Feature Story
It Is No Mirage
Written by Frank Rosenthal on December 04, 2001
One just has to fly over Las Vegas and take a quick glance. Out of the desert rises an oasis of surreal buildings. It appears to be a microcosm of the most wondrous cities and landmarks of the world. The matrix of structures before one's eyes was the vision and creation of one man - Steve Wynn.
This piece is not an attempt to analyze the moral character of the man, far more sanctimonious and righteous people than myself are best to cast judgment. My take on the peripatetic Steve Wynn, he solely is responsible for today's Las Vegas. In fact, Wynn is a metaphor for Las Vegas or perhaps Las Vegas is a metaphor for Wynn. He has influenced this gaming capital of the world as no one has influenced any other city in modern time.
One should not be too surprised at his accomplishments. He arrived in Las Vegas and began his career peddling wine and spirits until he landed at the doorsteps of a property-in-need located in downtown Las Vegas, called the Golden Nugget. 
In between stops, he credited himself by purchasing a strip of land adjacent to one of the most prominent hotels on the strip and within a short period of time, selling that hotel at a considerable profit. Wynn was a financed by a well-known banker, who also was one of the most prominent residents of Las Vegas. This individual became one of Wynn's first mentors as well as the first of several uncanny and brilliant real estate transactions he would be involved in over the next two decades.
Wynn seized control of the Golden Nugget, leaving his partners somewhat dumbfounded as well as financially well rewarded. This is a piece on vision, not ethics. He transformed the Golden Nugget into the "premier property" in the downtown Las Vegas area. Next, he set his sights on a new, emerging market - Atlantic City. Atlantic City was in an embryonic stage of gaming development, with renovated properties as centerpieces. He built the Atlantic City Golden Nugget, and set the standards for all present gamers and future enterprises in Atlantic City. Along the way from Las Vegas to Atlantic City, he met his second mentor of his gaming career, Mr. Michael Milken, yes of the junk-bond fame. Milken listened to and realized Wynn had vision, skill, and most of all, the ability to execute. Milken used his financial genius and provided the financing for Wynn in Atlantic City. Thus, a long-term relationship began with both titans' prosperous, as well as establishing a long-term bond.
Wynn refocused on Las Vegas after he sold the Golden Nugget in Atlantic City at a considerable profit. He left his indelible mark on Atlantic City. He stated he would not return because of the shackles imposed by the New Jersey regulators. However, this promise uncharacteristically was not kept, for a decade later he returned to purchase a key tract of land in Atlantic City a footnote which I will cover later in this piece.
Wynn's second venture in Las Vegas was the Mirage Hotel and Casino. This development is the grandfather or perhaps more properly termed, the explosion as in volcano - puns are abundant in my writing, which transformed Buggsy Segal's and Howard Hughes' visions of Las Vegas into Steve Wynn's creation. Thus, the title of Mr. Las Vegas and Mr. Gaming belonged exclusively to Steve Wynn.
The Mirage, 
which "is no Mirage," began the era in Las Vegas, which no other entertainment venue in history has ever experienced. Wynn stimulated the creative juices of every prominent and dominant gamer and gaming company. From the Mirage to Treasure Island, Wynn once again created the shot heard around Las Vegas; however, this shot was fired from the canon of one of the Pirate Ships which sails within the man-made lagoon in front of the Treasure Island. Within four city blocks one can experience the eruption of a volcano and the explosion of the canons in a mock sea battle, all the courtesy of Steve Wynn. His finale in Las Vegas, at least under the banner of the Mirage Corporation, was the Bellagio. This 1.8 billion dollar complex defies all critics and pundits of Wynn. The attention to detail, the craftsmanship, the shops, casino, common areas, and every single aspect of the Bellagio is magnificent. The complex is a treasure trove of gardens, art and culinary delights. It is the ultimate tribute to Wynn and his legacy.
Steve Wynn never met a critic he liked or an employee who would not become subservient to his overpowering personality. He decided to renew Atlantic City and acquired property within the marina area - a proposed billion-dollar development. His conquest of riverboat gaming led to the development of the Beau Rivage Hotel/Casino in Biloxi, Mississippi. This development, in addition to his monumental debt service as well as his penchant for extravaganza, opened the door for one Mr. Kirk Kerkorian. Kirk Kerkorian of the MGM fame as well as a top entry on the Forbes 400 also has a penchant. His penchant, however, is for corporate opportunities. 
Kirk has been demonstrating his genius for quickly striking with his financial prowess upon corporations, which are undervalued and laden with assets. Along comes the Mirage Corporation, once the darling of Wall Street banking specialists; notwithstanding, Steve alienated the institutions of the Street. His personality and his corporate earnings caused a free-fall with Mirage stock. Kirk seized the moment and makes a tender offer and the rest is history. The premier corporation in Las Vegas is now called MGM-Mirage, and Steve Wynn left with $400 million and eyes now set on the Desert Inn property.
Was the takeover the demise of Wynn, undoubtedly not! He is planning a multi-billion dollar complex on the Desert Inn property he purchased for $250 million. He lost his corporation to Kirk, but not his ambition.
The final chapter about Steve Wynn and his influence on gaming has not been written. This piece was an attempt to give the reader an insight into the man named Wynn. I have been called a genius and the consummate operator within the gaming industry by my many of my peers, Steve Wynn, included. I am not here to further comment on my accolades or the perception of my peers. However, I do know who are the top guns in this industry, and Steve Wynn not only heads the list - he's distanced himself from the field to a point whereby, it's a clear-cut walkover!
That's the reality. Happy Holiday's...
Good Luck, Frank Rosenthal