The many faces of Steve Wynn

It’s great sport following the tortuous circumlocutions through which Wynn Resorts is putting itself, trying to square its varying positions on Internet gambling. El Steve declared himself against it in an interview with Jon Ralston, although he game himself a little wiggle room, too. Then it emerged that Wynn Resorts had been granted an online-casino license in New Jersey. Awkward.

Steve-Wynn-201198-1-402Wynn surrogate Michael Weaver was rushed into the breach with the following explanation: “our plans are on hold until we understand the business opportunity.” That’s somewhat at odds with Wynn’s own contention that geolocation and age-verification technology were bull manure. Further complicating the picture, Howard Stutz‘s sources told him “Wynn does not plan to financially back the effort by [Sheldon Adelson] to halt online gaming legalization in Washington, D.C., or state by state.” So Wynn is opposed — but he’s going to sit this one out?

While Wynn was busy reconsidering its reconsideration, Caesars Interactive — Wynn’s Atlantic City partner — was trying to make sense of it. Wynn had gone from being “neither and opponent nor a proponent” to opposition … except maybe not. That B.S. he detects now he had praised back in 2011. Wynn’s myriad stances fueled speculation at his motivation. Jeffrey Compton polled his sources and the answers were multifold. Perhaps Adelson had shot off his mouth to Ralston and Wynn was covering his new BFF’s butt. Or maybe it was payback to Caesars Entertainment for dragging Wynn into its feud with the Massachusetts Gaming Commission. Or perhaps Wynn himself is leery of “getting involved in another project of questionable profitability” and needs an excuse for sticking to bricks and mortar. It wouldn’t the first time Steve Wynn was full of bluff and misdirection. The trick is always to ferret out the fragment of what he says that he actually means.

Wynn Macau 2Halfway around the globe, Wynn Resorts is investing $65 million in a “very dramatic reinvention” of the casino’s west side. The move was prompted by disappointing returns in that area. Its goal is to add more Macao gambling capacity, pending civic approval of the paperwork. Both mass-market and VIP play will be the intended fodder. Contrary to what one might think, mass-market players are more desirable than VIP ones. Winnings from the latter have to be shared with junket operators, who extend credit to the players. Mass-market players are wont to gamble cash and, when they lose, casinos keep it all.

 

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