When someone is worth over 3.6 billion dollars, that person is worth a second or even third look. This is especially true if you’re a budding entrepreneur and you want to know what he did to achieve so much success in such a short period of time. This billionaire is none other than American entrepreneur, Stephen A. Wynn who is the Chairman and CEO of Wynn Resorts. Based on 2012 figures, Stephen Wynn is the 491st richest man in the world.
Stephen started as a small businessman refurbishing Las Vegas hotels and resorts in the 1990s. It was during this time that hotels in Las Vegas were opening and closing like crazy. It is commonly referred to as the “cycle of death and rebirth.”
One of the guiding mantras of Stephen is found in a quote from him that states, “Keep it simple. Tell the truth. People can smell the truth.” He started small with a bingo operation in Maryland. His approach to business was to work hard, reinvest savings, and to never be afraid of change. At the same time, he did not believe in money as the be-all, end-all of happiness. To him happiness is found in people, not money. In this respect, he turned an old and run-down gambling hall into a resort hotel and casino for upscale clientele. Then, he hired the legendary Frank Sinatra to perform in his hotel as a headliner and this creativity drew in even more customers.
One could say that Stephen Wynn has an incredible eye for creativity, renovation and marketing. He was never interested into manufacturing and production. He did what most college graduates should be able to do – look at something and see its potential to be great. His first major project, The Mirage was a crazy and costly venture but it put Wynn on the map.
In 2000, he launched several successful brands and then sold the business to MGM Grand Inc in a landmark deal that doubled his net worth in 2004. Two years later, he expanded into China.
Forbes Magazine has dubbed Stephen Wynn as the Captain of Capitalism in 2007. He has won several awards like the 2009 Manfred Steinfied Humanitarian Award and 2008 to 2011 as the Best CEO in the All-America Executive Team Survey of the Institutional Investor. Two years ago, the company was listed as one of the fastest growing in the U.S. and just last year won the Best Place To Work award given by the Las Vegas Review Journal.
According to Wynn, a large chunk of his success is because he makes an effort to understand his customers and keep his employees satisfied. In return, he expects the best from his workers and loyalty from his customers. Not surprisingly, he hires the friendliest staff and people who are service-oriented. His customers are happy with the pampering and are willing to pay higher for the service.
It is Wynn’s people-oriented business philosophy that gets him the top customers and the ability to consistently fill up 3,000 room hotels day in and day out.
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