Tag Archives: Wynn Resorts

Wynn Resorts in Las Vegas Planning Series of Beyonce Concerts?

It is rumored in media circles that Steve Wynn is presently exploring the possibilities of arranging a string of concerts by popular American Rhythm and Blues (R&B) singer and song writer Beyonce Knowles.  It is further speculated from sources that the agreement amount with Beyonce will be in the tune of $750,000. The number of concerts and durations are not yet decided. 

Wynn Resorts spokesperson Jennifer Dunne reportedly said that the deal is yet to be finalized and contract has not been signed. The association between Beyonce and Wynn Casino started few months back when this year during July 30 and Aug. 2 the singer visited the casino for recording a DVD for her concert. It is said that during her shoots both Wynn and its sister resort Encore saw a huge fan following and increase in number of guests. Soon after this the singer has been spotted too often in the casino.

It is said that Beyonce will be following the footsteps of famous Canadian singer Céline Dion who signed a contract with Caesars Palace casino of Las Vegas few years back. In this she performed in 717 concerts within 5 years and earned a reported $400 million. 

The casino also experienced a huge surge in its popularity and earning during the concerts. It has been observed that fans from faraway places come to watch their favorite singers perform in Las Vegas casinos.

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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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Hey, Steve Wynn, can you spare a dime?

As most everyone, casino mogul Steve Wynn has gone through some cash woes this year, what with his impending divorce and bad stock performance.  But things are apparently looking up for Stevie… 

Last week Wynn Resorts, Ltd. announced it will pay its shareholders a $4-per-share dividend on Dec. 3, which will earn Steve Wynn, the casino operator’s founder and largest shareholder, a payment of at least $88.6 million- that’s M-I-L-L-I-O-N. 

Yep, the company’s board of directors authorized the special one-time $4 payment for shareholders of record as of Nov. 19.

According to filings with the Securities and Exchange Commission, Wynn, the chairman and chief executive officer, holds more than 22.15 million of the company’s 123.11 million outstanding shares. 

The company, which operates Wynn Las Vegas, Encore, Wynn Macau, is building the $650 million Encore at Wynn Macau, and announced it was starting a regular cash dividend program next year.  It expects to pay 20 cents per share dividend in the first quarter. 

The one-time $4 payment will reportedly cost Wynn Resorts more than $492 million. 

The rich get richer.

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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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Dine Way, Way Up in the Las Vegas Sky- No Walls!

Las Vegas always loves hosting the unique, out of the ordinary experiences – even crazy stuff – for our visitors and Las Vegans like.  Now Las Vegas fun doesn’t have to stop before dinner, but can continue all the way through it- way, way up in the sky! DinnerInTheSky

An unforgettable dining experience is being offered by Dinner in the Sky at 2800 West Sahara Ave. in Las Vegas, where 22 dinner guests dine suspended over 160-180 feet in the Las Vegas air!  The guests sit comfortably at a Sky Table, dining on fine food prepared by Sky Chefs while enjoying spectacular views of the Las Vegas valley and skyline. 

Twenty-two Formula One race car style seats with five-point harnesses are affixed to the perimeter of a 17-foot-by-30-foot platform. Diners take their seats and a “Sky Chef” and three “Sky Waiters,” who assist in the final food preparation and serving of dishes such as “Sky-High Chicken” or “Over-the-Top Filet,” stand in the middle of the platform. 

Chefs prepare and serve the food in the air. Diners have no floor beneath them, though they do have foot rests. Diners can also turn their seats 180 degrees. 

The five-star dining experience happens by the use of a 250-ton, hydraulic, telescoping crane that reaches up to 183 feet into the air, smooth as riding on an elevator. The platform and seats weigh seven tons, are held by eight cables and need a really strong wind to make it scarier than exhilarating– the entire apparatus is rated to be safe in winds up to 35 mph. 

Dinner in the Sky, open from 3 p.m to midnight six nights a week, costs from $200 to $500 per person. It is costlier if, for instance, diners wanted to take their “flight” — term for going for a sky-high dinner — during sunset. 

Each dinner guest is always treated to extra special VIP treatment.  They offer pick up and drop off at your hotel, a red carpet reception, complimentary photography and access to the Sky Lounge, a fun and festive place to party down or just relax before and after your flight. 

The lofty dining idea was first conceived in Belgium, but now has spread to Canada, China, and more than a dozen other countries around the world.  

Las Vegas was the first and still is – for now – the only place in the U.S. to experience the unique dining experience.

Now the high-hanging gastronomical business wants to expand and open a new Las Vegas location smack dab on the Las Vegas Strip in the burned-out remains of the Trump building sales office across the street from the Wynn properties, just north of Fashion Show Mall.  

Obviously, his neighbor, casino mogul Steve Wynn is not at all hep into the idea, thinking it will draw people away from his current Wynn and Encore Las Vegas establishments. 

Terry Murphy, who spoke on behalf of Wynn Resorts at the July 21 Planning Commission meeting, said “this is just not acceptable in terms of what the Wynn is asking for in their neighborhood.” Wynn Resorts complained that Dinner in the Sky is a “carnival-like attraction.” 

The owner of Dinner in the Sky chuckled at the “carnival” characterization. 

This Wednesday, August 19 the Clark County Commission will review the proposal. 

The owner says that if he can move to the Strip, he expects the number of Dinner in the Sky employees to increase from 15 now to about 80 by the end of the year.

He also says Steve Wynn will be pleasantly surprised once he sees it up and running. 

“We’ll have patrons who will pay $200 to $500 per person, and those are the kind of people you’d think he would want to visit his hotel across the street,” he said.

For more information or reservations, please call 702.257.7303 or 1-877-4SKYDINE or visit http://www.dinnerintheskylv.com/

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Wynn Resorts Slashes Worker Pay

Wynn Resorts Ltd. said it plans to save up to $100 million annually by cutting pay of all salaried workers in Las Vegas, eliminating retirement account contributions and bonuses for 2009, and reducing hours for hourly employees

Chief executive officer Steve Wynn said on Tuesday that the changes would affect employees of the Wynn Las Vegas and Encore casino-resorts on the Las Vegas Strip. Wynn says the goal of the cost reductions is to run the casinos more efficiently and protect the jobs of its employees.

The Las Vegas-based company opened the 2,034-room, $2.3 billion Encore in December. Wynn says the cuts in Las Vegas do not affect the company’s Macau casino in China.

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