pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
May 28th, 2010 at 1:23:56 PM permalink
CNBC story on Steve Wynn

Wynn resorts in Las Vegas had an operational loss of $34.5 million last quarter, and a net loss of $81.7 million.
Wynn in Macau (before the Macau Encore opened up) had an operating income of $149 million, and a net income of $144 million.

Casino revenue is 4 times higher in Macau, before the new hotel and casino opened.

It's funny to hear one of the most famous capitalists in the world extolling the virtues of the Chinese government.
Niblick
Niblick
Joined: Dec 12, 2009
  • Threads: 15
  • Posts: 108
May 28th, 2010 at 2:13:53 PM permalink
I suspect that he would use the terms "shocking and unexpected" to discribe local Philadelphia government, also; ergo, the reticence.
Nemo Omnibus Horis Sapit
Ericayne
Ericayne
Joined: Mar 9, 2010
  • Threads: 0
  • Posts: 88
May 28th, 2010 at 5:08:20 PM permalink
How much did he say his Encore beach club waitresses are going to be making annually????
Really???
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
  • Threads: 957
  • Posts: 16118
May 28th, 2010 at 6:39:11 PM permalink
Quote: Ericayne

How much did he say his Encore beach club waitresses are going to be making annually????
Really???



"They’ll make north of a hundred grand apiece." I think he's right.
It's not whether you win or lose; it's whether or not you had a good bet.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
May 28th, 2010 at 7:59:01 PM permalink
Quote: Wizard

"They’ll make north of a hundred grand apiece." I think he's right.



They look like you could buy them a beer & split a pizza and watch the game.

They have to get tired of all that luxury.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 209
  • Posts: 10782
May 28th, 2010 at 10:59:47 PM permalink
Quote: Wizard

"They’ll make north of a hundred grand apiece." I think he's right.


This Encore Beach Club is essentially a pool-themed "night"club. Babes, Booze and Blaring Music from some celebrity DJ. I assume the Sun 'n Fun will blend into Moonlight 'n Fun for a sort of 24 hour hedonistic drink and dance place. I just wonder if the Vegas economy is so bad, where are all the yuppies getting the money so they can go clubbing all day and night?
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7888
May 28th, 2010 at 11:24:25 PM permalink
I think it is funny that Steve Wynn is crying about having to tear out his Porte-cochere and losing $13m after only 90 days. Then he goes on an ego driven rampage about how his company doesn't sit on mistakes and they correct them.

OK, first of all the Echelon closed up for certain 14 months before he opened the Encore, and it was rumored for months before that. It was pretty clear that the Plaza was collapsing before that. He had plenty of time to change his plans while under construction. And second of all the company has $900 million in revenue last year. The Vegas properties lost $82m in 2009 and $95m in 2008. I am sure that having to write off a $13 million dollar to write off a Porte-cochere is not the biggest decision he's had to make this year.
ahiromu
ahiromu
Joined: Jan 15, 2010
  • Threads: 109
  • Posts: 1890
May 29th, 2010 at 3:00:56 AM permalink
I watched those videos... Steven Wynn is fucking awesome (I had never seen him actually discuss these things, just read about him).
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
likeplayingcrapsandbj
likeplayingcrapsandbj
Joined: May 17, 2010
  • Threads: 17
  • Posts: 135
May 31st, 2010 at 8:51:15 AM permalink
I just happen to be walking past when the interviews were taking place. Between breaks I spoke with the news crew. The word Capitalist kept coming up. Good for Steve Wynn!!!! I was raised a Capitalist on a much smaller scale. Wynn is just staying ahead of the curve and trying to make a profit as we all are. Good for him! I hope he makes it.
Last Man at the Table
Zcore13
Zcore13
Joined: Nov 30, 2009
  • Threads: 29
  • Posts: 2496
May 31st, 2010 at 2:39:10 PM permalink
One thing he forgot to mention is that the $100,000 a year pool "waitresses" will work about 100 hours a week each. Most will work less (still 70-80 hours) and make less.
I am an employee of a Casino. All the personal opinions I post are my own and do not represent the opinions of the Casino or Tribe that I work for.

  • Jump to: