Monday, May 08, 2006

Capitalist of the week: Steve Wynn

Stephen Wynn, casino resort developer, is credited with spearheading the incredible expansion of Las Vegas during the 1990s.

Born in 1942 to the owner of a string of bingo parlors on the east coast, Wynn did well enough running his father's bingo operation to buy a stake in the Frontier Hotel in Las Vegas in 1967. From there he became involved in expanding the Golden Nugget and then the Mirage. Wynn began to set the standard in Las Vegas for size and lavishness. The Wynn Las Vegas opened in 2005 and is set to open a new casino in China later this year.

According to Forbes, Wynn became a billionaire in 2004 when his net worth doubled to $1.3 billion. Stephen Wynn is truly deserving of the title "Capitalist of the Week".

(Sorry that The Happy Capitalist blog has been so neglected these last few days, but I felt the need to research this piece personally. Thanks to Mrs. THC for the photo of the Wynn Resort).

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