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The Steve Wynn Show: Steve Hints At New Vegas Property

By Chuckmonster on Wednesday, 6th May 2015 11:56am
  » filed under Wynn Resorts  comments: 13

   

In today's episode of The Steve Wynn Show, Steve - bedecked in the lovely blue blazer he wore in Paul Blart: Mall Cop 2 - joins local flasher Jon Ralston for a wide ranging discussion. Topics include uncertainty in Macau, the desolate tone and results of Wynn earnings call and Ralston tap dancing around the possibility of Wynn losing control of the company. Wynn's responses range from evasion to manipulation to hostile stonewalling. Oh, and, he alternates NEVADA NEVAHDA pronunciation 12 times.

This is a must watch, at least the first half.

12 minutes in, after name checking Resorts World's KT Lim and Elan/Alon's James Packer, Wynn drops this bomb:

Ralston: But you wouldn't build here would you?
Wynn: Uh yeah.
Ralston: Really?
Wynn: I might under certain circumstances and I might very well will be doing that.
Ralston: You might very well be doing that? Oh break some news here tonight...
Wynn: I don't want to. You promised we could talk about important things.
Ralston: That's not important?

Steve responds by complaining to Ralston about the subject matter.

The rest of the program is a rehash of the Steve Wynn For President 2016 stump speech from the Charlie Rose interview.

Big thanks to VT reader hail2skins for the Board tip.



Tagged: steve wynn   ralston   blart   resorts world   elan   alon   james packer   kt lim   





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Comments & Discussion:

I love the the interview was sponsored by the Elaine P. Wynn and Family Foundation. Not awkward at all.

Now the schizophrenic Head is not afraid to build in Las Vegas.

Nice vote of confidence in the future of Vegas! Maybe Icahn will sell him the Fontainebleu at a nice discount?

That damn socialist Obama could take some pointers from the wonderful communist government of the People's Republic of China!

^that. I listened to the earnings call and - like always - was taken aback by how LVS and WYNN both tiptoe around the "challenges" of working with the Chinese government - and then circle back and bash how hard it is to do business in the US.

Only thing about the Fontainebleu is that Steve likes to build his own stuff and couldn't see him buying the place without tearing it down. Reportedly he kicked the tires on the blue behemoth a while back and decided against it.

The conventional wisdom is that Steve would build somewhere on the Wynncore footprint but you never know, and I think we'd all be more excited if he was able to procure land on the Strip to build a place. But where? The north side appears to be where the new action is, but how far north would he go? Does the convention center expansion appeal to him to make a play for the Clown? Or does he look south to perhaps the Excal?

But he did have that mischievous smile on his face as he said "I might very well will be doing that....."

The parcels of land in front of Polo Towers would make for a great resort.

I have the feeling he will go ahead with his plan of building something in the golf course.

Maybe, Steve hasn't jumped the shark after all. He still seems sharp as a tack, and the twinkle in his eye says he has something up his sleeve.

My hope is that Steve and Elaine work out a compromise that allows: 1) Steve to be a partner on the new Alon hotel with Andrew Pascal remaining the CEO of the new hotel.

Steve has to know that he can't hold Elaine's shares hostage forever. He needs Elaine's support if he wants to continue to run Wynn into his 80's and 90's.

Maybe, they could bring Boyd Gaming on board as another partner, increase the budget and build a $3 billion Stardust. Bring back the Dust. One can dream :)

Anything he would build would more or less be by his current properties. I could not see him buliding something past SLS but he could buy Fontanbleu and demolish it or the peoperty past Encore.

My money would be just east of Wynn blvd. there's enough space for another building while leaving the golf course relatively intact.

Not that my gambling luck is any indication of accuracy these days...

There is land along Convention Center Drive that has been on the market for a bit (with too high of an asking price) that was originally purchased for two different resorts that never materialized (The first one cancelled when the boom went bust and their land was sold to another developer who was piecing together neighboring parcels for a resort.). There's parcels that are on between Convention Center Drive and Desert Inn that could likely be in play as well, including the former site of the Clarion. Here's he can do, buy up as much land as possible in land around Convention Center Drive that isn't owned by the LVCVA (The only land that is out of play is the Catholic Church, which has spurned a number of offers over the years.). Build the new resort over there and connect it Wynncore with a tram (and a pedestrian bridge only accessible from the hotels) that goes over Desert Inn.

Another option could be some land on the South Strip across the street from Mandalay Bay and Luxor where the SkyVue Ferris Wheel was supposed to be built. The owners have put the entire 38.5 acres they've pieced together up for sale (There is one parcel along the Strip that they don't own, so anyone really looking to develop the site and have uninterrupted Strip frontage would have to buy them out.). But would Steve Wynn want to build a resort that backs up onto the airport?

For the right price, he could take Excalibur and Luxor off of MGM's hands and build a new resort on those two parcels.
He was serious about the Mandalay Mile before. I think it makes perfect sense.

Wynn Palace - Las Vegas



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