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Fact checking the Wynn Conference Call

Started by apollo28 on Thursday, 30th January 2014 7:24 pm
Last response by Chuckmonster 4th February 10:02am

Steve Wynn - Q4 Conference Call:

"First of all, we look for opportunities every month and share our ambition in that regard with the government and other community leaders to extend and increase our commitment financially to Macau and to the People's Republic of China because we've done so well in China. But the benefits of our Macau investment have been incredibly important here in Las Vegas. When that hotel was 2 years old (Wynn Macau), because of the success, I was able to spend $2.25 billion to build Encore in Las Vegas. That was strictly because of our investment in China that we were able to create 7,000 direct and maybe 14,000 indirect jobs here on the Strip."

Isn't this completely untrue? My understanding is that Encore Las Vegas was conceived in 2004 before Wynn Las Vegas was even opened. Encore Las Vegas would have been opened even if Wynn Macau was not a success. I think it would have been more accurate to say that the benefits of Wynn Macau helped build the Encore Beach Club and the Wynn room renovations.

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 RateVegas responded on Thursday, 30th January 2014

Well, you can't take what Steve says literally, at least most of the time. Also, inception is not execution. If Wynn Macau had tanked, we have no idea what impact it would have had on the project. Scaled back? Canceled? Who knows. That Wynn Macau performed up to or beyond expectations absolutely could have been more material than it seemed at the time.

 Chuckmonster responded on Tuesday, 4th February 2014

Cotai is paying for Steve's divorce(s)