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Amateurs Play the Game. Billionaires Own It.
Methods of Prosperity newsletter no. 119: Steve Wynn
Sean Allen Fenn
September 25, 2025
The Only Way to Win in a Casino is to Own One.”
Most casino operators focus on maximizing immediate gaming revenue.
Not Steve Wynn. He invested heavily in non-gaming amenities that many considered unprofitable.
“I don't give a damn about the short-term market implications. This is not a company that gives a damn about short-term markets.”
Steve Wynn is a prominent American businessman and former casino resort developer who played a major role in the modern development of Las Vegas.
Wynn built his fortune through luxury casino and hotel developments. Such as The Mirage, Bellagio, Wynn Las Vegas, Encore, and properties in Macau and Boston. He owns global real estate in Beverly Hills, Las Vegas, New York, Florida, and Idaho. Individual properties listed for $75 million or more. Wynn collects fine art, including multi-million-dollar masterpieces by Picasso, Rembrandt, Monet, and Koons. Additional high-value holdings include the $215 million yacht Aquarius. As well as a Gulfstream G650 private jet. Wynn is one of Nevada’s wealthiest individuals. He’s ranked among the world’s billionaires. His sources of wealth remain casinos, hotels, luxury real estate, and world-class art.
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Competitors focused on attracting mass market customers. Wynn targeted “rich folks.” He built a business model around emotional loyalty rather than traditional rewards programs.
“We're dealing with, well, for lack of a better term, rich folks.”
What do most commercial real estate people rely on? Location, location, location. They want prime real estate.
Wynn understood that “the product makes the location.” He believed in creating extraordinary experiences. That’s what would draw customers regardless of location.
“Fish tanks, tropical gardens, art galleries, dancing fountains, tigers, dolphins.”
Investing in elements like that? It had no direct investment value except to generate emotional responses.
Traditional management is top-down. Wynn created a culture. Thousands of employees sought opportunities to create memorable customer experiences.
As he explained:
“I create the culture and my employees are driving the culture... I have thousands of employees who are going out of their way to find a customer service story.”
Steve Wynn gained financial freedom by inverting the traditional casino business model. Most entrepreneurs in the casino industry focused on maximizing gaming floor square footage. They want to attract high-volume, mass-market customers. They want to minimize costs on non-revenue generating amenities. They focus on short-term profit maximization.
Wynn did the opposite. He invested heavily in luxury amenities and experiences. He targeted affluent customers willing to pay premium prices. He created emotional connections that generated unbreakable customer loyalty. He took a long-term view. He would spend years developing properties with features that seemed “unprofitable”.
His genius was understanding that “casino gambling is colorful and dramatic and theatrical.” His properties aren’t only places to gamble. He treated his properties as destinations for “life-enhancing experiences.” This was psychological insight into human desires for luxury, escapism, and self-actualization. It allowed him to build an empire worth billions. He went beyond providing customers with services. He made them feel something.
Steve Wynn’s estimated net worth is between $3.7 billion and $3.9 billion as of September 2025. His net worth has fluctuated over the past year. It remains in the multi-billion range. This is comes from his casino, resort, and art holdings.
I like you,
– Sean Allen Fenn
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