Home » VT News » Steve Wynn To Occupy The New Frontier

Steve Wynn To Occupy The New Frontier

By Chuckmonster on Wednesday, 19th October 2011 2:39pm
  » filed under Wynn Resorts  comments: 26

   

Moments ago, in response to a reporter question about Occupy Wall Street, Steve Wynn made a dramatic announcement that the owners of the former New Frontier property have approached The Steve almost monthly with ideas to save their investment.

The Steve outlines one such plan wherein Ytzhak Tshuva and Nochi Dankner have offered to turn over the property to Wynn, pay off the loan and pay Steve and Wynn Design and Development a management and development fee if Wynn would agree to finance and build a joint on their 34 acres of dirt.

Wynn revealed that building such a property wouldn't make sense as he has concerns as to how much the U.S. Government is going to make him pony up to provide healthcare to the 10,000 employees.

Yeah. He really said that.



Tagged: steve wynn show   





Advertisement:





Comments & Discussion:

Well lets hope our government changes so Steve can do whatever he likes!

Kidding, but I would be excited to see what happens with this.

These Wynn confrence calls are great entertainment.

Methinks the Steve is channeling his inner Adam West.

Next thing you know, he's going to pick a fight with the moon.

I like the part where he linked the Occupy Wall Street protests to the U.S. deficit.

Yeah. He really said that, too.

At this point, I would rather accidentally catch a peak at Ruffin's low-riding nutsack than listen to a Wynn conference call.

My understanding is that Wynn self-insures and is thus able to negotiate and (at least somewhat) control what I imagine is a pretty big item in the overall employee benefits budget. If the government mandates a single-payer system for all, the government sets the premiums. Wynn has no control over that cost.

Regardless of which side of the aisle you are on, or how you feel about his other rantings, he makes a decent business point on this particular subject.

He could always switch to destroying cheaper paintings.

Even if I didn't think Wynncore was as overrated and going downhill as I do its statements like this one that keep me from giving one red cent to the man by playing or staying at his properties.

I also hate how he always shits on the Obama government but kisses ass over in China I cant wait for the day the Chinese decide to nationalize his casinos in Macau and to see him crying then!

Indeed. of course, if health care were nationalized El Steve wouldn't have to worry about rates....but details details.

And from the sound of that line it looks like the Wynn employee health plan is pretty shitty.

The fatc that there is this big hole right across from his prime hotels is going to annoy hin so much that I will lay odds he will change his tune by the end of 2012, especially since the President is still going to be in office after the next election. Heading to Vegas in a matter of hours and now have crossed going into Steve's properties om my list of things to do.

oh Misnoper, you got me again with one of your humor stories. What, wait, it's not a Misnoper story???

once again, i miss the mob.

I thought this was a Misnomer special, too. Stuff people on this board joked about a year ago -- for instance, turning Alex into a nightclub -- it's really happening. Thank goodness for the great government of China -- the smog, currency manipulation, and human rights violations are way overblown. The Steve is giving Sheldon a run for his money for the Most Despicible Casino Mogul Award.

I think he's right on the money, for the most part. As a business owner he sees an unstable future in the US economy, as most do. At this point you still have some economists saying we may be going into a double-dip recession, while others are calling it a jobless recovery. Add that to uncertain costs associated with what has become know as "Obamacare".

If someone, that most of you see as a visionary, starts looking to 5 years in the future, when the new resort would open, and does not know where the economy will be, or how much he will be paying the government for health insurance coverage, why would he invest $2 or $3 billion? At this moment in timee, it would be a huge risk.

In China, while the country has its problems, primarily being a bunch of commies, his expenses are set. He knows how much he will have to pay the government, for land, building materials, bribes, and labor. As long has he knows his expenses, he knows how much income he needs to make a profit.

Clearly many people on this site lean to the left side of the political spectrum, why you would let this affect your vegas trips, I do not know.

"Clearly many people on this site lean to the left side of the political spectrum, why you would let this affect your vegas trips, I do not know."

the same reason why people don't shop at Wal-Mart, or watch Fox News, or follow PETA's advice and not patron certain restaurants based on what is served. Same reason why people will follow the advice (and the advertising associated with) someone who follows a person based on that person's political views.

why not continue that ideal (right or wrong) to what casino you drop your money at?

@Duffman - I don't disagree that Wynn's better off investing in China now. That's just business sense. I do have a problem with the bizarre sermonizing we get with every quarterly earnings call. Effusive praise of China doesn't strike me as something offensive to left- or right-leaners. It's just unnecessary and reminds me of the last time he went nuts and got his company taken over.

Geez. Now I feel bad about staying there next week.
It is a comped room and I do get freeplay, other than that I don't intend to spend a red penny at the joint.
And as for all the "he is a business man..." excuses, I think alienating over 50% of the US population is bad business.

wynn cotai photo:

go to the video link at

http://videoedit.cashmanpro.com/player.php?VideoID=6002

go to time index 6:21.

Steve Wynn is talking. Behind him is a photo of a hotel.

It matches descriptions I have heard of the new hotel.

If I would base my decisions in life on the political leanings of a corporation or a person I would go insane. I am a conservative, my girlfriend is a self-described liberal, doesn't mean I don't love her. We have differing opinions on things (although I think I'm winning her over). I don't shop at wal-mart because it is dirty, and Target is nicer and a lot more convinent in Mn.

Andy, yes the heaping praise for China, while not hostile, is not exactly friendly with the US, is over the top, but remember he is dealing with a totalitarian government here. What they give him can just as easily be taken away, and given to someone else, before or after he developes it. So he has to kiss ass in order to continue to develope in China.

Apollo, from where Wynn Cotai is placed on the strip, and that painting depicting a water front resort, I would think it is pretty likely that it is Wynn Cotai. It would make sense if it hung in Steve's office, with his nerdy but cool picture with Bill Gates and Warren Buffett.

@sarahalv Well don't feel too bad, you did invest in something to get those comps.. ;P

Duffman, while it's nice that your convictions are flexible enough that you don't mind doing business with people who use the bully pulpit of mass media to disagree with you, if nobody ever gave a crap about the politics of businesses organized labour would have never gotten off the ground to begin with.

He's complained not just about "obamacare," but of the principle of universal health care as a whole. Meanwhile, all around his resort is one of the most economically devastated cities with record-setting unemployment. Who don't have health care, because they don't have jobs. And as much as it sucks to be unemployed, it's even worse if you can't fix yourself.

I don't think he's doing anything but trolling, but to tell the city "I'd build a new hotel and create thousands of jobs, but y'all wanted health care instead so nuts to that!" is basically a slap in the face. And he's speaking as a chairman/CEO at a quarterly call. It's not like all his employees agree, or even everyone on his board. It's just a bad businessman thing to do.

@ACTOR, I actually haven't gambled there in 3 years. Seriously.
Ironically, I have put quite a bit of moolah into MGM's machines and haven't heard a peep from them in quite a while.

I have to agree with MinVegas - regardless of whether or not you agree with Wynn's politics, running his mouth off the way he does on sensitive political issues at a time when Las Vegas is still somewhat struggling to fill its hotel rooms, and the country is highly partisan and divided, does not make good business sense considering that there are people who do decide what businesses to support or not depending on the company's or its executives stated political positions or support for certain causes. Shareholders and employees alike should be concerned about whether or not Wynn's statements may have an influence on the company's bottom line. And when you are a company that deals with so many whales as Wynn does, isn't it possible the defection of a few (or even one) whale that gets offended enough by Wynn's statements defecting to another operator's casino could make a difference? Likewise, in our current era where grassroots political activism is on the rise and things spread like wildfire virally on the internet, isn't he potentially risking the backlash of a left-wing boycott? I know the right likes to think that all wealthy people are GOP, but the truth is far from it - after all, where does the term "limousine liberal" come from? (I'd also have to imagine that a large percentage of Wynn's clientele comes, like the rest of Las Vegas's, from Southern California - a very wealthy area, and one with a lot of liberals...

Min- There is a difference between using your buying power when it comes to how a business conducts itself and what the opinions of its CEO is. I can respect it if you don't shop at Walmart because you don't believe they treat their employees fairly. Do you research the opinions of the CEO's of all the companies you shop at? If so, you probably shouldn't shop at Target or buy 3M products. Target recently supported the GOP canidate, who lost, because of his pro-business policy proposals and suffered a back-lash from the Gay community because of his other policies. Not even two weeks ago 3M's CEO made comments calling for lower taxes on corporations, and flat taxes for everyone.

I can also see what BigDaddyJ (By the way, Nice review of Mandelay) is saying about how Wynn's words, being in a service industry, can be off putting to some people. They may look at it as an attack on Pres. Obama's policies, something they support.

The way I took it was that he is uncertain about his future expenses in the U.S. due to the government and some of the policies that it has put in place, so for the time being he is unsure if he wants to invest a few billion dollars.



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