The period between 2015 and 2021 marked the Exit of Founder-Led Dynasties, fundamentally changing the Las Vegas Strip from an industry driven by visionary "builder-owners" to one ruled by corporate boards and asset managers.

The Departures

The forced resignation of Steve Wynn (2018) amid scandal and the death of Sheldon Adelson (2021) dismantled the last vestiges of the imperial CEO era. These were men who built empires through force of will—there are no replacements on the horizon.

The Power Vacuum

This leadership vacuum facilitated the sale of the Venetian to private equity (Apollo) and accelerated the industry's shift toward the REIT model, as emotional attachment to physical assets vanished. Corporate boards don't fall in love with buildings.

Managerial Capitalism

The current era is defined by managerial capitalism, prioritizing EBITDA margins, cost-cutting, and sports partnerships over the high-risk, architectural mega-projects that defined the Wynn/Adelson legacy. Spreadsheets have replaced vision.

What's Lost

The builder-owners took risks no corporate committee would approve. Wynn's Bellagio, Adelson's Venetian—these were personal statements backed by billions. The new Las Vegas may be more profitable, but it's unlikely to produce anything as audacious.