Dressed in a tailored suit, Jesse Waits sits atop the backrest of an alligator-skin banquette. It's the early hours of a Friday morning in August at Tryst, the hugely successful nightclub one floor below the blackjack tables at Wynn Las Vegas. Alongside him a couple of leggy women sip champagne while a cocktail waitress in a bustier fusses with bottles of booze and an armada of drinking vessels. To one side of the crowded dance floor, a group of NFL players manage a harem of female fans.

But Waits focuses his attention elsewhere: At a nearby table a baby-faced Californian hotel owner in his early thirties dances solo, conducting the booming beats with devil-horned fingers, while his girlfriend, a voluptuous blonde in a hip-hugging skirt, looks on.

After ordering a couple of thousand dollars' worth of champagne, the hotelier tells Waits that he'd like some girls to party with. "As many as you want," Waits says. Tryst employees round up a half-dozen women and ask them if they'd like some champagne. Soon the millionaire is at the center of a marked-up Cristal frenzy. "He says he and his girlfriend are going to take a few girls back to the room," Waits says between sips from a bottle of Evian. "The guy's a rock star."

Over the next few hours the hotelier spends in excess of $25,000—helping Waits become a wealthy man. Tryst, in which he and his identical twin brother, Cy, are partners, generates annual revenues of $40 million, Jesse says, at a profit margin of 70 percent in an industry where 30 is the norm.

The Twins, as they're known around town, are also co-owners and managing partners at Drai's, a louche Vegas after-hours joint. And, with Victor Drai, who was a founding partner at Tryst, they plan to open a Vegas-style club at the W hotel in Hollywood in 2009. But their biggest act yet is the centerpiece of Steve Wynn's new Encore hotel and casino. Opening in December, the $96 million nightclub, called XS, will be the most expensive ever built.

It's easy to confuse the Twins. In addition to their buzz cuts and good looks, the 33-year-old brothers share a passion for martial arts and designer clothing. Both have mansions and children fathered with ex-girlfriends. They try not to mislead women about who is who, or as Jesse puts it, "pull a switcheroo." But, Cy says, it has happened. "I spent all night talking to this beautiful blonde," he says. "We got to my truck and she said, 'You're not Jesse—you're the brother!'"

Jesse makes the rounds at Tryst. He chats up Celtics star Paul Pierce before swooping in to guy-hug Floyd Mayweather. The welterweight boxer routinely pulls up to the Wynn at the head of a procession of associates driving Maybachs, Ferraris, and Land Rovers. He's been known to blow 30 grand in a visit.