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What happens with Wynn hotels now?

Discussion in 'Casino Industry & Development' started by soundchic, Jan 28, 2018.

  1. spdandpwr

    spdandpwr VIP Whale

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    I'm coming in here out of context and only half reading some of the posts, what I find interesting (to the point of shareholder value), is the the stock is now back up and higher than pre-Mr Wynn levels. Even more interesting is the stock was climbing at a very high rate right before Mr Wynn was let go. Almost leading me to believe that some tomfoolery may have been at play with the stock. Regardless, the stock being back at 200 leads me to believe that the street has faith in Wynn being able to ride into the sunset without him.
     
  2. Dean Martin

    Dean Martin VIP Whale

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    And now the BOD is fighting back with their own letter to shareholders giving a (weak IMO) reasoning for keeping Hagenbuch. Personally I think the current BOD is in a no win situation. EW calls out a few specific reasons she feels he should not be kept on the board while the BOD's letter says things like "she's just making noise" and "keeping them from remaking the company". To me as a shareholder, the first thing the BOD letter makes me think is; why is the BOD working so hard to retain somebody that is clearly a life long friend to SW and frankly, an obstacle to remaking the company if for no more reason than the appearance of being one of the good old boys. Anybody that has had any company training on Business Conduct will tell you that the appearance of doing something improper is as damaging as the act itself. It's not a court of justice where someone has to be proven guilty, it's just a fact of the way people look at things. Why wouldn't a BOD want to remove that obstacle instead of fighting to keep it? Something doesn't add up to me.
     
  3. Dean Martin

    Dean Martin VIP Whale

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    EW has the legacy BOD on the ropes.....she knows it and they know it. It still would not surprise me in the least to eventually see the new BOD appoint her CEO.

    "UPDATE: Two more board members to exit Wynn Wynn Resorts Ltd. (WYNN) said late Monday that two additional board members would step down. Wynn stock was flat after hours and closed down 2% to $191.63 during regular trading. John Hagenbuch and Robert Miller will not run for re-election at the company's annual meeting on May 16. The company said in a statement that together with previously announced departures of Steve Wynn and others, the two announced Monday will bring the median tenure of directors to less than three years."
     
  4. Jackpot Johnny

    Jackpot Johnny Wynn Fan

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    A three year median tenure of directors is utterly ridiculous for a company with a market cap of over $20 billion. The purge continues.

    In what field of endeavor is a rookie year usually the best year?
     
  5. spdandpwr

    spdandpwr VIP Whale

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    Crap, I was happy to see the stock climb back up to 200. I don't think the days of a $200 Wynn stock are near....hoping, if anything, Sheldon will come in and buy up the place.
     
  6. Dean Martin

    Dean Martin VIP Whale

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    Not sure how I'd like to see this end up but becoming a Sheldon property is not on the list. I really don't want to see (any part of) the company sold at all and especially become part of the V/P group:thumbsdown:.

    I agree that the BOD will be youngsters but the problem I see is politically, some of the current group could be poison when it comes to regulators in LV, Boston and maybe even Macau. Anybody that's a stockholder, should have retaining those licenses as #1 on their list. I say maybe for Macau because who really knows how business is done over there. My wild guess is certain things that have proven to not be PC here in the states just may be:whistle: common place over there.:rolleyes2: SW knew how to work with them.
     
  7. Jackpot Johnny

    Jackpot Johnny Wynn Fan

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    I get being PC and the gaming license charade, but I’m struggling to understand how any of these ‘positive changes’ are going to improve the Wynn product.

    There have been a lot of changes in Las Vegas over the last fifteen years, but not many good. I’m not running for the exits yet, but I’ll certainly be watchful.

    A continuing problem I’ve had over the last few years is that marketing is now even more directed towards youth, but I keep getting older. Las Vegas is no exception. Sigh. Wynn is one of the last places where you can be older and quieter and still fit in.
     
    Last edited: May 16, 2018
  8. Dean Martin

    Dean Martin VIP Whale

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    Johnny ~ I couldn't agree more. My comments are aimed at what I see, not necessarily what I believe. Wynn and Encore are the only places that hold any interest for me as far as visiting LV anymore. I still kind of like Bellagio on occasion but in reality, it's probably more nostalgic than anything else.
     
    Last edited by a moderator: May 16, 2018
  9. breanna61

    breanna61 Super Moderator

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    Perhaps I can help enlighten you, a work environment where the staff isn't in fear of losing their jobs if they dare to not give in to or speak up about sexual harassment or assault and an environment where it is clear none of this behaviour will be tolerated can only improve everything from morale to service. The environment under Wynn was toxic. This is above and beyond issues that were not "PC".
     
  10. Dean Martin

    Dean Martin VIP Whale

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    Breanna ~ I totally agree and since I'm the one that said that and Johnny was just quoting me, I'm sure Johnny does as well. I wasn't trying to make light of the sexual harassment issue at Wynn but more make the point that it's probably thought of differently in China. Again, I failed to articulate the point I meant to get across.....2nd time on this thread. Might be time to retire to being a lurker and reader here.

    I also failed to keep a comment regarding my thoughts on being PC these days PC (is that a double negative?..lol) and Sonya (or somebody) had to fix that as well....:confused:
    I'm sure me, Frank, Sammy, and Joey would be kicked off stage now days for saying something or another..... :drunk:
     
  11. leo21

    leo21 VIP Whale

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    This has nothing to do with being PC and I don't see the jeopardy that the gaming license is facing as a charade. Wynn is eventually going to be fined in Vegas and Macau and Mass. are reviewing whether they should be allowed to operate in their jurisdictions. In addition, some their institutional investors are suing them. The board members who left on their own or who have been shown the door have done nothing but rubber stamped anything Steve Wynn wanted and some of those decisions have cost the company money unnecessarily. Replacing them may not do anything to create a better retail product but it will satisfy the more agitated investors and should lessen the fine in Vegas. I don't know if Macau is really serious about punishing Wynn but Massachusetts feels tarnished and a lot needs to happen on that front to save that project if Wynn still wants it. The CEO does have a lot to do with the retail product and hopefully this board will push him to provide that - if they don't fire him. It may benefit the consumer that the CEO doesn't have a handpicked board to work with.
     
  12. Sonya

    Sonya Queen of VMB

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    All this opinion about the merits of political correctness is veering dangerously close to violating our No Politics rule and we'll have to shut down this thread if it continues.

    Back on topic..... There were quite a few articles in my feed today about the shareholders meeting. Let me share a few nuggets:

    https://www.cdcgamingreports.com/wynn-resorts-dozens-interviewed-in-sex-harassment-probe/
    https://www.reviewjournal.com/business/casinos-gaming/114-interviews-3m-documents-involved-in-steve-wynn-investigation/
    https://thenevadaindependent.com/article/wynn-resorts-ceo-outlines-company-changes-future-projects-at-annual-shareholders-meeting/
    This Nevada Independent article is the most fully flushed out about what they are doing with their internal investigations, changes in policy and where the company goes from here. Kudos (as usual) to the wonderful journalism of Megan Messerly.
     
    • Informative Informative x 2
  13. Dean Martin

    Dean Martin VIP Whale

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    Sonya - My apologies for wandering off subject. I'm going to quit posting to this thread anyway because in reality, it doesn't matter what I think will happen or not happen. As a fan of the Las Vegas resort and hopefully the Mass resort, it will be an interesting story to follow and I hope the company does not sell and builds a strong BOD and Mgmt...all the way to CEO. Dino out:wave:
     
    • Like Like x 2
  14. BlacklabberMike

    BlacklabberMike VIP Whale

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    word here in Mass is CET will be buying the boston project
     
    • Wow! Wow! x 1
  15. Dean Martin

    Dean Martin VIP Whale

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    Yea....my absence from this thread didn't last very long....:whistle:

    My guess is EW has knowledge of that rumor and that's one of the reasons she's working so hard to purge the BOD of people that would support that decision. If you ask me, Maddox is a short timer. If there's "trouble in River City" before this is all resolved, there could be a good buying opportunity for the stock. Face it, long term this is a money machine.
     
    • Informative Informative x 1
  16. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    FWIW, I am at the Wynn right now. I didn't want to write a trip report, but here are some things I observed/experienced so far. You can draw conclusions about what it means for the future of the property:
    *Its slow. A lot less people at the property than past trips
    *They removed the vegan burger from all restaurants at the property. I know 99% of you won't care (I loved it), but it did occur to me that this burger was called the "Wynn Burger". Makes me wonder if they are taking small steps to reduce the frequency of seeing the Wynn name at the property. When I mentioned that to my partner, she pointed out to me that our to go bag from Charlie's Bar was an Encore bag, even though the restaurant is on the Wynn side of the resort. Its a conspiracy, lol.
    *The fountain on the corner of the property has been turned off all morning. Hope its just a maintenance issue and not cost cutting
    *Had an issue with my CL. When I arrived, they asked me to go to the credit window. I assumed it was just the usual update your info kind of check in, as it seems I do that at most properties every year or two. I was wrong. When I arrived, they said they want an additional bank account associated with my CL before they would open it. I said no, thanks for the parlor suite for the weekend, and that I will happily walk over to Palazzo and play there for the next few days. I walked away and within five minutes, I received a call from the credit department saying they had spoken with my host and that he authorized my line being opened as normal for this trip. they added that I will need to either reduce my line or add an additional bank before my next trip. Setting aside my thoughts and feelings on this (they are not positive; might be my last stay at Wynn), I mention it because it makes me think they are trying to shore up the books and tighten the amount of credit they are giving out to players (at least at my level). Make of that what you will
     
    • Informative Informative x 6
    • Agree Agree x 1
  17. Dean Martin

    Dean Martin VIP Whale

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    I tried doing a CL a few years back so I wouldn't have to carry cash back and forth but it was such a PIA and I talked to 3 different people at the regular cage and then the HL cage before I finally got somebody that knew wtf to do. It was such a PIA I have never done it again.
     
  18. spdandpwr

    spdandpwr VIP Whale

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    How long have you been there for? When I was at the property in October, it was so slow! But that was just after the incident. If Wynn is going to be slow (again!), then I'm going to call my host at V/P and book my offer that actually includes freeplay and food credit. That or just no play them. By the way, when I was in town in October, you couldn't even find a seat at a table at V/P. It attracts the gamblers for sure...funny because VP is the first one to deploy triple zero lol. At least you get free drinks.
     
  19. Dean Martin

    Dean Martin VIP Whale

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    I'd expect things to be kind of slow all over LV this week and even weekend. I've found a lot of people seem to plan their trips the week prior to and right after a 3 day weekend so next week and the week after will probably be busier. I actually try to plan my trips on off weeks so it's not busy. I find "not as busy" in Vegas to be just right for me. That's why I picked the week before the 4th of July and figure when we head out of town Friday afternoon the 29th, a lot of people will be coming in that day to stay the following week with a holiday. Ever since I retired, saving a day of vacation has lost its meaning:wiggle:
     
  20. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Two days. I last stayed here during SB weekend and it seemed slow for SB weekend. There are definitely less people than I am accustomed to seeing here.