Could Steve Wynn Be Planning a Comeback?

A friend of mine in the Vegas casino business (he's a boss at a Strip casino) told me that Steve Wynn is rumored to be planning a comeback. After all the bad publicity, can he seriously be considering it? I realize he has a hard-driving personality, but isn't he really old? If you were him, wouldn't you just want to lay low with your billions and not invite a lot more scrutiny?

First, Steve Wynn turned 77 a few weeks ago. So he isn't what we would call "really old." He might be slowing down in his dotage, but we doubt age would be a major factor in a decision to get back into the fray.

True, he's been running silent since being forced out in disgrace from Wynn Resorts last February. However, the Feb. 4 issue of Global Gaming Business News reported the “rumors” that your friend passed on to you: that Wynn (the man, not the company) was shopping for land along the Las Vegas Strip. This raises several questions.

Why? Steve Wynn isn't the sort of individual to slip quietly into retirement. If he ever did achieve his goal of building the world’s greatest hotel, we wouldn't be surprised if he blew it up and started over again, just to outdo himself. Also, we’re confident that he doesn’t want the world’s last memory of him to be his ignominious exit from the company that bears his name.

When? Steve Wynn’s severance agreement from Wynn Resorts contains a two-year non-compete clause, meaning he’ll have to stay on the sidelines until next February. Also, Nevada Gaming Commission Chairman Tony Alamo was quoted as saying that Nevada regulators, although finished investigating Wynn Resorts, weren’t done with Wynn himself, hinting at further sanctions to come. Whatever those turn out to be, they should be resolved by then.

Where? It's said in the casino industry that everything is for sale for the right price. This might be the exception that proves the rule. MGM Resorts International has unused land south of MGM Grand that was once slated for a “Project Z” during the Terrence Lanni administration, but we’re pretty sure the lion doesn’t want Steve Wynn camping out on its doorstep. Ditto Wynn Resorts, which has punted on developing the New Frontier/Plaza/Alon/Wynn West site for now, but is highly unlikely to sell it to its former CEO.

That doesn't leave Wynn out of options. If he’s willing to work with a small footprint, the old Wet ’n Wild acreage could probably be his. Also, an assemblage of parcels between MGM Grand and Planet Hollywood is controlled by Spectrum Group Management. This site isn't without its challenges — such as having a timeshare smack in the middle of it — but Spectrum might be willing to sell if Steve Wynn flashed some cash.

Also, though this would be really out of the box, Wynn could trade on his brand equity and attempt an off-Strip casino (after all, Richard Branson is doing it). Potential sites include that of the demolished Key Largo Casino near Silver Sevens, and the vast unused acreage that was envisioned for a complex of hotels northeast of Harmon Avenue and Koval Lane. To the west of the Strip, Station Casinos has several parcels — once destined for the $11 billion Viva metaresort — near Days Inn at Wild Wild West — that it might be happy to unload, particularly since they could negotiate from a position of strength.

How? Steve Wynn’s name, however tarnished, is still probably good with Wall Street. Failing that, he could reach out to his connections in the Far East, even if they dried up on James Packer (Alon) and left Resorts World Las Vegas hanging for a good long while.

There is, of course, the issue of his gaming license. There has been talk that state regulators might order Wynn to surrender it, which would would dash any comeback ambitions.

Here at QoD, we have a little difference of opinion on this subject.

One faction says that if Steve Wynn’s got the will to attempt a Strip comeback, it wouldn't bet against him.

Another cites Ralph Engelstad, owner of the Imperial Palace, whose passion for Adolf Hitler didn't cost him his license (though he was forced to discontinue parties on Hitler's birthday). So if that's any yardstick, Wynn could easily skate.

A third would be extremely surprised if Wynn is allowed to keep his credentials intact. Having to surrender his license would render this rumor moot -- unless, of course, Steve Wynn were simply keeping his fingers in the Las Vegas Strip real-estate pie.

Let's hear it, QoDers. Where do youse line up on this issue?

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Comments

Jackie Feb-19-2019

Revenge

I think Wynn wants to come back with a property that would destroy Wynn Resorts then buy it up at a huge discount and get rid of all his detractors.
If the Gaming Commission had anything on him that would stick, his license would already be forfeited, therefore they are simply wishful thinking they will eventually come up with something.  Everyone wants to be a giant killer, damn few can get the job done.
Consider the failing condo properties as a site with a ready made luxury "hotel".  Not to mention the cheap properties between Sahara and the Strat.  "If you build it they will come".
Wynn didn't become a Billionaire by being dumb and lost out on the Resort because he connected up with bad people on the deal.
This is my prophecy for 2019/2020.

thebeachbum Feb-19-2019

Not Really Old

Thank you.  Glad you started your answer that 78 is not really old. I'm only 71 and have much more gambling to do.  The Gambling Board has the only real control over Wynne.  We will have to wait and see how politically correct they are these days.

vegasdawn Feb-19-2019

Just one opinion

Just one female opinion that I do not see him as tarnished, but treated very unfairly by his bitter ex-wife, and some cocktail women who were making hundreds of thousands per year.  The waitresses could have quit if they were unfairly untreated and sued at the time.   The ex-wife was given millions and yet she is so bitter.  He did so much good for Las Vegas, and was treated very poorly.

Sandra Ritter Feb-19-2019

The Rio

Not sure how Caesars Entertainment feels about him but the Rio has been for sale for a very long time.  That's not far off the strip and has 3 casinos surrounding it, so it's a decent location.

Rick Sanchez Feb-19-2019

Drew

He should buy the Drew or Fountainblu or what ever it is called this week. Fix it the way it should be and help revitalize more of the north strip. We all know that the current plans for the Drew will never materialize.

Brent Peterson Feb-19-2019

Wynn Is In

Saying Steve Wynn won't be involved in the hotel/gaming business in Las Vegas is like saying birds won't be involved in singing in the morning. He's been underestimated before . . .

Mark Elslager Feb-19-2019

Its In the Name

Think what you will of him. But his name is Wynn, and he will!

ralphie69 Feb-19-2019

SLS

I heard the SLS is up for sale.  Is it sold yet?  I think ole Steve could turn it back into the Sahara and play on the Rat Pack nostalgia.  Really, I just miss the Sahara.

Kevin Lewis Feb-19-2019

Who cares

If Wynn rose from the figurative (not literal, not yet, anyway) grave to open up another hotel/casino, that place would a) be hideously overpriced b) offer terrible gambling, and only at high limits c) cater to the rich crowd d) just be an ego project without regard for profitability, like Bob Stupak's Big Substitute Penis. I would imagine that the only human being on earth who wants another Wynn casino is Wynn.

gaattc2001 Feb-19-2019

Right on, Kevin.

More than any other individual, Mr. Wynn is responsible for making Las Vegas what it is today. Some people, and probably Mr. Wynn himself, would take that as a compliment--but I don't.

Manning Feb-19-2019

KEEP WATCHING

HE WILL BE BACK !!!!!!!!

dunny09 Sep-03-2019

Wynn Will not be back

Let me say this FIRST:

I do not believe Steve Wynn is a saint and I am confident that he has made many mistakes (just like all successful billionaires). Having said that, Steve Wynn is an incredible man. He is not without flaws, but the guy has the Midas touch. He is uber-talented. I have massive respect for his business acumen.

He is 77, and he won't be back. I say that for four reasons, namely:

1.	He is too old to develop, get licenses, build, and enjoy the fruits of a comeback. It would take at least 5-7 years for the project to come to fruition. 
2.	He has a past, as we just got a taste of it with his ouster. More and more of these types of things would come out and would instantly ruin any new LV project. There are too many skeletons, just like most billionaires, and in this day and age, he is a prime target. LV is so regulated, now, and public companies are as well. In this climate, unless there is a 180-degree change, he is not a candidate, in my humble opinion. His day in th

dunny09 Sep-03-2019

part 2

the sun has come and gone, concerning public companies and casinos.
3.	He is 77 and has 4-5 Billion. He wants to relax and have fun and do private deals. 
4.	2019 is a lot different place than 2000. This stuff used to be settled out of court and swept under the carpet, and now, it's all being used to ruin men like Wynn.

I have total respect for him, but he is finished. I would wager a large bet on it.

Still a huge Steve Wynn fan!

Question of the Day - 19 February 2019

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