Home » VT News » Countdown With Steve Wynn Show

Countdown With Steve Wynn Show

By Chuckmonster on Friday, 22nd July 2011 9:54am
  » filed under Las Vegas  comments: 15


On tonights episode of The Steve Wynn Show, Steve invites Keith Olbermann to do a little analysis of the quarterly conference call. Olbermann's conclusion? Steve "Ooops, there goes another Picasso" Wynn is the "WORST PERSON IN THE WORLD."

Here's to hoping this turns into a feud.... both of these guys have a screw loose in the megalomania department and to watch a protracted battle between their equally disproportionate, gigantic skulls splayed across the media leaves me drooling with desire.

Honey, get the Doritos!

Tagged: steve wynn   keith olbermann   


Comments & Discussion:

What commie on the VT staff watches KO? Good for them.

Who would have thought MSNBC was actually restraining how douchey Keith Olbermann really is?

Trolls are going to be out in force on this post. You should take comments down to avoid moderating flamers.

Wow, Olberman is gettting increasingly dumber with age. How much of WYNN's profit comes from China now?

@nodeuces not worried. we tend to have a civilized discussion here.

Um, hello, Keith? Most of that profit came from China. Of course, fact-checking was never something Olbermann spent much time on. It is hard to believe he can still be such a pompous ass on a network most people have never heard of.

Um let's see. This feud seems a bit lopsided. On one side we have a guy who runs a multi-billion dollar worldwide enterprise with thousands of employees and attendant responsibilities and obligations; and a blowhard who can't keep a job and now whose position is the Vegas equivalent of the Western.
KO's like a crow that ate some prunes and thinks he's an eagle.

^ That's my read on it, pretty much.

On one side we have a casino mogul.
On the other we have a journalist.

One should shut the hell up about politics and the other should continue to be courageous in a country where the headlines often regard American Idol.
The journalist shouldn't run a casino and the mogul shouldn't attempt to understand politics.
Just like I have with Domino's, I am boycotting Wynn and his ignoramus comments. He won't miss me anyway, since I am not a douchebag clubber.

Here's my take on this, politics have no place with earnings reports. If Steve Wynn wants to share his feelings about the current administration, there is a time and a place for such comments, and the conference call to report the 2Q earnings for Wynn Resorts is definitely not the time and the place nor is the correct channel for such statements.

Now those folks who aren't in the know when it comes to the gaming industry (I would guess most of the Countdown audience would fall into that category.) would not be aware that companies like Wynn Resorts are making their bulk of their profits overseas and their domestic properties are not as profitable as they once were. Steve Wynn trying to blame the current administration for this is laughable considering that his company has had a segment of their clientele switch from regular trips to Las Vegas to regular trips to Macau since it's a hell of a lot closer of a flight. Macau in a very short time period, has clobbered Las Vegas (As it was mentioned in the recent episode of Anthony Bourdain: No Reservations, the gaming revenues in Macau 5 times as much as Las Vegas.) and a significant part of the the Asian clientele that the Vegas casinos depended on for so many years has opted to gamble in Macau (and now Singapore) instead of traveling to Las Vegas. You can't pin that on the President, as more and more countries (as well as states in the US) are legalizing casinos and that ends up affecting the well-established gaming centers like Las Vegas and Atlantic City, as visitors now have gaming options closer to home.

Vespajet, I agree that Wynn's political musings have no place during an earnings call. The economic problems we continue to live through were years in the making and it is simplistic to blame Obama (or Bush for that matter) for the fallout. However, as a business owner, I do sympathize with some of what Wynn is saying about all of the uncertaintly hanging over the business community, particularly those of us running small businesses. As an example, unlike Wal-Mart or McDonalds (or, likely Wynn Resorts) we cannot get an exemption from the health care legislation. In fact, our insurance carriers are still trying to sort out the real costs, compliance requirements, and benefits this monstrosity has created. As a consequence, we are being extremely cautious (and selective) in our hiring and compensation decisions. Certainly, the current debt limit/taxation/budget cutting debate does nothing to instill confidence in our political leadership. So, we sit and wait, deferring decisions on new equipment, software or personnel until there is some clarity. And that explains in large part why this economic malaise continues. If we don't know the rules, we simply won't play the game.

Ehh, I like being able to choice a casino-resort to stay at without being affecting by the owner's political views. That's my humble opinion.



Its hard to do that, since most of the casino owners/executives are pretty open in who they support. Ruffin, Wynn, and Murren have all publically stated they like Senator Reid. We know Adelson is a party-line Republican.

As for Steve Wynn, he stated that he votes Democrat and supports Senator Reid. So clearly, its not like he's got a right-wing vendetta or anything. He isn't going to be blowing up Wynncore and running off to a free-market-anarchist settlement in the Colorado mountains any time soon.

Olbermann calling Steve Wynn one of the worst people in the country seems like a partisan reflex. To his credit, Olbermann has been willing to criticize some of Obama's conduct in the past, so I wouldn't classify him as a complete partisan. Still, the vehemence of Olbermann's denounciation seems like there's outrage at Wynn's "treachery" (i.e. a Democrat that supports Reid is now criticizing a Democratic Administration).

Socalduck makes a very important point. Many businesses with friends in high places (typically the very big businesses that members of the self-proclaimed left love to criticize) can easily get exemptions from complicated legislation and regulation. Or, worse, gain control of the regulators. Highly complex legislation like Obamacare disproportionately affects small businesses.

This "regime uncertainty" factor is a huge issue for businesses. People like to point out that Wynn does a lot of business in China, and China has monumental tax rates. This is true, the gambling tax in China is far larger than in Nevada. But China's tax code, regulatory structure and legal requirements are in fact a lot more simpler to work within than the US equivalents. You cannot measure "ease of doing business" via a comparison of tax rates.

It gets worse when regulatory regimes change towards a more complex system and/or an alternative system of equal complexity. Businesses like certainty. They want to know that doing X today will be legal tomorrow.

This is why the possibility of a large-scale tightening of regulations and the like will cause precisely what Wynn talked about.

Also, regarding Vespajet's discussion of Wynn's China properties and his argument that the reason Wynncore LV's properties are so down is because of Asian high-rollers going to Macau. I disagree here. Vegas casinos get most of their revenue from slots, not high limit play. Second, the business cycle matters to total gambling spend. In a healthy economic time, you'll get more gamblers and more money gambled. This is the essence of Wynn's criticism; he argues that Obama's policies increase the likelihood of delaying economic recovery and thus delay an increase in total daily spend of visitors to his Vegas joints.

I do agree that the legalization of gambling in more parts of the US, as well as Singapore and the Macau markets, clearly will provide substitute goods for visiting Las Vegas (thus lessenning total spend in Vegas to various extents). However, this holds total demand for gambling constant; in recessions, demand for gambling drops.

Additionally, Vegas has more to offer than gambling; the concentration of various kinds of entertainment means that the substitution effect of gambling in other parts of the US will probably be mitigated somewhat until these places develop facilities that can rival LV.

So, regardless of your position on politics, Wynn's argument is not simply 'laughable'. Its quite a reasonable argument based upon the fact that Wynn's US businesses get more business when the US isn't in recession, and that a government can make it easier or harder to do business within its jurisdiction.

I hope VT can continue its longrunning tradition of civilized discussion in the face of disagreement.

At the end of the day, the reason Wynn's Chinese properties do so well is the money and manufacturing has moved over there to a large degree. The neoliberal policies of the past 25 years or so have shifted wealth overseas considerably.

You can't follow every other business to Asia and then ask where all the North American commerce went. The answer is simple: China won.

I can summarize the only real thing we all need to know about politics:

"Strange women lying in ponds distributing swords is no basis for a system of government. Supreme executive power derives from a mandate from the masses, not from some farcical aquatic ceremony. You can't expect to wield supreme power just 'cause some watery tart threw a sword at you!" -- Dennis

Comments Are Closed

Subscribe via RSS

Recent Comments:

michigan2010 posted: "MGM equals cookie cutter casino. No to reason to step foot in Bellagio again. Just hope they don't screw up..."
» Sayonara Bellagio Table Game Canopies...
saharalv posted: "I wish the editors were the entire electoral college in 2016...."
» Introducing the Trippies Class of...
fatbastard posted: "So many people letting a billionaire live rent free in their heads. Funny. Too bad it also detracts from the..."
» Introducing the Trippies Class of...
wpsteel66 posted: "Total bummer…talk about taking the class and uniqueness away from the Bellagio…another smart move on CEO Jim and making all..."
» Sayonara Bellagio Table Game Canopies...
damania posted: "Is there a podcast?..."
» Introducing the Trippies Class of...

» More Comments