Steve Wynn Net Worth 2018: How Much Could He Lose From Sexual Misconduct Allegations
Steve Wynn is known to be one of the major American billionaires, famous for his career as a real estate mogul and casino owner. In the past week however, allegations of sexual misconduct have already caused Steve Wynn’s career to be affected.
Steve Wynn Net Worth Plummets After Allegations
In fact, Wynn’s Wynn stock has already dropped 5%.
Per the Wall Street Journal, on the topic of the allegations, Wynn has said:
“The idea that I ever assaulted any woman is preposterous.” He continued, in a written statement, “We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation.” Mr. Wynn said that “the instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a terrible and nasty lawsuit in which she is seeking a revised divorce settlement.” He said he remained focused on the company, its employees and its shareholders.
But just how could Steve Wynn’s career be affected by sexual misconduct allegations? More importantly, how could Steve Wynn net worth be affected, and what is Steve Wynn net worth in 2018? What are Steve Wynn’s salary/earnings? Read on to find out more!
As a hint in the answer to these questions, Wynn’s company has said about possible risks during their securities filing, per the Wall Street Journal: “If we lose the services of Mr. Wynn, or if he is unable to devote sufficient attention to our operations for any other reason, our business may be significantly impaired.”
Steve Wynn Career, Earnings, Salary
Steve Wynn was born Steve Weinberg, but his father changed their family’s last name to avoid discrimination. Wynn’s father owned a set of bingo parlors, so it looks like the apple didn’t fall far from the tree. Wynn was raised in New York, went to a private boy’s school and obtained a college degree from the University of Pennsylvania, where he was involved in a fraternity. Although Steve Wynn did get into Yale Law School, he gave up a seat to matriculate at the school in order to take over his family’s business after his father died of a heart attack. Although Wynn’s father reportedly left him a hefty gambling debt, it wasn’t long before Wynn quickly began expanding the family business.
However, Wynn had his sight set on something much bigger. After getting married and starting a family, he moved to Las Vegas where he used his success with his family’s business to obtain a stake in a casino. But it was a partnership with E. Parry Thomas, that served to truly launch Wynn’s career since Thomas’s bank financed most of Wynn’s early real estate and casino deals. In the 1970s, Wynn’s major casino move was to acquire, renovate and revamp the casino, the Golden Nugget. The Golden Nugget esrved as one of Wynn’s major successes and also inspired a lifelong friendship with the Sinatra family since Frank Sinatra often headlined shows at the Golden Nugget. In 197, Steve Wynn actually sold the Golden Nugget for $440 million. From there, Steve Wynn went on to finance other major Vegas casinos releases, include the Mirage, The Bellagio and The Beau Rivage. Steve Wynn has also expanded into releasing casinos in Macau.
About the casino business, Steve Wynn has said:
What we know about the destination resort business is clearly established. But it’s all about one thing, and one thing only. All of the razzmatazz and jazz we hear about facilities and everything else doesn’t amount to a hill of beans. It’s customer experience that determines the longevity and endurance of these enterprises.
In addition, Wynn has also said:
What we know about the destination resort business is clearly established. But it’s all about one thing, and one thing only. All of the razzmatazz and jazz we hear about facilities and everything else doesn’t amount to a hill of beans. It’s customer experience that determines the longevity and endurance of these enterprises.
In addition, to his casino ventures, however, Steve Wynn is also known worldwide for his extensive art collection. He has acquired several famous pieces for more than $30 million dollars apiece. Steve Wynn famously intended to selling the painting “The Reve” for more than $130 million but while showing the painting to several famous friends, he actually put his elbow through the painting and as a result, was informed he could only sell the painting for $50 million less. Of course, Wynn then went on to sue the insurance company.
Steve Wynn Net Worth 2018: How Much Money Does Steve Wynn Have?
So what is Steve Wynn net worth? Given his extensive real estate holdings, his art collections and entirety of his real estate properties, Steve Wynn net worth in 2018 is estimated to be $3.9 billion. Now what’s particularly interesting, however, is how much money Steve Wynn could stand to lose. We know that actors such as Kevin Spacey, who got fired from the show “House of Cards” after sexual assault allegations came out about him, lost out on his entire future salaries for the show. And given Steve Wynn’s holdings, he could stand to lose a lot of money. In fact, Wynn shares have already gone down by 5%.
In all, we estimate that by the end of this scandal, Steve Wynn’s net worth could go down to as much as $3.8 billion. .
