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September 23, 2014

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Steve Wynn gets citizenship from Monaco as part of joint venture

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Steve Wynn on the Andre Agassi Grand Slam red carpet at the Wynn on Oct. 9, 2010.

UPDATED STORY: Wynn Resorts announces Steve Wynn’s role in Monaco joint venture

Wynn Resorts Ltd. on Monday said Chairman and Chief Executive Steve Wynn has agreed to serve as an outside director for a joint venture between the governments of Monaco and Qatar, and in the process Prince Albert II of Monaco has conferred Monegasque citizenship upon Wynn.

Wynn, however, has not renounced his American citizenship and remains both a U.S. citizen and taxpayer, said a statement issued by Wynn Resorts spokeswoman Jennifer Dunne.

Wynn Resorts didn't immediately provide details on the nature of the joint venture.

"His Monegasque citizenship was pursued as a result of this appointment," to the board of the joint venture, said the statement from Dunne.

In August it was announced that Qatar and Monaco had formed a joint venture international company, Monaco QD International Hotels and Resorts Management, to acquire and manage hotels and resorts in Europe, the Middle East and North America. It was unknown late Monday if that's the company Wynn has agreed to be a director of.

News of Wynn's Monegasque citizenship was initially spread Monday by Robert Eringer, a blogger critical of the Monaco government who has been in litigation with Monaco.

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  1. There must be some tax benefit in it for him. He has no problem with taking American money and "taking" it to Asia. And fuuls keep taking their money to his casinos.

  2. The one thing I always liked about Kerkorian was he shunned this kind of crap. No buildings named after him. No knighthoods or any other honorary bullish*t. He's donated millions (billions) over the years and has specifically stated he wants nothing named in his honor. I guess Steve needs to massage his ego with this stuff

  3. Tax haven...
    Google Monaco, dual citizenship, taxes.
    It's all about the money.

  4. Billionaire Benedict Arnold, he hates America, praises China, a complete ingrate and hypocrite in my opinion.

    Is he still going to go on Fox? oh, that's right, Fox is owned by News-corp which is headquartered in Abu Dhabi and owned in part by Alwaleed bin Talal...yep birds of a feather.

    Only 100% Americans should be allowed to own casinos in Nevada.

    Guess that's why Wynn doesn't support the troops, he's never visited them has he?

  5. Ringo Starr lives in Monaco or at least has a home there. He could be a legal citizen as well.

  6. Let me clear up a few things. Mr. Warren, excellent exposition on this issue, you obviously know what you are talking about. Just me, you're close, but no cigar, more education required, I can't believe you said that. Anyway, it is possible to give up one's citizenship and thereby save money on taxes, but it isn't easy. You must refer to The Heroes Earnings Assistance and Relief Tax Act of 2008 (I'm not kidding)-----which introduced significant changes to the tax rules for individuals giving up US citizenship or US residency. It's complicated but the key thing is that an expatriated individual continues to be treated as a US citizen or long term resident for US tax purposes until he gives notice of an expatriating act or termination of his or her residency to the Secretary of State or US Secretary of Homeland Security. An expatriated individual subject to US tax on certain types of income (generally income "effectively connected" to the United States) is subject to full US federal taxation for any year in the 10 years following expatriation in which he is present in the US for more than 30 days. So now, Steve Wynn is subject to full taxation on his world wide income in the US with offsetting foreign tax credits for taxes paid to foreign governments for income earned there, to avoid double taxation. If he became expatriated he would be subject to taxation only on income effectively connected to the United States, essentially income earned here and not on his world wide income. Furthermore, expatriated individuals are required to file annual returns for each year after expatriation that they are subject to US tax on certain types of income , even if no US federal tax is due. Additionally you must have complied with the US tax filing requirements for the previous five years else you become what is known as a covered expatriate and are subject to a special exit tax. Trust me when I say you don't want to be deemed a covered expatriate.

  7. I don't see Steve Wynn giving up his US citizenship, his identity and history is too tied up with Las Vegas. It would get out and be a public relations nightmare if he tried it. As we all know he still has a large investment in Wynn Resorts Las Vegas, he's not going to give up his citizenship and damage that brand here in the US, people would probably boycott the place and it would never recover. I just can't see it happening. Interesting academic exercise, but that's about it.

  8. Irwin Schiff needs a cell mate.

  9. ...this is my take on it....I think that is exactly what Steve Wynn is doing ....trying to get out of the United States anyway he can.....dont forget he could get rid of almost everything he owns here by either selling it or putting it in his ex wife's name or his daughters name....look..... first he sells everything he owns then he builds two hotels ...then he divorces his wife...., marries someone who is not an American citizen builds in China ...now a really big venture in Monaco and getting closer to the middle east money....obviously he is slowly making his way out of the United States either because of the down turn.. or some other reason...I dont believe that Steve Wynn thinks that things are going to get better here in the States and might also believe that we are headed into some kind of war...who knows.... but he is most definitely running from the United States....

  10. Mr. Wynn is not going anywhere. He is well entrenched in Las Vegas and has done more for this town then just about anyone.

    In the U.S. you can have dual citizenship. I have many friends that hold dual citizenship and they just laugh when people make silly comments like the ones being posted here today. There are good reasons/advantages for holding dual citizenship in the United States.

    In this case, it is about business and he is a great businessman. Like it or not he knows what he is doing.

    Unlike the Haters here, Mr. Wynn is not a U.S. hater.

  11. I'm with vegaslee

    Mr. Wynn understands how to run his business in good times and bad. If he sells out and leaves the U.S. I will be right behind him.

  12. Just me: you're ok, yes the new law, which makes it harder to gain tax advantages by expatriating one's self/giving up one's residence does have that 30 day requirement, I don't have a IRC section or Treasury Regulation citation for you but I'm certain the source materials that I used to cite that requirement are accurate.

    Mred: I cannot believe you accused me of being Schiff-ty when I have supported your paranoid musings on here whenever humanly possible. What's up with that brother?

    Camille: I respect your point of view, but don't agree with you. Steve Wynn is just going where he can maximize his returns and insulate himself from risk, which is China, Middle East, India, Brazil, etc. He doesn't need to give up US citizenship to do that. Most of his taxable income is probably through capital appreciation and/or qualified dividends anyway, which are taxed at a maximum rate of 15%, compared to a maximum rate of 35% on other forms of taxable income such as compensation.

    Later. I have to go get a life and not live vicariously through Steve Wynn.

  13. my mother has dual-citizenship. She only pays taxes in the US.

  14. vegaslee is completely correct. And while Monaco is a tax haven, you can also only own a casino in Monaco if you are a citizen. So Wynn clearly wants to get into the casino industry there. He spent quite some time advising the SBM company, the Monaco casino operator, a couple of years ago. Now he's taking it to the next level.

    Smart businessman and a lot of jealous losers posting here.

  15. Thanks Erwin.

    For guys like Ringo Starr and Boris Becker, Monaco is a place to hide out from those hideous European taxes (or so I have heard).

    The only thing I know about Monaco is Princess Grace (RIP--30 years in September).