The world according to Wynn

By David McKee ~ May 1st, 2015 @ 11:52 am No Comments »

Nobody likes a sore winner and Steve Wynn has nothing but unkind words for Elaine Wynn, a week after she was voted off the Wynn Resorts board. His dismissive attitude toward her criticisms of the board’s composition makes me skeptical that we’re going to see much in the way of diversity on that august (and very white, very male) body. Also, despite having been pummeled by government policy in China, Wynn warbles a sweet serenade to Peking and blames his problems on Continued >>

Boyd shatters expectations; Dover Downs flounders

By David McKee ~ May 1st, 2015 @ 11:21 am No Comments »

Compared to Steve Wynn‘s gloom — and sapped stock price — about Las Vegas’ immediate economic prospects earlier this week, Boyd Gaming CEO Keith Smith was bullish on Sin City. And why not? Boyd suncoast-picreported profits of 31 cents a share, exponentially higher than Wall Street‘s dime-a-share consensus. Citing a 3% reduction in local cash flow, J.P. Morgan analyst Joseph Greff basically yawned at the results, maintaining his “neutral” rating on the stock. Not even above-expectation results at every outlying Boyd jurisdiction, including 12% at Borgata, was enough to move Greff.

Increased pedestrian traffic in Downtown Vegas, cheaper jet-fuel costs and increased Continued >>

Quote of the Day

By David McKee ~ May 1st, 2015 @ 9:11 am 1 Comment »

“If you were planning to see the Duck Dynasty inspiration, Duck Commander Musical at the Rio, you best get the lead out. I’m hearing it’s operating on a wing and a prayer. It opened two weeks ago.” — Las Vegas Review-Journal columnist Norm Clarke. Call it ‘The Revenge of Longmire,’ sacrificed on the altar of the cretinous Robertson klan, er, clan.

Wynn frustrated with Macao; Adelson vs. Adelson

By David McKee ~ April 30th, 2015 @ 2:06 pm 1 Comment »

Macau giveth and Macau taketh away for Wynn Resorts.” With that sentence the Las Vegas Review-Journal‘s Richard Velotta pithily summarized the precipitous reliance that Wynn ForbesWynn and other Macanese operators have on that unpredictable market. “Our hopes for a turnaround during Chinese New Year turned out to be incorrect,” said CEO Steve Wynn, announcing a first-quarter loss of $45 million. He added that he’d even be satisfied with a flat 2Q15 but isn’t anticipating one. Given the Macao-heavy tilt of Wynn Resorts’ balance sheet, a 2% improvement in Las Vegas doesn’t count for much against a 38% decline in China (with VIP play down 52%), where the forecast is clouded by social unrest and a continuing government campaign to root out graft.

Wynn blamed some of his problems on a “cloudier” atmosphere in Macao — and he wasn’t referring to the air pollution. Mentioning delays in a light-rail project that prompted a government official to publicly apologize, the CEO said,  Continued >>

Further Reading

The world according to Wynn

Boyd shatters expectations; Dover Downs flounders

Quote of the Day

Wynn frustrated with Macao; Adelson vs. Adelson

Murren takes sanguine view; Straub’s struggles

The perils of Pence; Court prods Caesars

MayPac: Winners and losers; Adelson, Wynn take big hits

Nothing’s easy at Revel; Death sentence for Harrah’s Tunica

Penn nabs the Trop; Smog City

Quote of the Day

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