But the high-end market he once dominated has changed since he lost control of Mirage Resorts and sold it to MGM billionaire Kirk Kerkorian in 2000. MGM Mirage Inc., which now runs the palaces he built, will control the majority of the hotel rooms on the Strip once it completes its merger with Mandalay Resort Group later this month. And Wynn's new hotels will put him in direct competition with Las Vegas Sands Corp., parent of the Venetian and the 3,000-room Palazzo, which will open across from Wynn Las Vegas in 2007.

To win the hearts and dollars of tourists and overcome these hurdles, Wynn has spared little expense. By comparison, the Bellagio cost about $1.6 billion when it opened in 1998.

"I think people are going to be very surprised," Wynn said during a Nevada Gaming Commission meeting in which he received a license to run the casino.

While waiting for the hotel to open, Wynn's company, Wynn Resorts Ltd., has yet to generate a profit. The company reported a loss of $205.6 million in its 2004 annual report. But many investors are betting he hits the jackpot again.

"All of his past projects have been extremely successful," Deutsche Bank gambling analyst Marc Falcone said. "I think he deserves that respect."

The opening of Wynn's Mirage in 1989 is widely held as the start of the latest Las Vegas building boom. Five years after losing Mirage Resorts, the temptation to top himself proved irresistible.

Wynn Resorts has seen its stock price soar since its initial public offering of $13 in 2002, reaching a high of more than $76 this year. The stock has since tumbled to about $55 after an analyst downgraded it, saying Wynn's balance sheet was precarious. Wynn is also building a $700 million casino in Macau and is bidding on one in Singapore.

Falcone, whose investment bank was the IPO's lead underwriter, said the stock's value is justified, and Wynn thinks people will agree once they glimpse the 2,700-room hotel-casino.

But to know how much is hyperbole, visitors must wait until the official opening. Wynn made publication deals with Vanity Fair and Time magazine that bar other reporters from touring the building.

Wynn Las Vegas is obscured by a giant mountain of evergreens. Curiosity to see what's behind that forest could drive people inside. One aspect that can't be hidden is the eye-catching exterior, 50 stories and 613 feet above the northern end of the Strip. It sits on 217 acres and includes an 18-hole golf course.

Like the Bellagio, dining will be a major draw, and Wynn has hired talented chefs. Entertainment includes a water-themed production and a version of the Broadway hit "Avenue Q." Wynn also has landed upscale shops including a Ferrari-Maserati dealership.