Wynn Buys Desert Inn Resort
Apr. 28, 2000
LAS VEGAS (AP) _ Casino mogul Steve Wynn has purchased the Desert Inn hotel-casino, a month after he agreed to sell Mirage Resorts Inc. to rival MGM Grand Inc.
``Wynn confirmed this afternoon that he is the purchaser of the Desert Inn as a birthday gift for his wife, whose birthday is tomorrow,'' a spokesman for Wynn, who requested he not be named, said Thursday.
The spokesman said Wynn and his wife, Elaine, are the only shareholders of the 715-room resort. Wynn also acquired the Desert Inn golf course, behind the resort, and an adjacent 32-acre parcel of undeveloped land.
The spokesman declined to say how much Wynn paid Starwood Hotels & Resorts for the Strip property, but the Las Vegas Review-Journal reported earlier this week that Wynn was considering buying the Desert Inn for $275 million in an all-cash deal.
``He is not going to discuss the price,'' the spokesman said.
MGM Grand is buying Wynn's 14-property Mirage Resorts empire for $4.4 billion. Wynn made $483 million on the deal, expected to be completed later this year.
Messages left Thursday evening at Starwood headquarters in White Plains, N.Y., were not immediately returned.