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Rough day for Wynn

Discussion in 'Casino Industry & Development' started by Joe, May 1, 2015.

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  1. Joe

    Joe VIP Whale

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    Christmas
  2. Breeze147

    Breeze147 Button Man

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    I made $5000 and change on my annuity yesterday. Come on 70.5.
     
  3. hammie

    hammie VIP Whale

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    I guess he's not moving the company to Macau any time soon.
     
  4. Bo333

    Bo333 VIP Whale

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    WYNN has had a nice roller coaster the past few years 7/13 to 3/14 mostly up then generally down since. This was a pretty bad gap down though.
     
  5. NCAAHoops

    NCAAHoops Low-Roller

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    Looks like the EX may have taken the $$$ and ran LOL
     
  6. hotreds

    hotreds VIP Whale

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    Mall Cop II wasn't THAT bad!
     
    Will give them a try!
  7. thefish2010

    thefish2010 Low-Roller

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    This makes sense...that conference call was pretty bad. Steve Wynn is concerned, and basically said he doesn't know if or when things will turn around. He was pretty sure his bond ratings would fall, and he has a $4 billion hotel opening soon in an area that can no longer support the casinos that are already open. Back in 1999 or 2000, I remember reading the pitch book for Wynn Macau....basically their investor presentation to try to raise money for the project. They said something startling in it...... at the time an average table in Vegas was making like 1/10th that of what an average table in Macau was. I remember thinking "how does that happen in a communist country?".

    The answer, of course, is that the people gambling away the money at these tables were mostly stealing it from state-owned companies. This is why the crackdown on corruption in China has sliced revenue in half, and it's still falling. Casinos have long been one of the primary beneficiaries of drug money, robberies, embezzlement, insider trading, fraud, and every other type of crime from which money can be derived. It had just never occurred at the scale that it was in China, and now that they are finally cracking down on it (including executions for some financial crimes), the casinos there are going to fall on very hard times. It's rather fascinating to listen to well-respected businessmen decry a crackdown on crime as the reason their profits are tanking, while simultaneously claiming to run legitimate businesses.

    My casino host from the Mirage once told me that he liked working in a tourist gambling city like Las Vegas because they could "import the money, and export the problems" associated with gambling. Unfortunately, China has nowhere to export those problems.
     
    Last edited: May 1, 2015
  8. Gofaster87

    Gofaster87 Low-Roller

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    This doesn't surprise me one bit because of the reduction of money laundering. Vegas is also tightening up the rules by not allowing cash on the poker table, chips only. CET is the only major casino chain not doing this because their low table limits dont really cater to crime money.
     
  9. smartone

    smartone VIP Whale

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    Wynn's CFO sits on the Nevada Economic Forum... that's the panel that meets twice a year to project how much revenue state government will have to work with for the upcoming year. Not surprising he was in an ultra-conservative mood when they met today!!!!
     
    Last edited: May 1, 2015
  10. valsdad

    valsdad Tourist

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    I really get tired of Wynn whining. He does build a nice looking hotel, after that I don't have much respect for him.
     
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