From Seeking Alpha – a transcript of Steve Wynn’s Earnings Call:
…Well, here’s our problem. There are a host of opportunities for expansion in Las Vegas, a host of opportunities to create tens of thousands of jobs in Las Vegas. I know that I could do 10,000 more myself and according to the Chamber of Commerce and the visitors convention bureau, if we hired 10,000 employees, it would create another 20,000 additional jobs for a grand total of 30,000. I believe in Las Vegas. I think its best days are ahead of it. But I’m afraid to do anything in the current political environment in the United States. You watch television and see what’s going on on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing’s going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating. And I’m saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime…(emphasis added)
The bottom line: because of government policies, especially those of President Obama, Wynn simply will not expand his Las Vegas operations. That is really all that needs be said – Obamunism is destroying the economy and we must change course if we are to prosper.
Blogs For Victory 
Well this presents a conundrum. Who to listen to? Larry Summers, Christine Roemer and Alan Goolsbee or Steve Wynn.
Wynn is a highly successful, private market employer and businessman, and the other three are failed public sector, ivory tower intellectuals. Unfortunately Obama sought the counsel of the latter.
Warren Buffett and George Soros also highly successful businessman. Do you give them credit?
Wynn actually creates jobs, on the front lines. Buffet and Soros merely provide the capital. Big difference.
bardolf,
Soros and Buffet make money off the corrupt system – Wynn just runs casinos and makes his money doing that. Half the skyline of Las Vegas is the result of Wynn’s drive and vision…and the bottom line is that he’d like to hire in Las Vegas, but won’t while Obama is screwing things up.
Wynn is a blowhard just like Soros and Buffett.
He’s ‘AFRAID’ in this environment, that’s rich. There is a recession going on and people are spending less money in Vegas. Here’s a thought, maybe he could take a gamble on the hard working people of Nevada instead of needing a guaranteed win all the time.
Mark,
You don’t think it matters that Wynn has given over 235k in donations to the GOP since 2007 and only 35k in that same time to the dems?
Oh wait, it’s obvious it doesnt, I forgot, Wynn is scared to create jobs because he is scared of the economy…..riiiight….and pigs fly in Vegas….right mark?
Here’s a thought, maybe he could take a gamble on the hard working people of Nevada instead of needing a guaranteed win all the time.
Dolf,
Why do you continue to show off your near total ignorance about how capitalism works? Most people, regardless of political or ideological stripe, come here and try to at least sound intelligent. (well, except for Jeffy/Monty) You seem to constantly go out of your way to sound the opposite.
Warren Buffett and George Soros also highly successful businessman. Do you give them credit?
Credit for what?
Spook
The guaranteed win comment is a reference to the illusion that casinos are taking real risks. The law of averages together with limits on the amount one can bet guarantee that the house will win. Steve Wynn’s biggest loss was when he couldn’t make his marriage work.
That casino owners and real estate developers like Wynn and Trump are visionaries while investors and industrialists like Buffett and Soros are corrupt only works for the kool aid drinkers. Wynn is a GOP donor who is complaining about Obama period.
The theory that B4V picks economists simply based on partisanship is easily verified. Soros made his money with the Quantum Fund or a ‘corrupt system’ as Mark would say. Jim Rogers was Soros’ partner. He made his money the exact same way. But Jim Rogers complained about Obama so he is OKAY.
As for the subtleties of capitalism, they seem to have evaded Bush which is strange given he has MBA.
“That casino owners and real estate developers like Wynn and Trump are visionaries while investors and industrialists like Buffett and Soros are corrupt only works for the kool aid drinkers.”
Let’s not forget that Trump bankrupted his casino, which is an incredible feat when you think about it. But we’re supposed to respect his “business acumen.”
Let’s not forget that Trump bankrupted his casino, which is an incredible feat when you think about it. – Monty
Let’s not forget that Trump emerged from that bankruptcy financially stronger than before and took care of his creditors, all without a government bail out. That’s an incredible feat when you think about it.
BOOSH ALERT! BOOSH ALERT!!
Loony Lefty invoked Bush to dodge comments on his own economic ignorance! OK, now that we have THAT out of the way…..
As usual, Dolf The Clueless weighs in in an area where he can, once again, show his total ignorance.
Those of us who have started businesses understand that we need a reasonably predictable economic environment upon which to base projections and, therefore, to incur risk. (Adobe-tower academics don’t have to worry about such things, being so busy “thinking” and all, and being so nicely insulated from the confusing and demanding world of actual business.)
Our fey little mathematician is all a-twitter over Wynn’s use of the word “afraid” but this is merely a feeble attempt to divert from the real thrust of the quote.
That is, that any rational business person is going to have to think twice, hesitate,and even back off from investing in a business enterprise in an economic environment so inherently hostile to business.
(We’ll have a short time-out here while DTC gets the vapors over the word “hostile”.)
DTC nonsense: ” Here’s a thought, maybe he could take a gamble on the hard working people of Nevada instead of needing a guaranteed win all the time.”
Real-world translation: “Here’s something totally unrelated to thought, maybe he could just throw his money into a business vacuum without the slightest indication that it will ever show a return on his investment, just as the Left does with our tax money, instead of needing a rational reason to take the risk with his own capital. In the name of “the working people”, of course, as is all Leftist redistribution of wealth.”
Monty, you and DTC need to get together (now, THERE’S a vision that calls for eye bleach!) and figure out your stories. DTC says casino ownership is a guaranteed profit, you say Trump lost money.
Of course, neither one of you can deal with the fact that the thread is about an IDEA, that of the precarious Obama economy being toxic to business, so you have to stick with the “small minds” thing and talk about PEOPLE.
And Dolf The Clueless, you did not answer spook’s question. It was: “Credit for what? It was not about “guaranteed win” anything, or an opening for you to wallow in even more spiteful snark with a totally irrelevant comment about Wynn’s marriage.
Amy
I was talking about risks inside the casino. Sorry for the misunderstanding.
@Spook
I always heard that the stock market wizards were providing essential services to American companies. I was asking if you give credit to Wall Street investors for productivity of the US?
How much do you think Wall Street investors like Buffett are needed for the US economy?
Ah yes the good old kapo soros. The owner of Petrobus. Remember that 2 billion dollar loan so it could drill for oil in Gulf? Wonder who the kapo gives money to? Could not be bams? Naw, what a dumb questuon.
So if you consider cronyism as success, your definition fits,
Green,
What’s petrobus?
tommygasbagger
do your homework tardo.
I thought you were “in the business” there tommy-boy??
the commies just love soros.
at 83 he wont be around much longer, with all his money they can afford to give him a grand send off.
the sooner the better.
Are you saying that it is SOROS who is “shovel-ready”?
ROTFLMAO……..
Here’s a thought, maybe he (Wynn) could take a gamble on the hard working people of Nevada instead of needing a guaranteed win all the time. – barstool
I am sure Wynn would appreciate any advice he could get from you stool. You seem to really have a firm grasp on the risks involved with commercial development.
I remember when Wynn sold the Mirage and TI to develop his signature property The Wynn Casino. People thought he was nuts and would surely fail this time. But he moved forward, spent a lot of money, risked a lot of capital and now has the Wynn and Encore and has once again proven his detractors wrong. Just FYI barstool, that wasn’t a guaranteed win, if there is any such thing.
Just FYI barstool, that wasn’t a guaranteed win, if there is any such thing.
Cluster, you ought to know by now that guaranteed success is one of the keystones of modern liberal thought. Usually it’s with other people’s money……..oh, wait – Wynn’s money — never mind.
Clueless
So the once might Wynn, full of the risk taking spirit is now AFRAID of the POLITICAL environment. What a wet blanket blowhard.
Once again stool, you display a firm grasp of understanding of Wynn’s position. He is CONCERNED about the current political uncertainties he feels could adversely affect his future business model, profit structure and development goals. Ie: Obamacare, Cap and Tax, tax rates, etc. But again, I am sure that he would welcome your sage advice.
And there goes Dolf The Cluless again, twittering away over the word “AFRAID”. He does tend to obsess over some words, doesn’t he? I remember when he simply could not let go of the word “NEARLY”.
Note the DTC disconnect between the economy and the political environment. What a ninny.
Yeah, cluster, and after DTC has given advice on business he can advise Wynn on marriage, too.
Clueless
Cap and Trade would impact people who make something productive. Not the mighty Wynn.
Obamacare deals with a useful area of the economy, doctors, hospitals, etc. That makes it detached from what Wynn does.
Taxes haven’t gone up under Obama and the GOP controls the house. More hot air from the corporate stooges.
I have some advice for Mr.Wynn – He should make his new bride happy if he is worried about his bottom line. The last one cost him more than all the taxes Obama, Carter and Clinton could dream up together.
Taxes haven’t gone up under Obama …
Yet.
But Biden has promised that they will, and so has Barry. Biden said “We’ll be back in two years.”
Which brings us back to predictability. No one can put money into a long-term venture based on what has been openly threatened to be a short-term respite from economy-killing tax hikes.
Wynn’s is a business based on discretionary income. He is not selling staples needed for survival, he is selling fluff and frivolity, which is the first thing to go when people don’t have jobs. His business, more than nearly any other, depends on an economy that is strong across the board, for the long haul.
It takes years to build a new casino/hotel. By the time Wynn had one built, we could be in the second or third year of a REAL “Great Depression”.
Cap and Trade would impact people who make something productive. Not the mighty Wynn. – barstool
It’s estimated that Cap and Trade legislation will increase energy costs by 20%-30%.
Stool, do you think Wynn’s casinos use much energy?
Clueless
Its been estimated that the Earth was the center of the universe too. Do you have the right wing talking points on a cue card or are they memorized?
Above all, we must realize that no arsenal or no weapon in the arsenals of the world is so formidable as the will and moral courage of free men and women.
RONALD REAGAN
the reason socialism fails…is because men and women have no call to moral behavior…and without moral behavior…you have no moral courage…socialism promotes the false ideals that under equality…religion is false…and unnatural behavior is natural…communism tries to supplant hope, faith, and charity….with the nanny state…and it takes away the basis of all motivation…
how can a man do for himself….when he is ignorant of what he is doing…when the state replaces his motivation…his motivation turns to selfish delusions of entitlement…an abhorant behavior in nature
The law of averages together with limits on the amount one can bet guarantee that the house will win. – barstool
And that’s all there is to it folks. Simply build a casino and the profits and riches are soon to follow. Why aren’t we all in the casino business? It’s easy according to stool
Just wait—I am sure that DTC is working, right this very minute, on a proof that all casinos in Las Vegas make the same level of profits. After all, it’s so easy, isn’t it?
Business acumen, economic savvy, skill, along with courage, have nothing to do with it. It’s all just mathematics, which is DTC’s claimed area of expertise, so he will no doubt be riiiiiight back with that summary of the equality of success of all Vegas gambling ventures.
acumen savvy skill and courage are not the words that come to mind for Casino developers or should I say moguls, moguls
more like muggles
mark:
i love you and can’t quit you
but find it ironic you call out the corrupt system
because
you work for the corrupt system and have for years
cowboy up big boi and get yourself a clean job will you?
?????
And the bag is back. Wee-haw. We really needed yet another pweshsuss poster of nonsense.
Amazona
Is the pweshsuss meant to be like LOR a tweety bird ‘putty tat’ or something else. Sorry, but it just doesn’t sound as craven as you want it to be especially mixed with the version of yee-haw that you coined.
I wasn’t going for “craven” I was going for just-too-too-darling-for-words. Twee. Fey. A little on the fluttery side, with a simper of self-assumed cuteness.
And there are some people who simply cannot be envisioned ever saying Wee-haw OR Yee-haw, and who are therefore as credible as sources on all versions of the expression as, say, Barry is on how to wear blue jeans.
Amy
So what part of bagni’s post is too cute for words?
1. Mark thinks financial companies make money via corruption
2. Mark appears to work for a financial company
3. Mark has complained about working for that company in general
4. Mark has complained about his company encouraging people to work a 7 day week, hollow materialism, firing lots of employees,…
5. Mark has complained that his house is under water and feels he needs to keep the job
nanu nanu dork
clean job?
have you ever borrowed money?
Oh wait you play in cardboard box spaceshios in mamas basement and ride the short bus to “school” (drool)
baldork
“corporate stooges”….only from some looter and taker who is “employed” with OPM, and never held a REAL job in his life.
PATHETIC!!
do the Corporate stooges help the growth of your 401K? pension fund?
stocks? investments? savings?
what a complete imbecile.