Wynn resorts corporate headquarters move to Macau

Steve Wynn's announcement that he is considering moving his headquarters to Macau caused a stir in Vegas.

I read somewhere when corporate headquarters might move, research has shown that the single most important factor is where the CEO lives. Since Steve lives in (2 luxury suites) in the Wynn, he could just as easily change hotels. His ex-wife of the last half century also has a suite, so maybe he is just tired of living in the same building as her.

Sands corporation says that in a few years 85% of their corporate earnings could come from Asia, but they are staying in the USA.

Sands percent of revenue from Asia for calendar years.
2009-72.5%
2008-69.6%
2007-66.6%

I think that Steve might be trying to make a strong political statement about his feelings about Obama.

I agree. Mr. Wynn is probably just expressing dismay over his feelings towards the POTUS. It's great that the revenue is coming from China, and certainly if he moves his adminstration there he can claim the expenses there and there might be a tax break from moving there (the tax rate on gambling revenue is 39%, but I don't know if you can deduct administrative expenses from that figure).

Could you see Steve Wynn ever selling his Las Vegas properties? Presumably to MGM-MIRAGE. Or he might give the Las Vegas property to his ex wife and keep the Chinese properties.

1st qtr 2010
Las Vegas lost $58.635 million
Macau profit $69.425 million

Quote: pacomartin

Could you see Steve Wynn ever selling his Las Vegas properties? Presumably to MGM-MIRAGE.

He has done it before. So, yes, I can :)

Would Wynn ever sell his hotel called the Wynn? Naw.

Quote: boymimbo

Would Wynn ever sell his hotel called the Wynn? Naw.

Business is business. If the right deal came along, why not?

And the buyer, after spending big bucks to buy the place, wouldn't hesitate to throw a couple more bucks at it to change the name.

If Wynn gave his casino to his ex-wife, she would become the biggest majority-owner of a casino company who is a woman. Right now, Marian Ilitch, owner of Motor City Casino in Detroit is the biggest. They have $35-$40m a month in gross revenue.
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Marian Ilitch is the wife of Mike Ilitch, who owns Little Caesars Pizza, The Detroit Tigers, The Detroit Red Wings, and other things. Mike Ilitch couldn't own the casino himself because of Major League Baseball rules against owning gambling establishments.

Steve Wynn gave Elaine $741 million dollars worth of stock earlier this year. It seemed to be an even split so that they each own 18% of the company. She was also elected to the board for another three year term.

Although the Vegas properties are currently losing money, they may not do that forever. Even a money losing property can still pay large salaries to the corporate executives. Plus she has a nice home in one of the high roller suites in the property. Steve Wynn also lives in the hotel (I believe in two of the high roller suites).

If he splits the company it would seem reasonable that she would get the Vegas properties. Right now he votes her stock, so she may be on the board, but she can't overrule him. After almost half a century together he may welcome the chance to live with his new girlfriend without his ex-wife in the same building. However, since they were divorced once before they may have a fairly good working relationship.

On the other hand, China can make very sudden changes much easier than the USA. The visa restrictions could happen at any time. If Steve Wynn lived there he could probably expand into Singapore, Vietnam and the Taiwanese offshore islands.

Quote: pacomartin

I think that Steve might be trying to make a strong political statement about his feelings about Obama.

More people need to. Obama seems to think he can just take >50% of the income of people in Steve's level to give it to people paying a 0% rate and they will stand for it. If I was Steve I'd do the same thing. Look at how Limbaugh left NY State because of all the hassles and taxes for spending barely a week there. Then Gov Paterson says, "If I knew he would leave I'd have raised taxes sooner!" Well, Rush leaving, even with how little he paid, resulted in a loss of revenue such that 1-2 state employees can't be paid. Imagine the effect when people like Steve leave the USA.

I've enjoyed your posts and your blog on dealer school. In fact, I've enjoyed everything about this site. But when a statement like that is thrown out, it detracts from my enjoyment.Everybody is entitled to their own opinion, but shouldn't some opinions be registered on HuffPo or RedState? Having said that, MY opinion is that G W Bush is the biggest tool ever pulled from the Cosmic tool box and Rush is a festering boil deep in the asscrack of humanity.
The above rant is an excellent example of why politics and religion should be excluded from family gatherings. And aren't we just one big electronic degenerate happy family?

Well, it was a political question. So called American style versions of pastimes like gambling, movies, and restaurants are massive imports. Most fast food like McDonalds, Pizza Hut, and KFC has 90% of its growth in China. American style gaming is clearly one of those exports. The idea that these countries should move their corporate headquarters is going to increasingly come up, and a lot of people aren't going to make this decision based on patriotism.

Steve Wynn has made himself an increasingly visible political figure in the last few years.

Movies that make most of their money in the USA are increasingly personality driven movies like: The Blind Side, Paul Blart: Mall Cop, Julie & Julia, Hotel for Dogs, and The Hangover with exceptions like Star Trek. But movies that are horror, action or animation like The Final Destination, Terminator Salvation, Harry Potter and the Half-Blood Prince, Surrogates, Michael Jackson's This Is It, Avatar, Angels & Demons, Ice Age: Dawn of the Dinosaurs and 2012 are making their money overseas. China, Korea, and India are going to be the growth markets for the future movies.

Large scale casinos are a kind of entertainment whose major growth is going to be in Asia for the next few decades. China might very well build a second Macau up north.

Paco, your original statement didn't bother me at all. It just threw out a possibility based on what might be driving Mr. Wynn. Hell, I had no idea the guy was political in any sense. Nah, it was the direct stab at the POTUS by AZ that spiked my blood pressure way to early on a Saturday morning. But like I said, everybody is entitled to their opinion. I find your stuff very astute and very dense, obviously you're deeply wired into the Vegas financial scene. Me, I just like shooting Craps and travel tips and gambling stories and restaurant suggestions,etc, etc, ad infinitum ad nauseum :^)