pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7891
January 6th, 2011 at 1:46:31 PM permalink
With Wynn Las Vegas repeatedly showing a loss quarter after quarter, and it's peak gaming win back in the first quarter of 2007, you wonder why Steve Wynn is holding out in Vegas. You may remember that his ex-wife showed up on the last Forbes billionaire list with the results of her settlement. Gaming revenue at his property in Macau is now over 450% of gaming revenue in Las Vegas. You would think he would just abandon the Vegas properties to his ex, and move to Asia.


Gaming Revenue for Las Vegas Properties ($,000)
Quarter 2010 2009 2008 2007 2006 2005
4TH $119,967 $90,732 $159,990 $163,670 $131,899
3RD $138,381 $143,988 $143,181 $149,856 $131,850 $123,049
2ND $117,190 $124,343 $120,664 $159,388 $113,527 $98,715
1ST $139,510 $117,481 $125,134 $173,093 $126,514 -----------
Nareed
Nareed
Joined: Nov 11, 2009
  • Threads: 373
  • Posts: 11413
January 6th, 2011 at 1:57:36 PM permalink
Quote: pacomartin

With Wynn Las Vegas repeatedly showing a loss quarter after quarter, and it's peak gaming win back in the first quarter of 2007, you wonder why Steve Wynn is holding out in Vegas.



Maybe he likes it there. Then too he may not want to sell the hotel he named after himself. If he's making tons of money elsewhere, that lets him tolerate losses or lesser icome from other sources.
You can visit my blog Kathy's Cooking Corner at kathyscookingcorner.blogspot.mx ... .... When someone offers you friendship with one hand and stabs you in the back with the other, you tend to notice the knife a little bit more.
SanchoPanza
SanchoPanza
Joined: May 10, 2010
  • Threads: 34
  • Posts: 2966
January 6th, 2011 at 6:30:48 PM permalink
Quote: Nareed

Maybe he likes it there. Then too he may not want to sell the hotel he named after himself. If he's making tons of money elsewhere, that lets him tolerate losses or lesser icome from other sources.


Having a respected -- if losing -- luxury casino in Las Vegas may also reap dividends in prestige and patronage elsewhere.
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 402
  • Posts: 19872
January 6th, 2011 at 6:35:34 PM permalink
He's knows Vegas will recover, why would he leave.
"It's not enough to succeed, your friends must fail." Gore Vidal
JohnnyQ
JohnnyQ
Joined: Nov 3, 2009
  • Threads: 186
  • Posts: 2509
January 6th, 2011 at 7:12:27 PM permalink
I have another theory.

At the end of every shift, he gathers the bartenders in a
big conference room and then listens with rapt attention
to their descriptions of the expression on the tourists' faces
when they are handed a $ 5 check for the diet coke they just
ordered, even though the tourista is playing VP at the bar.
I remember the thirty-five sweet goodbyes; When you put me on the Wolverine up to Annandale; It was still September When your daddy was quite surprised; To find you with the working girls in the county jail; I was smoking with the boys upstairs when I Heard about the whole affair;I said oh no William and Mary won't do
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 402
  • Posts: 19872
January 6th, 2011 at 7:41:29 PM permalink
Quote: JohnnyQ

I have another theory.

At the end of every shift, he gathers the bartenders in a
big conference room and then listens with rapt attention
to their descriptions of the expression on the tourists' faces
when they are handed a $ 5 check for the diet coke they just
ordered, even though the tourista is playing VP at the bar.



Thats hilarious, because everyone knows Wynn has no regard for any of his employee's, he feels they can be replaced in a heartbeat, especially these days.
"It's not enough to succeed, your friends must fail." Gore Vidal
Wavy70
Wavy70
Joined: Nov 3, 2009
  • Threads: 15
  • Posts: 907
January 6th, 2011 at 10:01:53 PM permalink
Quote: EvenBob

Thats hilarious, because everyone knows Wynn has no regard for any of his employee's, he feels they can be replaced in a heartbeat, especially these days.



I think Steve has no regard for anything aside from himself. To praise the stability and government of the PRC is interesting. I highly doubt Steve has left the ivory tower of Macau to experience the life of the average citizen in the PRC.
I have a bewitched egg that I use to play VP with and I have net over 900k with it.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 648
  • Posts: 7891
January 7th, 2011 at 1:00:54 AM permalink
Maybe I should have contrasted Wynn Las Vegas with Sands Las Vegas. Both corporations are now looking at relatively small percentage of their earnings in Vegas vs their Asian operations. But Sands has drastically cut costs in Vegas (and presumably some of the luxuries) so that Vegas is now a moneymaking operation for them. Steve Wynn is still running at his high cost money losing operation in Vegas.

Wynn Las Vegas (gaming revenue)
Quarter 2010 2009
4TH $119,967
3RD $138,381 $143,988
2ND $117,190 $124,343
1ST $139,510 $117,481


Sands Las Vegas (gaming revenue)
Quarter 2010 2009
4TH $125,670
3RD $105,649 $98,619
2ND $102,902 $119,068
1ST $155,345 $129,819
thlf
thlf
Joined: Feb 24, 2010
  • Threads: 16
  • Posts: 267
January 7th, 2011 at 6:14:38 AM permalink
Steve Wynn is now a citizen of Monaco. He was granted Monegasque citizenship last month by the principality’s leader, Prince Albert II, without giving up his U.S. citizenship.

From this weeks gaming today.
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
  • Threads: 206
  • Posts: 5351
January 7th, 2011 at 4:01:07 PM permalink
He still hasn't mastered, "Share your tips" in Portuguese/Cantonese/Mandarin.
America is all about speed. Hot, nasty, bad-ass speed. - Eleanor Roosevelt, 1936

  • Jump to: