Wynn Resorts makes Fortune’s list of fastest-growing U.S. companies
AP Photo/Kin Cheung
20 September 2012
Even as its key board members jockey for position with multiple lawsuits, Wynn Resorts Ltd. is the only Nevada firm on Fortune magazine's new list of the nation's 100 fastest-growing companies.
Wynn is ranked No. 26 on the list in Fortune's Sept. 24 issue thanks to three-year average revenue growth of 26 percent and profit growth in that period of 81 percent.
The company led by Steve Wynn saw net revenue grow from $3 billion in 2009 to $5.3 billion in 2011 thanks to strong growth in China.
In 2010, the company opened Encore at Wynn Macau, an expansion of Wynn Macau that opened in 2006.
Steve Wynn is developing another resort for the company in the Cotai area of Macau estimated to cost $3.5 billion to $4 billion. The company has been consistently profitable thanks in part to its light debt load and strong balance sheet.
Steve Wynn and board members allied with him, in the meantime, are litigating against board member Kazuo Okada.
Two lawsuits in Clark County District Court center on charges that Okada breached his duties as a director with his conduct developing a casino resort in the Philippines — and countercharges by Okada related to Wynn Resorts' pledge to donate $135 million to the University of Macau.
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