Steve Wynn has agreed to serve as an outside director of the joint venture formed by the governments of Monaco and Qatar last summer. In the process, Prince Albert II of Monaco has conferred Monegasque citizenship on Wynn.
The joint venture is Monaco QD International Hotels and Resorts Management. The company intends to acquire and manage hotels and resorts in Europe, the Middle East and North America.
The Peninsula reports that the owners are Qatari Diar and Monaco’s National Company for Finance. The company is headquartered in Monaco but Qatar holds the majority stake. Initial capital was €5 million.
The involvement of the Monaco government is not to be confused with the principality’s longstanding casino resort operator, the publicly listed Monte-Carlo SBM. In November, it was announced by Abu Dhabi’s Tourism Development & Investment Company that Monte-Carlo SBM would be managing the “chic and stylish” Monte Carlo Beach Club on Saadiyat Island.
However, the government of Monaco could be taking a lead from the results of Monte-Carlo SBM in the recent past. The resort operator has seen sharp declines in revenue from gaming, while its hotels and other amenities have continued to produce a modicum of growth. The addition of Wynn as an outside director could come in handy should a project require a casino component.
The granting of Monegasque citizenship to Wynn has caused a lot of speculation as to the casino magnate’s plans. Aside from exceptions of birth or marriage, neither the U.S. nor Monaco allows dual citizenship.
Wynn Resorts spokeswoman Jennifer Dunne said in a statement, “His Monegasque citizenship was pursued as a result of this appointment” to the board of the joint venture.