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Steve Wynn Interview from 7/17

Discussion in 'Casino Industry & Development' started by Gargamel, Jul 20, 2014.

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  1. thecarve

    thecarve Misanthrope

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    Okay...please help me then. I can't find it. :eek:
     
  2. ams722

    ams722 Side Bet Shunner

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  3. thecarve

    thecarve Misanthrope

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    Nice. Thanks. :beer:
     
  4. broncofn

    broncofn VIP Whale

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    Just go to the youtube part 1 video and click the down arrow under description and the link will be there.
     
  5. RockyBalboa

    RockyBalboa Front Line Winner

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    What a great interview...waiting for the second part was worth it.

    Two things stood out to me.

    1. His statement on gambling
    2. His statement on the culture of Wynn Resorts

    I found it interesting how he said they will shoo away the problematic gamblers and do not offer credit to them and things like that. When he said they don't actively seek out the gamblers but if you are going to do it then do it at Wynn where the service is better, the food tasting better and so on. What an awesome statement. It made me more anxious to enjoy my stay there in September.

    I place a high value on impeccable service. I am in sales and I know my customers have a choice to spend their money with me as my competition sells the same thing as I do. So why buy from me? What can I do to stand out (or my company stand out) to the consumer? Service!

    So when I go on vacation and I am going to spend a healthy sum to enjoy myself I want a high level of service. His story about the bellman who went above and beyond to get the medications for the guests? Awesome. And the fact that his supervisor approved it? Even better.

    Some day when I am leading my own branch I will be imparting many of the things that Steve said here about culture. Because when a company is massive I always assume that the attention to detail will suffer a bit. He answered how he prevents that perfectly. Employees taking ownership and wanting to provide the best experience?
     
  6. hammie

    hammie VIP Whale

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    His comments about why he left New Jersey and never built his proposed casino in the Marina area of Atlantic City were spot on. The market never developed into a destination resort and it's paying the price now with all of the closings.
     
  7. garry

    garry Tourist

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    Thanks for the post, great history on Wynn
     
  8. hail2skins

    hail2skins VIP Whale

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    Steve wanted to get back into AC in the late 90s but Trump's crying about the tunnel Steve wanted from the Expressway to the Marina held it up. I don't know how well Beau Rivage down in Biloxi is doing these days, but its a beautiful property that unfortunately at the time was too much for that market and it seems like the Beau was the place that really underperformed and played a big role in Steve selling out to MGM. If Steve had built Beau Rivage in the Marina, it would've made a killing and done well as Borgata continues to, in spite of the troubles of AC as a whole.
     
  9. Superpocky

    Superpocky VIP Whale

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    Wow, what a powerful interview, truly inspired. Thanks for sharing!
     
  10. DMSCR

    DMSCR High-Roller

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    Really hope Wynn gets that license for Everett, MA. Or any other license if he plans to expand his urban Wynn concept in the East Coast.
     
  11. MrGVegas

    MrGVegas Tourist

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    Always fascinating to listen and watch a Wynn interview. Thanks for sharing the link.
     
  12. szeszetop

    szeszetop Tourist

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    Does anyone know why he passed on orange county NY for Everett?
     
  13. hammie

    hammie VIP Whale

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    Yes, I remember all of the bellyaching from Trump over the tunnel that Wynn wanted. Just about when the tunnel was substantially completed, Wynn pulled out of AC and never looked back.

    Wynn also submitted an application for the last license in Philly, then abruptly withdrew it.
     
  14. Dean Martin

    Dean Martin VIP Whale

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    It's no secret I've always been a Steve Wynn fan but this interview just shows how damn smart he is. Yes he's probably a fanatic in some ways but those personality traits follow all of the good ones. The guy is a genius and most important, he gets what makes people tick better than a Doctor of Phycology. Everybody else that is the President and CEO of a company in Vegas is just a guy that runs a company.....Steve lives and breathes this stuff. There will never be another Steve Wynn and Las Vegas will miss him a lot whenever he passes.:nworthy:

    What a great story about meeting Frank when he was 23 yrs old and partying with his people.....you can't make that shit up.

    Elaine is a smart lady too and probably a lot of his success is in part because of her. I'm sure he still loves her given all they've been through but if you've read anything about Steve Wynn......you know he also loves the ladies...:wink2:
     
  15. DMSCR

    DMSCR High-Roller

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    Because he is waiting for the true prize: NYC. He tried to make a move in trying to build something at the Aqueduct which is now Resorts World NYC but bailed out early in the running because of unfavorable terms. Plus he just opened the Encore at the time in Vegas and the economy at the time was in shambles. Reason why he wants to build in Everett is because of his failed bid in wanting to build at Foxborough where he faced strong opposition from the community.
     
    Last edited: Aug 23, 2014
  16. szeszetop

    szeszetop Tourist

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    NYC will prob happen after he retires or after his lifetime. South beach maybe more likely. I also saw that he passed on upstate NY bc it was casino only and not hotel. The cotai strip wynn palace is clearly his next big project
     
  17. keno60

    keno60 VIP Whale

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    Great owner and visionary! But his opinion on jobs is all wet according to the job growth statistics..
     
  18. REELmoneySlotFan

    REELmoneySlotFan High-Roller

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    Very well said. I couldn't agree with you more. Wynn is all about creating an experience that will last you a lifetime.
     
  19. blackjacknut

    blackjacknut VIP Whale

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    Steve Wynn is brilliant...if you go back and look at some of his earlier interviews (i.e. 2007, 2008) his statements still ring true today. He continues to stick to his financial philosophy and he repeats some of his statements from years ago. This tells you he is grounded in solid principles of business. Brilliant business man!!
     
  20. Brewfangrb

    Brewfangrb Low-Roller

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    This was great. When things started veering off with respect to the President, I thought "oh, here we go", but it was short and relatively speaking, an inconsequential part of the interview. But even as a bleeding heart liberal (as I tend to be defined as others), he still had really good points--and I think he legitimately cares about his employees. His point about how he repatriates significant profit from China to pay the US employees and they're basically flat was very interesting. (I actually support the abolition of the corporate income tax).

    ANYWAY...that wasn't anything but a blip in an otherwise amazing interview. The man is an excellent businessman--he's not just an MBA graduate focused on margins, or hitting this quarter's EPS. He's really about understanding that a positive guest experience drives revenue and if you can deliver a superior experience you can demand the costs of your product... and then, margins take care of themselves. So instead of cutting costs, you simply improve the experience. Just a really enlightening take. I'm in a typically non-customer-facing part of my employer's business...but until about a year ago, I was nothing but client service for 8 years. And I still learn something helpful everyday about the customer and their experience. This was well worth the 55 minutes to listen what someone who knows what they're talking about has to say.

    Lastly, as others have noted: He was fantastically prescient with respect to AC. AC took the wrong path, Las Vegas was careening down that path, too but Wynn took the risk and now we can see what was right and what was wrong. I'll say this: Living in WI: a) there's no reason for me to ever choose AC over LV when deciding when I want to vacation and gamble and b) absent LV, there's no reason to go to AC anyway because frankly, I gamble anywhere now. Tell me what makes AC really any more special than going to Potawatomi? 3 months of the year of being able to use the ocean? Like I want to be in AC in August and leave WI when we only have 3 months of warm weather anyway. Wynn is undeniably right: LV for MANY people is the experience AND gambling. Not like in the 80's when if you wanted to gamble "for real", it was LV or AC. Then maybe AC could get you: A quicker flight, not as "big" or "busy". Now? Forget it.
     
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