In a move to create stronger international brand recognition for upcoming casinos, gaming magnate Steve Wynn is bidding adieu to the name Le Reve and has instead rechristened his multi-billion-dollar strip resort Wynn Las Vegas.

The name change, announced Monday, comes two weeks after Wynn Resorts Inc. announced a marketing agreement with Societe des Bains de Mer, a company majority owned by the principality of Monaco with exclusive rights to develop casinos in the premier gambling destination along the French coast. The Monaco company, traded on the Paris stock exchange, also expects to purchase a 3.6 percent stake in Wynn’s company for $45 million.

“With the expansion of business opportunities beyond Las Vegas, the company felt it was important to consider name identification and branding beyond a single property,” the company said in a statement.

Wynn Resorts has hired New York-based branding firm Arnell Group to help craft the company’s resort brands. The firm’s research found that the Wynn name held significant brand recognition in connection with resorts that integrate gambling and entertainment, the company said.

“Everyone knows intuitively what the name Wynn stands for,” brand expert Peter Arnell said in a statement. “It is a brand that already exists, but until now has remained behind the scenes. If ever there were a time to put a face on the Wynn name it would be now. It provides accountability for these exciting new ventures, as well as ensures the high standards of excellence” for which Wynn resorts are known, he said.

Arnell clients have included Reebok, Chrysler and Banana Republic. The Le Reve name will still be used “in some context” at the hotel, the company said. “The name has served as a wonderful creative influence in designing this hotel,” Wynn said in a statement. “Le Reve means ‘the dream’ and that’s what this project has been for me and everyone working on it,” Wynn said. “Others have finally convinced me that the Wynn name would allow us to cross-market and offer a consistency of branding for all our properties.”

Wynn took the name Le Reve from the title of a prized Picasso masterpiece in his private art collection and talked of evoking the piece by creating a dreamy, European flavor throughout the casino. The dismissal of the name to which Wynn was so attached has surprised some observers. “So much energy and design and creativity went behind the concept of Le Reve,” Deutsche Bank casino analyst Marc Falcone said. The move makes business sense, however, he said. “Clearly the Wynn name is extremely powerful in the casino resort business, especially when it comes to a company that will pursue global opportunities. In the end it will be a good decision.”

Mark Brown, chief executive of Las Vegas advertising and marketing firm Brown & Partners, calls the change “a masterful idea.” 

The resort’s brand won’t suffer by changing names midstream, said Brown, whose clients include the Bellagio, Treasure Island and Golden Nugget casinos.

“Other than the Mirage brand, which he helped to create, along with MGM (Grand), he is the consummate brand in gaming,” he said. “I think everyone’s viewed (Le Reve) as a concept.”

The new name probably will have little to no effect on the ultimate goal of cultivating high-end players, Fulcrum Global Partners casino analyst Joe Greff said.

“As long as they effectively market the property, it’s not necessarily going to make a difference to the gaming patron,” Greff said. Avoiding the Wynn name never hurt his previous properties, including The Mirage, Bellagio and Treasure Island, he said.

Wynn may not be as well known to the public as Donald Trump — who has created a brand out of his name — but has had far more influence on the industry than his New Jersey-based counterpart, said Bill Eadington, director of the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno.

The change makes sense if Wynn expects to build more than two properties, he said. Wynn may also be looking to establish his legacy with a unique project that is also his most ambitious casino yet, he added.

Wynn Resorts, which went public in October, expects to open the $2.4 billion strip resort in April 2005. It also is the majority owner of Wynn Macau, which received a license last year to build a casino in the Chinese island city.