Wynn Resorts

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Wynn Resorts Ltd. is an American public company based in Las Vegas Strip, Nevada which is a developer and operator of upscale hotels and casinos. The company was founded in 2002 by former CEO and CEO of Mirage Resorts Steve Wynn, and is now run by CEO Matthew Maddox. By 2018, the company has developed five properties and built sixth.

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Histori

In 2000, Steve Wynn agreed to sell Mirage Resorts to the MGM Grand, having led Mirage and his predecessors since 1973. Wynn laid the foundation for the next venture in the same year, purchasing the Desert Inn for $ 270 million.

Wynn found an early partner in Japanese billionaire Kazuo Okada from Universal Entertainment Corporation. Wynn, along with a subsidiary of Universal Aruze USA, controls nearly half of the shares, making it much harder for outside investors to exercise control, as they did at Mirage in response to Wynn's productive spending.

Wynn hired investment banker Ronald Kramer as president and director in 2002 to help bring the company public and oversee its expansion.

Wynn Resorts made its inaugural offer on NASDAQ on October 25, 2002.

The company's first project, Wynn Las Vegas, opened on April 28, 2005.

Wynn Macau, the project of these two companies began construction on June 28, 2004. It opened September 5, 2006 and is now the largest grossing casino in the region.

Encore, an extension to Wynn Las Vegas, broke out on April 28, 2006, the first anniversary of the opening of Wynn Las Vegas.

Encore at Wynn Macau, the company's second project in Macau Peninsula, Macao, People's Republic of China, opened on 21 April 2010. The second resort in Macau, Wynn Palace on the Cotai Strip, opened August 22, 2016.

Wynn bought 52 hectares (21Ãƒ, ha) of the Cotai Strip in Macau where he hopes to make a breakthrough in 2012 for Wynn Cotai for the opening of 2013 or early 2014.

The company considered opening the casino as part of the development of the Entertainment City in the Philippines, but decided against it because of corruption in the gaming industry in the country. Okada decided to continue the project itself, which led to the outbreak of his partnership with Wynn.

The dispute became public with reciprocal allegations of corrupt practices. Wynn and his allies accuse Okada of bribing the Philippine game regulator with a profit of over $ 110,000, including a free night in a luxury suite at Wynn Las Vegas, while Okada claims that Wynn Resorts' $ 135 million Wynn Resorts record to Macau University is a bribe. Okada resigned as vice chairman in October 2011, and the following February, after a Freeh Group company's investigation confirmed the allegations against him, the board of directors forced Aruze USA to resell his shares at a discount of nearly 30%. Aruze has become the company's largest shareholder, with a 19.7% stake.

On September 17, 2014, the Massachusetts Games Commission decided to approve Wynn Resorts proposing a $ 1.6 billion casino to be housed in Everett, Massachusetts on the Mystic River, just north of Boston. The project will be known as Wynn Boston Harbor and is scheduled to open in 2019.

On February 6, 2018, Steve Wynn resigned as CEO of the company amidst sexual allegations and was replaced by Matthew Maddox.

In the midst of a sexual harassment lawsuit involving directors, Maddox announces the planned departure of two board members, Ray Irani and Alvin Shoemaker, on March 7, 2018. The departure of Irani and Shoemaker is to convince investors that the corporate culture has changed.

Maps Wynn Resorts

Economic performance

Encore in Las Vegas opened shortly after the start of the Great Recession. Although an additional casino in Encore (which adds 97 tables and 857 slot machines to 190 tables and 2000 original slots), net casino revenue for the combined resort was initially lower. Similarly, in the first quarter of 2009, net income from Macau operations declined. After the global economic recovery, Wynn's property performance also recovered. Wynn remains the only game operator that does not do mass layoffs during a recession. In 2017 CNBC reported that Wynn shares rose 44% for the year and Wynn's operations in Macau were the leading resorts in the US.