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Wynn Negative on Vegas While Counterparts See Rosy Outlook

Discussion in 'Casino Industry & Development' started by leo21, May 22, 2015.

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  1. leo21

    leo21 VIP Whale

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  2. TheCooler

    TheCooler Professional Gambler and the Best Football Handica

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    Maybe he's bearish because he just had Elaine removed from the board and he knows he needs her.
     
  3. hail2skins

    hail2skins Low-Roller

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    Was interesting in the Ralston interview that, after referring to Resorts World and Packer's project, Wynn was asked if he'd build in Vegas and he said he would if the right opportunity presented itself and that "he may very well be doing just that."
     
  4. UCLAGirl

    UCLAGirl High-Roller

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    I've asked various staff members about Elaine and they all rave about her and say that they miss seeing her around. I'm met with silence when I ask about his new wife.
     
  5. RiddickBull

    RiddickBull VIP Whale

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    New wives are always a better cause until they take half your assets
     
  6. suebee

    suebee Low-Roller

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    “The idea that America is in the grips of a great recovery is pure fiction,” Wynn told Ralston. “It’s a lie. It’s not true.”

    I believe this statement 100%. I'm in Canada but I work with many US businesses and it has already been bad for a year or more. If Wynn is right about it he'll be in a good position to weather the storm.
     
  7. UTE

    UTE Plastics

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    Keep in mind Wynn is coming off of two lousy back-to-back quarterly reports. Yet, his competitors have made significant gains during that same time period. He's frustrated and it shows. And, he's demonstrating his typical, "If I'm not doing well, everything sucks" outlook. He's done this before. Watch - if his fortunes improve, he'll suddenly be proclaiming our economy is strong and the outlook is good.


    Bill
     
  8. chitownjohn

    chitownjohn High-Roller

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    Stop crying - start leading

    Steve is a great businessman but a bit of a crybaby if things don’t go his way. :cry:

    It’s a global economy, the US won’t go full gang busters until Asia and Europe improve. The US economy that we have today is the new reality, at least for the next 5-7 years – maybe longer.

    Steve, perceives a change of administration as his only salvation. That’s a bit disappointing, maybe he’s not quite the leader that I thought he was - real leaders lead through good times and bad. Hopefully he will adapt his business model for the new realities of today’s economy. It's time to stop the crying and start leading!
     
  9. lithium78

    lithium78 High-Roller

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    The problem is that the American people lost their good-paying jobs for lesser-paying jobs with no benefits (or substandard benefits) or part-time employment. This is due to globalization. Americans are no longer competing with rival states for jobs. They are competing with people in Bangladesh being paid a dollar a day. Since wages are depressed, Americans have cut back on entertainment spending, which includes gambling. Let's be honest about it. We all love to do it, but gambling is throwing money away for fun. When you don't have disposable income, you don't waste it on frivolous spending to get a dopamine rush. That's just how reality works.
     
  10. MTROH

    MTROH Low-Roller

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    "The problem is that the American people lost their good-paying jobs for lesser-paying jobs with no benefits (or substandard benefits) or part-time employment."

    Yep, your sure right.
     
  11. vegasvic

    vegasvic VIP Whale

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    To be a truly successful casino corporation you have to be diversified. Wynn has just one niche segment of the market. Sure that segment has money but there's a lot of competition for that money. Let's face it, Wynn had to justify his companies poor results. It's easy to blame the economy. Wynn is certainly an icon but his "if I build it they will come" strategy doesn't work anymore.
     
  12. leo21

    leo21 VIP Whale

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    I agree. If I can afford to hop on a plane and go anywhere, I don't know that I would come back to Vegas all the time. If I did, I wouldn't pass up the opportunity to try all the competitors on the top end. People seem to still appreciate Wynn but folks are devoted to it like they used to be. That being said, I wonder if the other casinos aren't being too optimistic again. In some ways, I don't know if they have a realistic picture of what's happening out there. I think people are seeing improvements in their personal economy but it's still slow and a bit fragile. And with things slowing in many international economies, they can't bank on that stream to shore things up if American visitation stops or spends less.
     
  13. Funkhouser

    Funkhouser In Charge of the Big Door

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    The thing is, the clientele Steve is competing for is getting slightly more attractive deals from the neighbors. I haven't stayed at Wynn for a couple of year, back when they floated me some comp rooms when
    Marilyn Winn took over. Funny thing is, I spent more money on hotel amenities, dining, etc and dumped my gambling dollars on property. The service there is impeccable, but not enough to sway me from better comp offers.

    I still get the discounted room rates, but when I can get better comps from slightly lower grade rooms on the strip, why bother. I think that's why CET manages to hold their brand loyalty and MGM is seeing some pickup, lets not forget the free MyVegas comps pulling some traffic in the doors.

    The economy is not terrible, people are just not seeing Wynn properties in the same light as a premium brand product they gotta have.
     
  14. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    A couple of observations:

    1. Las Vegas gambling revenue is still behind amounts from several years ago (inflation adjusted numbers are far worse).

    las-vegas-v-atlantic-city-gaming-revenue_large.jpg

    2. Competitors such as Loveman claiming happy days are hear again are undergoing a massive bankruptcy reorganization, they have nowhere to go but up.

    3. Wynn's Encore/Wynn property remains the class of the Las Vegas market. They have stockholder issues post divorce, but Macau is the main reason Wynn's stock has not done well of late.
     
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