Steve Wynn has certainly had his fair share of publicity in the past years

In this newsletter, I am going to focus on the business career of Steve Wynn

There is a tremendous amount of knowledge we can learn from the man who single handedly changed the trajectory of the Las Vegas we know today

This 1 Lesson Made Steve Wynn a Billionaire: The Strongest Force In The World Is Something That Affects Your Self Esteem

Bellman says to bell captain:

A couple checked in, an elderly couple

I asked the couple to check if all their bags were there

The woman let out a screech: oh my gosh, I left the insulin at home!

The bellman calmly says: It’s okay ma’am, where do you live

The woman: Los Angeles

Bellman: Don’t worry, I will have it here tomorrow morning

As the story goes, the Bellman called his brother, who was living in Los Angeles

He showed up to the couples house for the insulin and met halfway between LA and Las Vegas

The Bellman returned with the insulin early the next morning

But here’s where it gets good….

The next day, the Bellman proudly re-told this story in front of all the other employees

The manager had his picture printed and the story published on their internal server

He became a star

And now every other employee was looking for a story of their own

This internal story telling process enables what Steve Wynn says “the strongest force in the world is something that affects your self esteem”

For the full story right from Steve Wynn’s mouth:

Lesson 2: The Development Makes The Location, Not The other Way Around

In the world of real estate development, it is the vision and execution of the project that ultimately shapes and defines the location

Rather than the location itself dictating the success of the development

Lesson 3: Never Risk The Farm

Never jeopardize everything you have for the sake of a single opportunity or decision

Lesson 4: Don’t Fly Without a Net

Have a backup plan or safety net in place before taking risks or embarking on new ventures

Lesson 5: CEO Drives Culture, Employees Drive Experience

Wynn believes the CEO plays a pivotal role in shaping the overall culture

While the employees hold the power to drive the day-to-day experience for both customers and fellow colleagues

Lesson 6: The Workforce is the Asset

In hospitality, it has become increasingly clear that the workforce itself is the most valuable asset a company possesses

Their skills, knowledge, and dedication drive customer experience, which ensures (or kills) ultimate long-term success

Lesson 7: Personal Connection is the Ultimate Way to Create Guest Experience

By fostering genuine connections with guests, you can create a memorable and tailored experience that exceeds their expectations and leaves a lasting positive impression

Remember the insulin story? I bet that couple returns to the Wynn each time they travel to Las Vegas

Lesson 8: When People Feel Good About Where They Work, It All Changes

When individuals experience a genuine sense of satisfaction and contentment in their workplace, it has a transformative effect on every aspect of the work environment

Lesson 9: If You Want to Make Money in a Casino, Own One

Don’t play games you don’t have a good chance at winning

Lesson 10: You Can’t Get There Alone

True success and fulfillment are often achieved through collaboration, support, and the recognition that our journey is intertwined with the efforts of others:

• Parry Thomas

• Michael Milken

• Roger Thomas

• Frank Sinatra

All people of considerable wealth and/or power who helped Steve Wynn in his career

That's all for today friends

Have a great day and talk soon,

Jake

Further Material on Steve Wynn:

• The Cantankerous Mr. Wynn

• Flamboyant Casino Magnate Learned His Lessons Young

• Steve Wynn Discusses His Journey Into Las Vegas