Posted on: July 19, 2024, 05:51h.
Last updated on: July 19, 2024, 05:51h.
Wynn Resorts founder and former chairman and CEO Steve Wynn is rumored to be selling his Gulfstream G650ER private jet.
Vital Vegas broke the news on Thursday and it has not been mentioned elsewhere. In August 2015 while still at the helm of the gaming company bearing his name, Wynn replaced his Gulfstream G650 with a Gulfstream G650ER. The Jet Business lists several Gulfstream G650ER’s for sale and inquiries must be made regarding selling prices. By some estimates, the price of the average used G650 is nearly $42 million. The jets are also expensive to maintain.
Depending on numerous factors, the average price for a pre-owned Gulfstream G650ER is $41,950,000.00. A $20,975,000.00 loan over 120 months including $87,395.83 per month in interest equates to a $1,051,764.41 per-period payment. Based on 450 annual owner-operated hours and $6.00-per-gallon fuel cost, the Gulfstream G650ER has total variable costs of $3,242,700.00, total fixed costs of $1,249,151.00, and an annual budget of $4,491,851.00. This breaks down to $9,981.89 per hour,” according to Aircraft Cost Calculator.
Assuming Wynn is in fact selling his jet, there’s likely to be an enthusiastic audience of potential buyers because only a scant percentage of the total G650 global feet comes up for sale, creating strong demand for used models and that demand supports strong residuals and below-average depreciation.
Wynn Has Been Active Seller of Expensive Assets
In January, Forbes estimated Wynn’s net worth to be $3.4 billion which is to say the former casino boss doesn’t “need” money, but he has recently been active in terms of selling some high-priced assets.
Assuming the aforementioned private jet is for sale, it would join the owner’s New York City penthouse overlooking Central Park ($90 million), a lakefront Lake Tahoe estate ($76 million), and a Beverly Hills mansion ($75 million) as among the assets Wynn is looking to part with. He sold his Las Vegas mansion for $17.5 million in April 2023.
Wynn is 82. Given his age and the fact that he’s no long active in the gaming business, reducing the number of residences and selling the jet could be practical moves. Currently, his primary residence is Palm Beach, Fl.
Selling expensive assets for which there is a limited pool of prospective buyers could also be an estate planning move. Wynn has a wife and two children.
Gulfstream G650 a Pop Culture Icon
Due to its price tag and its credible association with wealth, the Gulfstream G650 is something of a pop culture. The name of the plane was shortened and served as the inspiration for the 2014 hit single “Like a G6” by The Far East Movement.
Indeed, the roster of G650 owners reads like a who’s who of America’s rich and famous. In addition to Wynn, other G650 owners include titans of business and entertainment such as Amazon founder Jeff Bezos, Oracle boss Larry Ellison, Tesla founder Elon Musk, and Kim Kardashian.
Wynn also owns the Aquarius — a superyacht that cost an estimated $200 million.
