attributed to the success of establishments such as Wynn Las Vegas, Encore Las Vegas, Wynn Macau, and Wynn Palace. These luxury destinations generated billions of dollars in annual revenue, significantly growing Alan Wynn’s net worth.
As of 2010, Forbes estimated Wynn’s net worth to be more than $3 billion, fueled by his ownership of Wynn Resorts. Wynn Macau, which opened in 2006, was already among the most profitable hotel and casino destinations in the world. Thanks to the rapidly growing gambling market in Macau, Wynn saw an opportunity to establish a second resort in the region, opening Wynn Palace in 2016.
Besides the casino company, Wynn’s massive wealth was also influenced by his investments in real estate, fine art, and other ventures. His art collection was exceptional and highly valuable, featuring masterpieces by Picasso, Canaletto, and Monet. Some of his art pieces were worth hundreds of millions of dollars.
Alan Wynn was also involved in high-end real estate dealings. He acquired and sold multi-million dollar properties in Beverly Hills, Las Vegas, and Florida.
At the peak of his career, Wynn Resorts was valued at over $17 billion.
Despite his massive success, Wynn’s businesses, fortune, and reputation would soon face serious challenges. In 2018, sexual misconduct allegations surfaced, forcing Wynn to resign as CEO of Wynn Resorts. He sold his shares in the company, marking a dramatic shift in his financial standing and public perception.
As of 2025, Steve Wynn’s net worth is estimated at $3.7 billion which, while enormous, is easily surpassed by the next generation of hospitality and entertainment moguls such as Tilman Fertitta.
Legal battles and departure from Wynn Resorts
Wynn faced a widespread backlash after a Wall Street Journal investigation revealed accusations of sexual misconduct from his former employees. Under pressure from the Massachusetts Gaming Commission and shareholders, Wynn stepped down as CEO of Wynn Resorts in February 2018. He also sold his entire stake in the company for $2.1 billion, effectively relinquishing the business empire he had spent a lifetime building.
The backlash also led to his removal as finance chairman of the Republican National Committee, further tarnishing his public image.
Wynn’s life after the casino industry
After his exit from Wynn Resorts, Steve Alan Wynn withdrew from public life. He moved to Beverly Hills to focus on his art collection, which featured masterpieces like Canaletto’s La Donna Della Salute. He also engaged in high-value real estate transactions, including a Beverly Hills mansion he sold in 2023 for $110 million.
Legacy and influence on the casino industry
Steve Wynn’s impact on the hotel and casino industry is indelible. He single-handedly revolutionized the luxury gaming industry by introducing high-end retail to casino establishments and setting new standards for architectural design in the hospitality business. His futuristic approach to the sector transformed the Las Vegas Strip into a world-class entertainment destination. His former company eventually established Encore Boston Harbor.