Drama for Wynn Casinos

Wynn Casino wikimedia public domain

Steve Wynn has an incredible knack for creating the ultimate high roller experience. Sure, some also blame him for the corporate culture that invaded Las Vegas with the introduction of the Mirage. I guess those people liked it better when the mob ran Vegas. Regardless of that, Wynn was the main guy that brought Vegas out of the tacky 1970s into the ultra luxury era. After the Mirage can Bellagio, which elevated the standard even further. After cashing out, then he decided to put his name on the building. The Wynn casino wasn’t that much of a leap beyond Bellagio, but it did plant itself as one of the premiere luxury spots on the Strip. If you’re a group of guys or high rollers ready to have a great time in Vegas, then you can’t go wrong at the Wynn.

But now Steve Wynn the person is back in the news, as his ex-wife is threatening his casino empire. BusinessWeek explains that “Elaine Wynn has asked a federal court for permission to sell the Wynn Resorts (WYNN) shares she was awarded in the couple’s 2009 divorce.” This is a problem as she’s a swing shareholder of the company. Even if she just sells half of her 9.6 percent stake, such a transaction could possibly trigger a series of events that would threaten Steve’s sway over his company according to the article.

It’s funny how little things like a divorce, even a $750 million divorce, can have such a potential impact on a place like Las Vegas. Not that any of us really care. There are so many places in Vegas to gamble, and of course there are now casinos all over the country, and anyone can find awesome places to play online as well like Betfair Casino.

Frankly, I wouldn’t be surprised if Wynn decided to start all over again. Now with Aria and Cosmopolitan, his Wynn casino is now longer the newest luxury hot spot on the Strip. The guy seems obsessed with setting new standards, so maybe all of this drama will lead him to create something new again. That said, the odds may be against that course of action. Vegas is so saturated right now with high end hotels, and the days of the whale from Asia seem to be gone with overseas competition. Still, we love new hotels, so who cares if it’s a financial success for Wynn. He can afford it, even after his $750 million divorce!

  

Real estate opportunities in Las Vegas for high rollers

High rollers who visit Las Vegas have it pretty good at the casinos. They get huge suites and tons of comps, and casino hosts cater to their every need. For that reason, it would be crazy for most high rollers to consider buying real estate in Las Vegas.

That said, the carnage in the Las Vegas real estate market is now starting to hit expensive homes as well.

In Las Vegas, which has the highest foreclosure rate among large U.S. cities, the wave of defaults that began with subprime borrowers and the unemployed has spread to upscale homeowners who see no point in staying, even if they can afford to. “You feel like a sucker if you’re paying a $5 million mortgage on a house that’s worth $2 million,” says broker Zar Zanganeh.

In the first quarter, 30 homes in Clark County, which encompasses the Las Vegas Strip and surrounding residential areas, with mortgages exceeding $1 million were repossessed by banks or bought by third parties in foreclosure sales. That’s up from 20 homes a year earlier, according to ForeclosureRadar, a company that tracks defaults. Short sales, in which the bank agrees to accept less than the loan balance, and bank-owned properties accounted for about three-quarters of all home sales in the period, according to the Greater Las Vegas Association of Realtors.

For some high rollers, having huge home in Vegas can have additional perks. You can stay in the city for a long time and get away from the casinos when you need a break. You can also have a spot for some serious parties with all the sugar babies you meet in the casinos! So if you have the resources, it might be time to take advantage of the incredible deals in Las Vegas and pick up a party house.

  

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