Steve Wynn says we've seen the bottom in Las Vegas

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Posted on Nov 5th 2010  -  Subject: Steve Wynn says we've seen the bottom in Las Vegas

During the third quarter conference call to address WYNN's results, CEO Steve Wynn said "...we've seen the bottom in Las Vegas and I don't know how fast it's going to get better, but I don't think it's going to get any worse." He didn't indicate that the economic conditions are improving, but only that they can't get worse.

Steve Wynn went on to explain about the Wynn Resorts financials, his feelings about the US Government and the spiraling health care costs associated with the new health care plan. He feels Cacau is doing a superior job of creating a common sense plan for business so that he has more customers, longer stays, and more business than he has in the U.S.

Wynn is more cautious and less leveraged than other gambling and resort owners.  They are distributing a special one time $8 dividend to shareholders on December 7th.  For high rollers, some bad news as he stated "Our baccarat is closed until Christmas, it's being re-configured"

Steve Wynn is known as one of the more candid CEO's out there and freely speaks his mind.  He even bristled at one question by answering "Who do you think you are talking to, anyway? You've got no chance of me doing that. You do that. That will give you something to do. I'm not going to do it. You understand the market clearly enough. Why would I hypothecate about stuff like that?"

Source: KDW

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