Gaming:

Wynn discusses family, economy in ‘60 Minutes’ interview

Sunday, April 12, 2009 | 10:54 p.m.

Headlines from the Vegas gaming industry

Wynn: Stimulus plan won’t solve city’s woes (4-10-2009)
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Wynn reports loss in fourth quarter (2-24-2009)
Wynn announced salary reductions, reduced work weeks (2-03-2009)
Wynn says he's prepared to weather economic storm (12-20-2008)
Envy this casino operator (12-20-2008)

Encore Las Vegas

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Casino mogul Steve Wynn gave Americans a look into his life and work Sunday night during a “60 Minutes” interview with Charlie Rose.

Rose referred to Wynn as “the man with the Midas touch who added glamour to the gambling industry,” crediting Wynn as the casino operator who turned Las Vegas into an international tourist destination.

Wynn said he can’t take all the credit. When he started building his first luxury resort, The Mirage, in the 1980s, nothing of its kind existed.

“If you look at Las Vegas in the 1980s, there hadn’t been anything new since 1973. And so the city was in a time warp and as has so often been the case, in the valley of the blind, the one-eyed man is king," Wynn said.

Wynn said his first visit to Las Vegas was at the age of 10 with his father, Michael Wynn, who owned a string of bingo parlors. The year was 1952 and Nevada was the only state to have legalized gambling.

His father was a compulsive gambler, Wynn told Rose. Wynn said he entered the casino business ironically and accidentally.

After moving to Las Vegas in 1967 with wife Elaine, Wynn invested in the Golden Nugget and paid off the $350,000 debt his father left the family when he died.

"I would give anything for a half hour or 15 minutes with my father to walk him through anything that good fortune has allowed to come my way these past 40 years," Wynn said.

The famous name on the side of his resort is not the name he was given at birth, Wynn told Rose. He was born Stephen Weinberg and became Wynn when his father changed their last name several months after he was born.

While casino operators like MGM Mirage and Las Vegas Sands have been criticized for expanding and opening casinos in the current economic climate, Wynn explained his reasoning for opening his $2.3 billion Encore Las Vegas in December 2008.

“I’ll tell you right now: If I had any idea, I wouldn’t have if I had a choice. But this project started four years ago. These things have a huge lead time,” Wynn said.

Elaine Wynn, Wynn’s wife of 41 years, explained to Rose the reasons for Wynn’s success. Although the two have filed for divorce, Elaine Wynn remains on the board of directors of Wynn Resorts.

"He brings a businessman's intelligence and awareness of what it takes to make a property successful, and yet he can put that on a side shelf and go crazy, making the most extraordinary environments. He understands innately what the public will respond to," she said.

Wynn also discussed his diminishing vision as he held on to Rose’s arm while the two toured the Encore Las Vegas resort. Wynn has suffered from the genetic eye condition retinitis pigmentosa since he was a child and lacks peripheral vision.

Despite the disease, Wynn spends a large amount of time on the intricate details of his resorts.

“Are you satisfied with the way the light is hitting our flowers?” Wynn asked a staff member during the interview.

Wynn said those kinds of details bring him the greatest joy in life.

"I can't help myself. It's a sickness,” Wynn joked. “My doctor says if I take my medication I'm no danger to anybody but myself. I can't help it.”

After more than 40 years in the industry, Wynn said he is still driven by a single goal.

"To see if I could make people go 'wow,’” Wynn said. “To see if I could create a place that was a wonderland, that it was better than the outside world.”

Discussion: 13 comments so far…

By davidwayneosedach

4/13/09 at 11:24 a.m.

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How is Encore doing? It was like a deserted ship when we visited two weeks ago.
By cisea

4/13/09 at 11:52 a.m.

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I loved the segment of 60 Minutes last night. I'm sorry that Mr. Winn is losing his vision.
By harske

4/13/09 at 12:55 p.m.

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Encore is doing ok, but nothing like anticipated. Been there a couple of times now and it's been so-so. But, given the economic climate and where Vegas is nowadays, it could be worse. I'm sure it will pick up.

Love him or hate him, the camera loves Steve Wynn and he has a definite presence. Las Vegas could do alot worse than have Steve as its face. I know they've had some work done, but both he and Elaine look great. It's nice to see him gain some humility too. All credit due, he's finally recognized that he doesn't need quite all of the attitude he's famous for. Dare I say mellowing with age? :-)

I wouldn't be surprised to see Wynn make a play for a few of the upcoming properties. Once MGM-Mirage figures out what it can and can't keep, I would bet a weeks salary that Steve takes a few properties off their hands.

Regardless of what happens with ownership though, I hope all of Vegas pulls through. I know it will... I just hope it's as painless as possible.
By Bertsos

4/13/09 at 2:52 p.m.

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I've still never even made it into WYNN yet, much less ENCORE........guess I don't get to the strip that much.

I wonder if Wynn would buy back the Bellagio ?!?!?! The MGM might be willing to dump more properties to lessen the debt load and pump $$$ into City Center.
By vegasj

4/13/09 at 2:59 p.m.

Comment removed by staff.
By kenodave

4/13/09 at 4:02 p.m.

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Yes, it would be sweet revenge for Steve to call Kirk Kerkorian and offer him pittance for what was the crown of Mirage Resorts.
By Rocco

4/13/09 at 4:18 p.m.

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I went to the wynn I had a good time very nice but I dont see why you would build another one just like it next to it seems kinda dumb...why would i be atracted to one or the other he shoudld built the casino in oceans 13 no that would be cool or the one on that show las vegas. I also think he is the real reason why vegas pretty much sucks now...300 dollar rooom in the middle of a waste land I mean i know we are fools but common...... you know one of my favorite casinos is a glorified tent in the california hills it smells liike money and lost dreams but i WIN on a pretty regular basis...to the point wher even and eve a little ahead after a year....and i had a good time... better bring back... loose slots or my tripps will be few and far between
By Gordon

4/13/09 at 4:42 p.m.

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Mr. Wynn, Swallow your pride and get Bobby back on your team. You build them, he packs them. Great job on Encore and 60 minutes.
By vegasj

4/14/09 at 7:01 a.m.

Comment removed by staff.
By vegasj

4/14/09 at 10:50 a.m.

Comment removed by staff.
By vegasj

4/14/09 at 3:57 p.m.

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Would the Sun please tell me why my posts are being removed??? Or is this only a kiss steve Wynns ____ forum???
By vegasj

4/15/09 at 12:06 p.m.

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Thanks for the email, I'll tone down my display of dislike for Mr. Wynn.
By azsk8fan

4/16/09 at 6:53 a.m.

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Vegas just needs to get back to basics - get back to catering to middle class america and leave the whale hunting behind. Whales didn't make Vegas what is what and whales aren't going to bring it back. As for family friendly - nope - this is VEGAS - if it's family friendly vacations one is looking for then go to DISNEYLAND - leave Vegas be the one place where adults can still go, have fun, spend money, and not trip over strollers. Make rooms and food affordable and loosen up the machines a bit - Vegas is still gonna get our vacation budget but at least we'll have some fun leaving it behind - like we USED TO.