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November 26, 2014

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Wynn Resorts announces Steve Wynn’s role in Monaco joint venture

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

Wynn Resorts Ltd. today confirmed the new joint venture Chairman and CEO Steve Wynn is involved with is Monaco QD International Hotels and Resorts Management.

On Monday, Wynn Resorts said that in becoming an outside director for Monaco QD, Steve Wynn was granted Monegasque citizenship by Prince Albert II of Monaco.

Wynn Resorts noted Steve Wynn remains a U.S. citizen and taxpayer.

"Mr. Wynn is honored to be involved with the Principality of Monaco in the new joint venture," Wynn Resorts said in a statement today. "He greatly enjoys his long friendship with the principality, which dates back almost 30 years. He is proud to be a part of the community in Monaco and the joint venture. Mr. Wynn looks forward to further developing both relationships."

Monaco QD International Hotels and Resorts is a joint venture between the governments of Monaco and Qatar, formed to acquire and manage hotels and resorts in Europe, the Middle East and North America.

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  1. new place, new woman...but no new ideas.

    That's sad, Steve. What happened to you?

  2. He's melting down like Howard Hughes in my opinion. Of course at least Howard Hughes stayed an American.

  3. Citizen and joint venturer of a tax haven?

  4. mred,

    Howard Hughes spent the last seven years of his life outside of the United States. He died on a plane on his way to Texas from Mexico.

    Mr. Wynn is still an American. He did not give up his U.S. citizenship. Mr. Wynn has done a great deal for this town and still does. He is about business and is one of the best at it.

    There is nothing wrong with having dual Citizenship. It allows him some business opportunities that he would not have otherwise.

  5. Gosh, it's Monaco, for cripes sake!! Not one of those "axis of evil" countries. Monaco is nothing more than a playground for the rich, and Steve Wynn will fit in perfectly. AND...he did this for BUSINESS...it has casinos, the classy "Shaken, not stirred" type. You won't find any Station Casino types in Monaco nor not one bingo hall.

  6. PS

    "Monaco is a small sovereign city-state located in South Western Europe on the northern central coast of the Mediterranean Sea. It is surrounded on three sides by its neighbour, France, and its centre is about 16 km (9.9 mi) from Italy. Its area is 2.02 km2 (0.78 sq mi) with an estimated population of almost 33,000.

    Monaco is the name of the country and its capital (and only) city. It is famous as a tax haven, and wealthy foreigners make up the majority of the population at approximately 84%."

    From Wikipedia.

    ********

    Yup - perfect for Steve. Now he can skirt the issue of paying the IRS - you know, he's one of those rich folks who got a tax break so as to create jobs for unemployed Americans.

    Seems like he's doing the opposite.

  7. Billionaire Benedict Arnold, time to tighten the tax laws to stop them. Only real Americans should be allowed to get casino licenses in Nevada. Some say Monaco is a key player in Iran's sanction busting.

    http://www.bloomberg.com/news/2010-12-29...

    (VL, your boss is calling, he needs a shoe shine...)

  8. Blah blah blah....mred is not happy unless someone's hard earned gains are being confiscated by the government. Give it a rest. If I had Mr. Wynn's wealth I'd be thinking about moving my money somewhere else too. Why should I work hard only to have my money taken and used for substandard education, Obamaphones and social services benefits for illegal aliens.

  9. Mred,

    You long on rants and short on facts with most of your posting but as long as it makes your life happy, then good for you.

    Sorry, no boss here. Have owned our own companies for over 25 years in Vegas and live nicely because of not depending on others as you do.

    Have a great 2011 and hope you receive everything you deserve in the new year.

  10. Facts are right there on that link. Where are yours? Companies are using income shifting to avoid taxes, the middle class has to make up the difference.

    I'm not going anywhere.

    I'm happy, one of the local hate-talk radio stations is switching to an oldies format, the other stations have ratings in the tank (I'm waiting for December ratings to come out, they probably dropped even more since the elections. Also, there was a bitter rash of layoffs and demotions at the Brand X Newspaper in town. One gentleman had some medical issues and they used that as a gimmick to dump several people. The guy that wears his hat indoors even hung up on reporters trying to get details on the shake-up. And of course Angle went down the drain...and now they are investigating O'Donnell {not a witch?} for taking $20k for personal expenses from her campaign fund.)

    So things are looking up. and Palin's tanking too.

  11. Reid won with help of the union thugs... Of course Wynn is moving his $$ off shore... He knows what the Nevada voters didn't want to admit... Reid/Obummer is anti business.

  12. mred, I hate to be the one who tells you this, but pssst! The cold war is over. The soviets fell. The Russians have westernized and gone capitalistic and COMMUNISM failed.

    Communist Anonymous closed due to lack of government funding.

    Liberals try to be socialists, socialists try to be communists and all those cry for "freedom" yet want to build the gallows for those who have freedom and who built jobs for the masses and provided a means to liberty.

    Pssst! Sorry!

    The Communists learned the hard way (and I don't mean dice) to be capitalists. China, although still officially communist is now a capitalist country--and the last dying communist power--mred, so get used to it. Repent! Save your soul!

    Man ought to be free to do what he wants in his own life, you said that yourself! Or, were you lying?

  13. Wynn and his fellow travelers are the people that benefit from State Capitalism. Look at the deduction for "art collections," the government built interstate highway system that brings people to his hotel, the FAA government developed airport and air traffic control system that enables the high rollers to fly in, the government Hoover Dam that supplies water to his hotel, the Mining Act and Nuclear program that built the economy of Southern Nevada putting Vegas on the map, along with the Transcontinental Railway Act that ultimately helped start Las Vegas (a Railroad Town in its inception.)

    Yes, Wynn is the ultimate commie, using the "state" as the foundation for his empire.

    Are Qatar and Monaco democracies? by the way?

    Wasn't the USA government, (Nixon ET AL) that "opened up" China anyway, so Wynn can cavort with his fellow dictatorial commie crony capitalists?

  14. I stand with the guy standing in front of the Chinese tank, Wynn stands with the guy driving it.

  15. You did notice the guy standing in front of the tank moved so he wouldn't be crushed don't you?

    So we are all commies because we use public infrastructure?

    Just what is "State Capitalism"? The term comes from ignorant people using a substitute for socialism, communism and other government controlled productivity which is not capitalism at all. It is essentially a propaganda phrase.

    Capitalism is the free-market system. mred, that is private ownership, not government ownership. Therefore there can not be "State Capitalism" as so many herd people are using the term. It would be the same as saying, "privately owned government enterprises."

    mred, I pray for you constantly, but I'm running out of prayers.

    Instead of following the pack, go to the public library and self-educate your self. Start with a little book called "Animal Farm" it is easy ready and even the dumbest of people can understand the message. I'll tutor you, if your need help, so don't worry.

  16. I just don't see Steve Wynn renouncing his US citizenship and then be only able to be in the US 30 days or less annually to avoid US taxation. He's currently reporting in the neighborhood of 9 million in income as a result of compensation from Wynn Resorts (2009), and in recent years his salary has been in that ballpark. For 2009, he sold very little stock (mainly connected with his divorce from Elaine) and no stock options. Rather than capital gains and qualified dividends (primarily domestic corporations) taxed at a max 15% rate, it appears he's paying tax at the highest marginal rate which is 35%. If he renounced his citizenship and still continued in his present position at Wynn Resorts, he would still have to pay US income tax because this income would still be "effectively connected" to US activities. The only thing he would avoid is US income tax on his world wide income other than that derived from the US. He would have to move Wynn Resorts out of the US as well, make it a foreign corporation headquartered in Monaco or some other country, it seems to me if wanted to avoid income tax on his US compensation from Wynn Resorts. I have no idea how this could be done from the standpoint of the gaming commission regulations, whether Wynn Resorts, as a foreign corporation could continue to operate the casino in Las Vegas. Interesting to speculate about but I don't see him doing it.

  17. skerlahdee, I wasn't aware of the rant in question. That is what he would have to do, move the corporation out of the country. I understand the tax issues involved but not the Nevada casino regulatory aspect. If he did move the corporation to let's say Macau, could that corporation continue to operate Wynn Resorts (the casino) in Las Vegas? Interesting.

  18. skerlahdee, thanks for the link. I somehow missed that article, okay let's say he moves the corporate headquarters to Macau, still he's a US citzen and has to pay US income tax on his world wide income, unless and until he renounces his US citizenship. Then for the next 10 years he can be in the US annually no more than 30 days. Do you think he'll do that? I don't know. Personally, giving up my US citizenship, growing up here in the US, serving in the military, etc. I just couldn't do it. I can't wrap my head around it.

  19. Maybe Steve Wynn could sell Wynn Resorts Las Vegas to Mr. Ruffin, he allegedly is in the market for another casino.

  20. Thank's for the compliment skerladee, I try to be as accurate as possible, despite having very little excess time on my hands, contrary to Mr. Holland notes in his last post. Your point concerning Mr. Wynn is well taken and certainly one can legitimately make that argument. I realize Mr. Wynn is a polarizing figure to many, especially in Las Vegas, but I wish him well in "engineering" his personal life. I will say this, although beneficial in their own right, according to the National Institutes of Health (NIH), there is almost no scientifically reliable evidence that "living right"---exercising, eating a nutritious diet (vegan or not) or continuing to work hard significantly delays the onset of Alzheimers, the leading cause of dementia. Alzheimers risk doubles every 5 years after age 65.