Investors could be losers in the IPO of casino mogul Steve Wynn's new company, Wynn Resorts

-- The seven-member board is dominated by Wynn. Four company insiders include Wynn's wife. The three others have long-standing ties to Wynn.

-- The company won't start bringing in any money until 2005, when construction is finished. Wynn vows to control costs, but his past projects went over budget.

-- Wynn has already sold the new company two jets, for a combined $48 million. And, as he did at Mirage, he is leasing his personal art collection to the new venture.

Data: BusinessWeek