Steve Wynn’s China Investments Include Casinos in Macau
Steve Wynn, a Vegas casino mogul worth over $3 billion, is being sued by the Department of Justice to force him to register as a foreign agent. What are Wynn's Chinese investments?
May 18 2022, Published 11:53 a.m. ET
Steve Wynn of Wynn Resorts speaking at the American Gaming Association event in 2014.
As a former casino owner, Steve Wynn became one of the nation’s wealthiest people through his luxury hotel and resort business in Las Vegas. Wynn made big investments in the casino and resort industry in Vegas and beyond, including elegant resorts in Macau, a special administrative region of China. What have Wynn’s China investments brought him?
Wynn was responsible for the construction and development of major and recognizable Las Vegas resorts and casinos such as The Mirage and the Bellagio. The 80-year-old casino mogul has amassed an approximate $3.3 billion fortune, according to the latest estimates from Forbes.
Wynn Las Vegas, one of Wynn Resorts' properties.
The Department of Justice has asked Wynn to register as a foreign agent.
The U.S. Department of Justice has repeatedly asked Wynn to register as a foreign agent. The requests were due to alleged lobbies by Wynn to former President Trump on behalf of the Chinese government. On May 17, the Department of Justice sued Wynn for failure to comply with the multiple requests, The New York Times reported.
The Department of Justice requested that Wynn register his activities under the FARA (Foreign Agents Registration Act) in 2018, 2021, and 2022. The department alleges that Wynn was working as an agent on behalf of the People’s Republic of China (PRC) and Sun Lijun, a former PRC official.
Matthew G. Olsen, an assistant attorney general in national security for the Department of Justice, said, “Where a foreign government uses an American as its agent to influence policy decisions in the United States, FARA gives the American people a right to know.” He also said this was the first time the Department of Justice filed an affirmative civil lawsuit under FARA in over three decades.
Wynn told the NYT that he hadn't registered under FARA because he disagreed with the allegations that he had served as a foreign agent.
The Department of Justice alleges that Wynn delivered the message to Trump in 2017 indicating a desire to have a “PRC national” removed from the U.S. This Chinese national had sought political asylum in the U.S. Wynn’s former wife is also said to have relayed messages via text to her husband regarding the lobbying effort.
Wynn Macau with a special light show earlier this month.
Steve Wynn had business interests in China due to his Macau resorts.
Wynn Resorts (WYNN), Wynn’s real estate development company, has two casinos in Macau, which have been the most profitable for the firm. Macau is a special administrative region of China.
Wynn Macau and Wynn Palace accounted for a large percentage of Wynn Resorts’ business a few years ago, reported TheStreet. In 2018, the two resorts made up about 70 percent of Wynn’s business. Although Wynn isn't the CEO anymore, he likely still owns shares in the publicly-traded Wynn Resorts.
Steve Wynn resigned as the CEO after multiple sexual misconduct accusations.
Wynn resigned in 2018 from his position as CEO of his development company Wynn Resorts. He also gave up his role as the finance chairperson of the Republican National Committee. Both resignations were attributed to a number of allegations of sexual misconduct.