The Amazing Steve Wynn

I don’t think Steve Wynn (amazing Wikipedia bio) cares that much about the web other than ways to book rooms at his hotel and tickets for his shows. The web will never do his products justice.

After this weekend, my kids seem to be more impressed with Steve Wynn than Steve Jobs.

When I was in college he built The Mirage. Everyone stayed there, even white tigers. I loved being able to shoot ‘dice’ with Dennis Rodman on any given day. He was more dangerous than the tigers (for a while).

Steve one upped himself with The Bellagio. I still think this is his best work.

Steve sold The Bellagio to MGM and built ‘The Wynn’ and ‘Encore’ hotels. They are magnificent hotels/experiences.

He believed in China and went after Macau.

Steve does not just build great products, he creates shareholder value. The year 2008 was a nightmare for everyone, but if you bet on Steve Wynn you won and won big.

He is an under appreciated visionary and you have to own him on weakness. I am not a Vegas or gambling fan, but my kids had more fun in Vegas than Disneyland and never placed a bet. I did too (even though I placed some bets and lost).

Update – I don’t have the urge to own this unless there is extreme weakness because they don’t seem to have any pricing power in this market full of supply. We paid $150 night and had $100 in free food as well. The restaurants are ridiculously overpriced and too much competition for even their best food.

Disclosure – No Position.