MUST SEE Steve Wynn reveals his Las history & Business Secrets
If you have an interest in Las Vegas or business in general, this 2 part interview with Steve Wynn is a must-see. It’s his personal history, and his involvement in creating the evolution of the Las Vegas of today.
In this first segment Steve finally takes responsibility for his actions. In the past, his interviews with freelance journalist and mutual friend Steve Friess, he would often deny this. It has been both mine and my husband’s belief that Steve Wynn did cause the reinvention of Las Vegas, beginning with the Mirage. His results have saved it from near extinction, a fate now being experienced in Atlantic City. As my husband puts it, he created ‘a Cruise Ship in the desert’, where once you ‘board’ his property you have all the service and amenities to meet any need or desire.
Photo Courtesy Wynn Las Vegas - CC BY-SA 3.0
While many claimed he would fail with the Mirage, the first casino built in 15 years and amid a downturn, the Las Vegas construction boom that followed his success was an attempt to mimic his vision. Thousands of jobs were created directly and indirectly, and the local economic growth from then on has all been a result of his reinventing Las Vegas. I only have to look out from my patio to see what Steve both created and inspired, a view that would have been much different before the Mirage, and likely not anywhere near the same, or at all, without it.
Click for Larger Image
I’d also add that while Steve refers to the chain of events that led him to Las Vegas as luck, I have a different perspective. Even in his 20’s, he had the ability to impress and develop relationships with numerous wealthy investors, and celebrities like Frank Sinatra and the Rat Pack, and many more. It’s an innate skill he’s carried throughout his years, and what generated the luck that followed. That can be seen throughout his early Las Vegas days with his legacy of the Golden Nugget, that remains a top downtown property to this day.
In this next video, Steve discusses entrepreneurship. In all businesses you face risk and mistakes. Entrepreneurs are often associated with those ‘shoot from the hip’ types who often fail or reemerge from bankruptcy, often multiple times. They work on over-leveraging and a lot of hype and hope. Steve explains the difference in his educated style of limiting risks and mistakes by proper planning. Part of that is having a cushion, what he calls a safety net, to provide for the inevitable cycles of business. Some days you operate in the black, others in the red, but paying employees, utilities, debt service and the like, remain a constant. This is notable advice for any business, large or small, and Steve explains it well.
Part 2 of the interview also reveals Steve’s passions. The passion for creating, and the passion for his people. He knows that it would be impossible for him to create the experience he wants to provide to his customers without his employees also reflecting that level of service. As he has grown from a slot manager to a multinational luxury hotelier, conveying that culture to his staff has also been a major part of the secret to his success.
Find out all of this and so much more from Steve Wynn in this WSJ Live, Hoover Institution interview by Peter Robinson of Uncommon Knowledge.
Roberta LaRocca REALTOR® - Las Vegas Broker / Salesperson