When Steve Wynn opened The Mirage in 1989, it was the beginning of the end of the era when the casino was the dominant revenue source in Las Vegas resorts. Restaurants, shows and hotel rooms all became profit centers. But he also started identifying his properties with free, iconic attractions. “We started putting things in front of the building that didn’t have a cash register in front of them,” he told an audience at Global Gaming Expo yesterday. Of Vegas’ mystique, he said, “It was never the slot machines. The machines has no power unto itself … It’s about things that give people a chance to live big.” Wynn’s taken that vision successfully from Macao to Boston. (But not Atlantic City, a metropolis that staunchly resists becoming a destination.)
Putting it in rather graphic terms, Wynn said, “You’ve got to give people something they’re willing to get on an Continued >>
“Boston’s a destination educationally, in terms of research, in terms of medical research and technology research. Boston is a little bit like Silicon Valley, and it’s a financial centre of major international proportions. Boston has got museums. It’s a serious place.” — Steve Wynn, on his newest casino market. It also turns out that Wynn may have jumped the gun when announcing Wynn Resorts‘ exoneration in a Macao anti-corruption probe.
Bids are in for Revel and the white elephant goes to … Brookfield Asset Management, owner of the Hard Rock Hotel in Las Vegas. (The fund is obviously fond of problem children.) Brookfield’s winning bid was $110 million, leaving stalking-horse bidder Glenn Straub in the dust. Straub has threatened to sue on the grounds that the bankruptcy-court process lacked transparency. He’s also offered to up his bid to $134 million. C’mon, boys: Is Revel really worth starting a fight? (Straub’s complaints will be heard on Oct. 20.)
We probably haven’t heard the last of Straub, who has lain covetous eyes upon the shuttered Showboat. However, his ideas for Revel spelled certain Continued >>