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What Downturn? Vegas Gets New $2.3B Resort

Mogul riding high while rivals, Vegas struggle

By Wesley Oliver, Newser Staff

Posted Dec 20, 2008 4:15 PM CST

(Newser) – Recession has dimmed the glittering lights of Las Vegas, but it hasn’t stopped hotel and casino mogul Steve Wynn, AFP reports. Wynn is preparing to open the lavish $2.3 billion resort Encore on Monday as Sin City weathers its worst economic meltdown in decades. “I don't owe a dime personally and the company's solid as a rock,” said Wynn, 66.

“We’re not at risk here. We’re very lucky.” Wynn’s company has lost about half of its stock value this year, but that's relatively strong: Competitors such as MGM Mirage have fumbled upwards of 80%. “Wynn has the best balance sheet of all the casino operators right now," said an analyst, noting that the mogul has been “more judicious and more cautious about development than his peers.”

[Images (5)]

[Videos (1)]

The opening of Steve Wynn's $2.3 billion hotel-casino, which has 2,000 rooms, debuts at a moment when Las Vegas is gripped in its worst downturn in decades. (AP Photo/Mike Groll)

"I don't owe a dime personally and the company's solid as a rock," said Steve Wynn, 66, chief executive and president of Wynn Resorts. (Getty Images)

An aerial view of the Encore Las Vegas under construction and the Wynn Las Vegas on November 6, 2008, in Las Vegas, Nevada. (Getty Images)

Exterior shot of the Tower Suites at Wynn Las Vegas. (PRNewsFoto)

"I don't owe a dime personally and the company's solid as a rock," said Steve Wynn, 66, chief executive and president of Wynn Resorts. (Getty Images)

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Steve Wynn talks about his new Las Vegas resort. (klastv)

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What Downturn? Vegas Gets New $2.3B Resort