Stephen Alan Weinberg Net WorthReal Name: Stephen Alan Weinberg
Date of Birth: 01/27/1942
Place of Birth: New Haven, Connecticut
2017 Net Worth: $2.8 Billion
2016 Earnings: $436 Mllion
Profession: Chairman and CEO of Wynn Resorts
Steve Wynn Biography
Stephen Alan Weinberg, now known as Steve Wynn, was born in January of 1942 in New Haven, Connecticut. His father changed the family name a few months after Wynn was born to avoid anti-Semitism associated with their Jewish last name. Wynn grew up in Utica, New York and attended the University of Pennsylvania. His father died from heart complications when Wynn was 21, leaving the family with more than $350,000 in gaming debts associated with his bingo parlors. Wynn gave up a chance to attend Yale Law School to take over the family business and run the bingo parlors.
Wynn moved to Las Vegas, Nevada, in 1967 where he purchased a small stake in the Frontier Hotel and Casino. This was where Wynn met E. Parry Thomas, a successful banker who was willing to make loans to casinos. Thomas financed several of Wynn’s first land purchases. Wynn had invested in Cesar’s Palace and took some of his profits from that casino to purchase a controlling interest in the Golden Nugget Casino, one of the oldest casinos in Las Vegas. Wynn remodeled the casino and was met with tremendous success, attracting the rich and famous to downtown Las Vegas. He became the majority shareholder by 1973. Wynn built the Golden Nugget in Atlantic City in 1980 and sold it in 1987 for a cool $440 million. Wynn then designed and built The Mirage hotel and casino, which opened on the Las Vegas strip in late 1989. This resort was so successful that it set a new standard for Las Vegas resorts. In 1998, Wynn opened the even more luxurious Bellagio hotel and casino, a $1.6 billion resort. Mirage Resorts was sold to MGM Grand Inc. for $6.6 billion in June of 2000. Wynn had purchased the Desert Inn for $270 in just 18 weeks and with the profit from that deal, Wynn took Wynn Resorts Limited public in 2002.
Wynn became a billionaire in 2004. He now has a current net worth of $2.8 billion, which is down a bit from his high of $3.4 billion.