Tag Archives: Elaine Wynn

Steve Wynn’s Fling is Kaput

Billionaire Las Vegas and Macau hotel and casino mogul Steve Wynn, 68, and his British girlfriend, Andrea Hissom, right, 46, have split, according to multiple sources. 

Their parting comes a little more than a year after their romance, which bloomed on the French Riviera, became public. 

Wynn and former wife Elaine were divorced Jan. 5, and she received a settlement that Steve Wynn, who became a billionaire in 2004, confirmed was one of the largest in U.S. history. 

There was a recent spat, and Hissom, the mother of two teenage sons, has apparently returned to London, sources said. 

Wynn and Hissom lived in a luxiorious villa on the Wynn Las Vegas property, a long walk from the villa occupied by Elaine Wynn. 

In a recent interview that appeared in Sunday’s South China Morning Post, Steve Wynn acknowledged that the two women have not met. “Elaine does not want to meet Andrea,” he told the newspaper and saying he and Elaine had split a year before he met Hissom. 

During the interview, it was clear he was still smitten with Hissom.  “I get to go to bed at night with this lady who is sweet and perfect,” he says. “She’s 46 but looks 18. She is genetically lucky. I grew up with Elaine.” 

Elaine told the newspaper, “I am mourning the loss of the dream as much as the man, but I do not feel like a victim in any way.”

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Steve & Elaine Wynn Plan Amicable- & Most Expensive Divorce in History

Steve and Elaine Wynn, in a joint statement released yesterday, after eight months of hammering out some of the details, the couple announced they have reached “an amicable settlement” agreement in the split of their estimated $2 billion gambling empire– giving it the distinction of one of  the most expensive divorces on record. 

According to the statement, the terms and conditions of the settlement are confidential.   

Their divorce is expected to be finalized the first part of 2010. 

It also appears to be business as usual after the divorce is final.  Elaine Wynn will continue her role as director and board member of Wynn Resorts, Ltd., emphasizing community outreach and charitable contribution projects, working together with ex-hubby Steve Wynn.   

Their divorce papers were filed March 5 and sealed the same day, keeping secret such details as who filed. 

There has been speculation that the divorce settlement could eclipse the $1.7 billion worth of assets media mogul Rupert Murdoch agreed to give wife Anna in their 1999 divorce. That deal included her receiving a reported $110 million in cash. 

The Wynns were married in 1963, divorced in 1986, and re-married again in 1991— all the while acquiring their current financial fortune. 

The Wynns split after the hotel developer’s romance with a British divorcee, Andrea Hissom, went public this year. They met in 2008 on the Riviera, where he has a luxury yacht. 

Steve Wynn, who turns 68 Jan. 27, and Hissom were seen yesterday at the “Regis & Kelly Live” TV taping at the Encore Theater at Wynn Las Vegas. 

The Wynns are now living in separate villas at Wynn Las Vegas on the Strip. 

In his divorce complaint, Wynn said that because of the couple’s wealth of community property, neither party should be awarded alimony or other financial support. 

But under Nevada law, community property is supposed to be split in half, which means each is entitled to half of the couple’s lucrative Wynn Resorts stock. Exactly how the stock is being divided, however, remains to be seen. 

Steve and Elaine Wynn reportedly each own more than 24 million shares in Wynn Resorts. Wynn Resort stocks have been hovering between $60 and $70 a share. 

Nevada gaming regulators have been watching the divorce proceedings because Elaine Wynn may have to come forward for licensing if she ends up owning 10 percent of Wynn Resorts stock. It depends on how her ownership share is structured.

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Las Vegas Billionaires Cry in their Dom Pérignon

The annual Forbes 400 list of the richest Americans for 2009 was released this week.  With deep sadness and regret Las Vegas Backstage Access reports that most Las Vegas gaming luminaries have taken multibillion-dollar net worth shellackings. billionaires

Most blamed their financial woes largely on the stock market’s collapse in 2008 and early 2009. 

Las Vegas Sands Corp. founder, chairman and chief executive officer Sheldon Adelson, 76, was the highest-ranking Nevada resident on the list, coming in at No. 26 with a net worth of $9 billion. 

But even that is chump change in comparison to Microsoft Corp. founder Bill Gates who tops the Forbes list with a net worth of $50 billion, followed by financier Warren Buffett, who comes in at No. 2 with $40 billion. 

By comparison, Adelson began 2008 as the third-richest person, but Forbes refigured its list later in the year and Adelson fell to 15th with a net worth of $15 billion. In March, when Forbes released its top billionaire list, Adelson was listed with a net worth of $3.4 billion. 

Las Vegas Sands avoided filing bankruptcy nearly a year ago when Adelson invested $1 billion of his own money into the company to make a debt payment. 

Kirk Kerkorian, the 92-year-old Los Angeles billionaire who owns about 43 percent of MGM Mirage, took the largest tumble of all gaming executives on the list, falling from 27th in 2008 with $11.2 billion, to 97th in 2009 with a net worth of $3 billion. 

MGM Mirage’s declining stock since the end of 2007 reduced the value of Kerkorian’s holdings in the company from $11 billion down to $1.5 billion. Other Kerkorian investments in the oil and automotive industries also suffered throughout the year. 

Wynn Resorts Ltd. Chairman Steve Wynn fell from 118th with $3.4 billion to 141st with $2.3 billion. “Tough year for the king of Las Vegas,” Forbes reported. 

The biggest Las Vegas challenge, according to the magazine, was opening the $2.3 billion Encore last December in the middle of the recession.  

Meanwhile, Wynn cashed out more than $100 million in shares of Wynn Resorts that will be used as part of his upcoming divorce settlement with his wife, Elaine. 

Other Las Vegas gaming industry executives making the list included former Stratosphere owner Carl Icahn, who recently became majority shareholder of Tropicana Entertainment. Icahn was 22nd with $10.5 billion in net worth. 

New York billionaire Donald Trump, who owns the Trump International Las Vegas and 30 percent of the company that controls three Atlantic City casinos, was 158th on the list with $2 billion in net worth. 

Other Las Vegans include Treasure Island owner Phil Ruffin, No. 193 with $1.85 billion, and Silverton owner Ed Roski Jr., No. 236 with $1.5 billion, rounded out the list of gaming executives. 

Hilton Hotels scion Barron Hilton, who earned $800 million when the company was sold to Blackstone in 2007 and $300 million from the sale of Harrah’s Entertainment in 2008, is tied with Wynn for 141st on the list with $2.3 billion. 

Curiously, Las Vegas partier and socialite extraordinaire Paris Hilton, and even her pet monkey were left off the list. 

The only other Nevadan listed on the Forbes 400 is Henderson resident Nancy Walton Laurie, daughter of Wal-Mart founder Sam Walton. She was listed in 118th place with $2.6 billion. 

Three members of Mars family, whose family’s company owns the Las Vegas-based Ethel M Chocolate family, tied for 19th place on the list, each with $11 million in net worth. 

Now, a brief moment of silence for all the Las Vegas  billionaires who have lived gold-gilded lives and lost but a smidgeon of their fortunes– and for the majority masses who can’t even count to a billion, or even write it.

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What’s Up with Steve Wynn and Encore in Las Vegas?

There is much controversy swirling around a supposed new nightclub and beach at Encore in Las Vegas, the newest signature resort in the Wynn collection, which opened  on December 22, 2008. 

Many are saying the nightclub has been named Switch Beach and the club’s monicker will be Wet Kiss.  

Plus, as Steve Wynn and his wife Elaine are going through the steps of their costly divorce, recently selling stock to plan for the eventuality as reported by Las Vegas Backstage Access, Steve now has reportedly purchased another luxury yacht.

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Steve and Elaine Wynn Plan for Divorce, Sell $114 Million in Stock

Las Vegas casinos have been slammed hard by the recession, but Wynn Resorts shares have more than tripled from a March low. Now, Steve and Elaine Wynn have cashed in some of that jackpot with a whopping $114 million stock sale to raise cash ahead of their impending divorce. 

The couple sold two million shares of the company’s common stock on Aug. 14 at an average price of $57 per share. Steve Wynn is Wynn Resorts’ chairman and chief executive officer and Elaine Wynn is a director of the company. The Wynns, who now hold 46.7 million shares directly and through an interest in Aruze USA, have cut their stake in the company to 37.9% from 39.6% with the sale. 

The divorce would be the couple’s second. They divorced in 1986, but never separated and remarried in 1991. 

Wynn Resorts operates Wynn Las Vegas and Encore hotels and casinos on the Las Vegas strip and another resort and casino in Macau. All properties suffered when the recession hit and corporations and individuals curtailed luxury spending. 

The company’s stock price traded for as little as $14.50 in early March, but that was an inflection point. Wynn Resorts closed at $54.85 recently. 

For the year-to-date, Wynn Resorts shares are up 30%. Competitors Las Vegas Sands and MGM Mirage haven’t fared as well, gaining 18% and falling 39%, respectively. 

In July, Wynn Resorts surprised Wall Street by reporting a second-quarter profit, aided by aggressive cost cutting. 

Lon Juricic, president of StreetInsider.com, says the divorce situation means investors shouldn’t read too much into the sale.

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Death of Las Vegas Entertainer Danny Gans Remains a Mystery

Still no answer is forthcoming on the reasons for the death of Las Vegas iconic entertainer Danny Gans, who died suddenly and unexpectedly at the age of 52 in his Henderson, Nevada home on May 1. 

Although “all the initial information is in,” says Clark County Cororner Michael Murphy, referring to toxicology reports submitted to medical examiners, “it’s not available for release, and we’re still poring over the information.” He added that they have “gathered what we believe is all the critical information, and we anticipate an answer within the next couple of weeks,” but said it could take longer. 

Murphy declined to speculate about possible findings.  Gans’ family members have said he was on medication to control high blood pressure, but otherwise had no health issues as far as they knew. 

According to Chip Lightman, Gans’ manager, the night before Gans died, the entertainer slept poorly. 

A memorial service for Gans was held May 21 at the Wynn Encore, where Gans had performed.  Those in attendance included his wife and his three children, Amy, Andrew and Emily, and Donny and Marie Osmond, Steve and Elaine Wynn, Clint Holmes, Rita Rudner, Criss Angel, Carrot Top, George Wallace, and former Nevada Governor Bob Miller.

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Steve Wynn Rumblings

It’s never a dull moment in Steve Wynn’s life.   Looking to replace Mirage headliner Danny Gans, who tragically died, supposedly Wynn has been talking to semi-retired country music sensation Garth Brooks to take the reins.  The Brooks camp is playing down the supposed rumblings, even denying the offer exists. 

But there have been rumblings as well that Wynn has had conversations with Las Vegas Hilton headliner Barry Manilow, whose contract expires at the end of this year. 

But one thing is for certain:  Sightings of Steve Wynn’s British girlfriend Andrea Hissom have ramped up this month at Wynn Las Vegas and Encore, amid rumors that she’s in the process of moving to Las Vegas after an amicableAndrea Hissom agreement was reached between Steve and Elaine Wynn, who are divorcing.

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