Steve Wynn is taking the softness of the Macao market in stride. “When you see that kind of adjustment, you adjust your business. You take tables away from VIP and put them into mass or premium mass,” he told Chinese reporters. While Sheldon Adelson‘s Parisian has been slowed by a construction accident and MGM Cotai is hampered by permit issues, Wynn is sticking to his prediction of a Chinese New Year opening of Wynn Palace. He also hinted at (nongaming) investment in nearby Hengqin Island.
While Sands China and Galaxy Entertainment have been targeted for labor demonstrations, so far Wynn Macau has been exempt. His employee turnover, Wynn claims, is the lowest among Macanese casino operators. He did allow as to having worries about the labor pool being big enough to staff Wynn Palace. He said, “My outfit is spending over $4 billion on Wynn Palace. Are we going to have enough employees to run the place? Once you employ everybody in Macao … you are going to have to bring people from outside the region. Or we are going to have empty buildings and other problems that will be negative to this community?”
Wynn didn’t downplay his interest in Japan, saying, If the time comes when Japan is available, we will step up and bring our capital, our experience, our imagination to the table.” As for the Macao market, he predicted a shift away from gambling, much as has been seen in Las Vegas. “The energy of the resort and convention business is going to dominate the development of this community. That doesn’t mean that the government will not encourage other developments,” Wynn added, alluding to the Macanese government’s largely futile efforts to diversify the local economy. (Having gone in on casino development on a Vegas-plus scale, the government would seem to have foreclosed its options in that sphere.) There’s also some question of whether the left hand knows what the right is doing. The government has called for casino operators to provide housing for their migrant workers but a Wynn lieutenant said they’d not been contacted on that issue and anyway they were doing it already. Continued >>
By David McKee ~ September 22nd, 2014 @ 12:45 pm 1 Comment »
“I think we need intervention from the people who appointed [the Massachusetts Gaming Commission]. They’ve clearly gone beyond their duty.” — Boston Mayor Martin “McCheese” Walsh, raging at the MGC for choosing to award a casino license to Wynn Resorts instead of Walsh-favored Mohegan Sun.
In a setback for all regions of New York State that are eligible for a casino (or two), the casino-siting board has made it clear it’s taking a serious look at the “up to four” clause in the licensing process. So maybe they could hand out three licenses. Or fewer. At this point there are three eligible regions and 16 competing proposals, with a decision coming in October. The thinly populated Southern Tier is highly unlikely to get more than one. (Three proposals have been submitted.)
Which means that the solomonic baby-slicing will happen in the Catskills area, where Ulster County and Sullivan County are at daggers drawn with Orange County (more affluent, closer to New York City). With six of nine of the Catskills-area proposals being in Orange County, the odds are favoring it heavily at this point. It’s cruelly ironic because, for years, Sullivan and Ulster counties were the poster children for casino expansion, and now they may get cut out of the action entirely.
But “while casinos in Orange County may make the most money, that’s not Continued >>
By David McKee ~ September 22nd, 2014 @ 11:51 am 1 Comment »
Ultimate Gaming is exiting Atlantic City but don’t take that as a slight on the New Jersey market for Internet gambling. Ultimate lost patience with dubiously solvent Trump Taj Mahal, which it accuses of being two months in arrears and owing it $1.5 million. “It made it extremely difficult to operate under those circumstances.”,” understated Station Casinos CFO Marc Falcone, who added that Ultimate Gaming had stopped taking deposits. (The company is also downsizing.)
The company’s lack of haste to re-enter the Garden State market may have something to do with its last-place ranking among Continued >>