debitncredit
debitncredit
Joined: Jul 4, 2012
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July 26th, 2012 at 3:56:02 PM permalink
Maybe he offsets his foreign income with domestic losses. For a billionaire like him, a few tens (or hundreds) of millions of dollars may just be "tax deductions."
pacomartin
pacomartin
Joined: Jan 14, 2010
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July 26th, 2012 at 4:13:18 PM permalink
Quote: debitncredit

Maybe 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.
pacomartin
pacomartin
Joined: Jan 14, 2010
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June 3rd, 2015 at 11:38:54 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. 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?
EvenBob
EvenBob
Joined: Jul 18, 2010
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June 4th, 2015 at 12:28:51 AM permalink
Quote: pacomartin

Why is he still in China?



The long haul..
"It's not enough to succeed, your friends must fail." Gore Vidal

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