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Steve Wynn Recounts Statements About Leaving Las Vegas

20 February 2011 by Devon Chappell

Steve Wynn not so mad these days now that the Wynn Encore Casino is picking up profit...

Steve Wynn's not so mad these days now that the Wynn Encore Casino is picking up profit...

What can I say, Steve Wynn just rubs me the wrong way. I don’t know the guy personally, and just like any celebrity or person in the limelight, what you get is what the pop-culture media paints of the person. However, when you have a business mogul as outspoken as Steve Wynn is, words often speak for themselves…or in this case, his selves.

It seems Steve Wynn likes to flip his positions based on whether or not he is making a lot of money. No, I’m not talking about sex. I’m talking about business. Sure, it sounds like a reasonable thing. Nobody wants to lose money in a business transaction. However, Steve Wynn – who has made a lot of money from America’s free enterprise system – apparently has a penchant for taking things to an extreme. Let’s take a step back in time, shall we?

If you’ve never been to the Wynn Encore casino resort in Las Vegas, it truly is a marvel to behold. Well, maybe not a “marvel” per say. But it’s definitely a very nice casino resort. One of the best on the Strip. My wife and I stayed there shortly after the first hotel tower opened to the public. We thoroughly enjoyed our stay and were impressed on every level. Lucky for us, we didn’t have to pay the bill. Now, this was a couple years before the housing market bubble busted, Wall Street tanked and Vegas started losing it’s steady decline.

Even Steve Wynn’s resort wasn’t immune to the downfall. But instead of sucking it up (he never saw a profit loss, mind you), Steve Wynn decided to use his decline in profit as an opportunity to lash out against the Obama administration’s financial policies, not to mention President Obama’s speech to high school graduates to not gamble away their college money in Las Vegas.

I know, I know. If it wasn’t for Steve Wynn, the Las Vegas Strip would not be what it is today. Sure, Steve Wynn was a instrumental part in revitalizing the Strip with the unprecedented Mirage Casino Resort and then some. But if it wasn’t Steve Wynn, it would have been someone else. He just happened to have the money and be in the right place at the right time.

Enormously successful in the casino gambling Mecca of Macau, which with the combined effects of online gambling is probably more to blame for Vegas’ revenue fall than the U.S. economy, Steve Wynn has often said he prefers the business environment in China, even saying he is planning to move his business headquarters to Macau. He has even become a citizen of Monaco. Need I say these are the words and actions of a true patriot.

Don’t get me wrong. I wouldn’t consider myself a very Patriotic American. But to start bad-mouthing the government when things aren’t going so well (like when you can’t afford that next multi-million-dollar Picasso painting to replace the one you bashed your elbow through), and then to threaten to take your business (which Las Vegas has come to depend on) to another country, reeks of pure selfishness.

And here’s the kicker. With December 2010 and January showing promising signs that Vegas is on the rebound (Wynn Encore reported a 25% increase in profit for the quarter), Steve Wynn is now saying that what he said earlier – that he would not be investing in U.S. casino properties anymore – is no longer true…that he’s “changed his mind.” In other words, when there’s more action on the real money slots and things start looking more financially promising, that’s when Steve Wynn is proud to be an American.

Hmm, I think I’ll be staying at Red Rock Resort next time I go to Vegas. It’s just as nice, the prices are cheaper, lower minimums in the casino, and it’s even better for the local economy.

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