Why is Steve Wynn still in Vegas?
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 | ----------- |
Quote: pacomartinWith 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.
Quote: NareedMaybe 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.
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.
Quote: JohnnyQI 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.
Quote: EvenBobThats 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.
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 |
From this weeks gaming today.
Quote: thlfSteve 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.
I saw that the other day. Odd for a vehemently pro American person to become a subject of a European Principality. He does stand to make billions off of it.
Quote: Wavy70Odd for a vehemently pro American person to become a subject of a European Principality. He does stand to make billions off of it.
At a time that a record number of Americans is renouncing citizenship (witness No. 2 at Facebook going Singapore), Wynn may, in time, join the trend. The tax benefits alone can be immense. No wonder why Chuck Schumer and some other nincompoops in D.C. want to limit expatriates' visits and time spent in the U.S.
Quote: Wynn 2nd quarter
LAS VEGAS, Jul 17, 2012 (BUSINESS WIRE) --Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the second quarter ended June 30, 2012.
Net revenues for the second quarter of 2012 were $1,253.2 million, compared to $1,367.4 million in the second quarter of 2011.
The revenue decline resulted from a 7.1% decrease in revenues from our Macau Operations and an 11.6% decline in our revenues in Las Vegas, as both properties were negatively impacted by lower hold in the 2012 quarter.
Adjusted property EBITDA (1) was $384.1 million for the second quarter of 2012, compared to $447.0 million in the second quarter of 2011.
must be freaking out at the LVS properties, those are
sky is falling numbers. Things in Macau are not as rosy
as the news says it is, growth is rather stagnant from
what I've read. Good by Wall St standards, but not good
be casino standards.
Sands Bethlehem did as good as ever. But that is a very small percentage of the company.
Las Vegas Operations had half the EBITDA of last quarter, and down by 1/3 from a year ago.
Macao Property Operations were down a little, but they opened another casino in COTAI strip, so some growing pains.
Marina Bay Sands in Singapore was probably what spooked the stockholders. It seemed to be by far the worst quarter since they opened two years ago.
It might be a good time to buy some Sands stock. I think the market is overreacting.
Quote: EvenBobLVS stock has plummeted almost 40% since Ap, not good. They
must be freaking out at the LVS properties, those are
sky is falling numbers. Things in Macau are not as rosy
as the news says it is, growth is rather stagnant from
what I've read. Good by Wall St standards, but not good
be casino standards.
It's a buying opportunity... Wall Street-wise.
Quote: debitncreditMaybe he offsets his foreign income with domestic losses.
The question is more sarcastic. Steve Wynn built an entire career in Vegas, and he was living at his hotel for many years (possibly he still does). He may not want to leave his home city or his country.
But the gaming revenue from his Vegas properties is now about 10% of the company revenue. It seems like a lot of effort for relatively little profit.
| Room Statistics for Las Vegas operations: | Vegas | Macau |
|---|---|---|
| Occupancy % | 87.60% | 90% |
| Average Daily Rate (ADR) | $254 | $317 |
| Other information for Las Vegas operations: | Vegas | Macau |
| Table games win per unit per day | $4,384 | $23,479 |
| Slot machine win per unit per day | $186 | $752 |
| Average number of table games | 217 | 490 |
| Average number of slot machines | 2,398 | 926 |
| Table games win per day | $951,328 | $11,504,710 |
| Slot machine win per day | $446,028 | $696,352 |
| Casino win per day | $1,397,356 | $12,201,062 |
If Wynn Resorts Macau has gaming revenue of $12.2 million per day in the casino, the entire Vegas Strip has gaming revenue of $16.6 million per day.
Quote: pacomartinWith Wynn Las Vegas repeatedly showing a loss quarter after quarter, and it's peak gaming win back in the first quarter of 2007, you wonder why Steve Wynn is holding out in Vegas. You may remember that his ex-wife showed up on the last Forbes billionaire list with the results of her settlement. Gaming revenue at his property in Macau is now over 450% of gaming revenue in Las Vegas. You would think he would just abandon the Vegas properties to his ex, and move to Asia.
Gaming Revenue for Las Vegas Properties ($,000)
Quarter 2010 2009 2008 2007 2006 2005 4TH $139,200 $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 -----------
Net Las Vegas casino revenues in the first quarter of 2015 were $161.8 million, still down from the peak $173 million in 2007. Macau gaming revenue is 411%
of Vegas revenue, down from 690% last year .
Of course 4 years later with Macau in massive decline and Steve Wynn still on track to open a $4 billion resort next year, the question does seem kind of reverse. Why is he still in China?
