Non-TechWynn Resorts

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From: Glenn Petersen4/4/2005 12:08:31 PM
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"The Revenge Of Steve Wynn"

Kirk Kerkorian took Mirage Resorts away from him. Now he's striking back

At the hiring office for the new Wynn Resorts Ltd. (WYNN ) casino in Las Vegas, parking lot attendants carry flashlights to direct applicants like jets on a busy runway. Arte Nathan, Wynn's human resources chief, says he has 108,700 applications for 10,000 jobs. Two thousand offers have gone out to employees of rival casino operator MGM Mirage Inc. (MGG ), which has banned Nathan from setting foot on its properties.

The hiring boom is just the latest salvo in what's shaping up to be the biggest casino war Sin City has ever seen. On Apr. 28 industry legend Stephen A. Wynn will open the first new resort in five years on the Las Vegas Strip. At a cost of $2.7 billion, Wynn Las Vegas will be the most expensive casino in the world, boasting features such as a three-acre man-made lake, a Maserati/Ferrari dealership, and the Strip's only golf course. Wynn, 63, will be competing head-to-head with MGM, whose largest shareholder, Kirk Kerkorian, snatched Wynn's Mirage Resorts Inc. away from him in a hostile takeover five years ago. "It's going to be the revenge of Steve Wynn," says Anthony Curtis, publisher of the Las Vegas Advisor, a newsletter for gamblers. "He has put everything into showing he's the guy who makes the best resorts in the world."

Wynn began plotting his comeback just a month after agreeing to sell Mirage Resorts, when he plunked down $270 million to buy the old Desert Inn. In the past, Wynn's credo was bigger-is-better, but the new property is designed to be more intimate. With 2,700 hotel rooms and 111,000 square feet of casino space, it is about a third smaller than rivals such as the Bellagio, the Venetian, and the MGM Grand. And Wynn has learned from miscues at his other properties. The hotel's centerpiece will be a multi-media light-and-water show over the lake. But unlike attractions at other properties he has designed, the view from the street is blocked by an 18-story man-made mountain; to enjoy the spectacle, you have to eat at a restaurant or book a room.


Wynn has already begun an extensive marketing campaign. He has opened sales offices in 13 cities, many of them in Asia, and cut a cross-promotional relationship with Société des Bains de Mer, a publicly traded company majority owned by the principality of Monaco that runs the casinos there. Wynn also ran TV ads during the Super Bowl and the Oscars. They featured a grinning Wynn standing atop the new hotel proclaiming it "the only one I've ever signed my name to."

Wynn's timing couldn't be better. With MGM in the process of merging with Mandalay Resort Group (MBG ), and with Harrah's Entertainment Inc. (HET ) buying Caesars Entertainment Inc. (CZR ), he'll have his pick of top managers at the outfits being acquired. By targeting high-end players with fancy new suites and baccarat tables, Wynn is likely to siphon off as much as $75 million in cash flow from MGM, says J.P. Morgan Securities Inc. (JPM ) casino analyst Harry C. Curtis. Harrah's, which traditionally targets middle-market gamblers, may reduce the focus its new flagship Caesars Palace places on high-end customers, creating more business for Wynn.

In public, rival casino operators say that new properties are good for Vegas because they create more reasons for people to come to town. Behind the scenes, however, they compete fiercely for the kind of gamblers who feel comfortable betting $10,000 or more per hand. MGM may already have launched its counteroffensive. "They're throwing tons of events, shopping sprees, baccarat tournaments, fishing trips," says Steve Conigliaro, an independent businessman who hosts high rollers at various casinos. "Steve Wynn is going to take some business away. He knows what people like."

Wynn's reputation is that of a man obsessed with details. Daniel R. Lee, who served as chief financial officer at Wynn's Mirage Resorts and who now runs casino operator Pinnacle Entertainment Inc. (PNK ), remembers Wynn criticizing what Lee thought had been a well-executed annual report. "He told me there was a split infinitive on page 23," recalls Lee, who immediately corrected the error at a cost of $9,000. After Lee told his boss, Wynn replied: "When you're close to perfect, why wouldn't you try for perfect?" Wynn declined to be interviewed.

As Wynn found out, though, such standards can be costly. He lost control of Mirage largely because investors grew unhappy with his prodigious spending on projects such as the $685 million Beau Rivage Hotel & Casino in Biloxi, Miss., and on a $200 million corporate art collection. Shades of those days are already apparent at Wynn Las Vegas, where design changes such as a second theater added $300 million to the original budget. But this time around, Wynn and Japanese businessman Kazuo Okada control almost half of the stock, making it much harder for institutional investors to influence his decisions.

Wynn already has his next projects cued up: a $700 million casino opening next year in the booming Chinese market of Macao and an even more exclusive, $1.4 billion casino, dubbed Encore, next door to his Las Vegas property. Such high-end resorts rarely earn outsize returns. UBS Securities LLC casino analyst Robin Farley noted in a report last year that the average Las Vegas Strip casino returned just 13% on capital -- about what Wynn Las Vegas is projected to earn in 2006. Lower-budget properties such as Mandalay's Excalibur and MGM's New York-New York earn above 20%.

Still, investors, enthralled with surging Vegas tourism and the even hotter Macao market, have bid Wynn shares up fivefold since their initial public offering in October, 2002. At a recent share price of $68, Wynn's 25% stake is worth nearly $1.7 billion -- six times his investment. Everyone likes to be with a winner.

By Christopher Palmeri in Las Vegas

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From: Jagfan4/18/2005 4:37:47 PM
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Singapore gives green light for 2 casinos to boost tourism


Prime Minister Lee Hsien Loong on Monday announced that Singapore will scrap its longstanding ban on casino gaming and will allow the construction of two casinos to woo tourists and keep Singapore ahead of fierce economic competition in the region.

Addressing parliament, Lee said, 'After studying the bids and considering all the views expressed, the Cabinet has decided to proceed with the project.'

He said the government would call for firm proposals to develop two integrated resorts including 'gaming components,' one at Marina Bay and the other at Sentosa Island.

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From: Jagfan4/20/2005 8:53:53 AM
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Wynn offers inside look at new resort

Strip property is set to open April 28
By Jeff Simpson

Wynn Las Vegas opens to the public in less than nine days, and the inside of the $2.7 billion megaresort already looks spectacular.

Wynn Resorts Chairman Steve Wynn offered the Las Vegas Sun a Monday tour of the property slated to open at the stroke of midnight on April 28, and the Strip's newest hotel and casino is almost ready for its debut.

Construction crews were finishing work on the property while Wynn showed off his newest creation, and hundreds of the 9,500 employees were familiarizing themselves with their new workplace.

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From: Jagfan4/26/2005 8:25:31 AM
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Wynn Las Vegas: The Unveiling
by Howard Stutz

Las Vegas Gaming Wire

As he was preparing for the opening of The Mirage in 1989, Steve Wynn seemed taken aback by the attention.

The resort -- the first new Strip development in almost two decades -- was the subject of lavish praise for its "tropical oasis in the desert" theme and financial scrutiny for its unheard of $630 million price tag.

Writers from national and local publications toured the property prior to its opening and authored glowing accounts of the white Y-shaped building, lush decor, expensive palm trees, faux volcano and the plans to bring dolphins to what once was mostly vacant desert land.

A pre-scandalized Michael Jackson made the yet-to-be opened Mirage his personal playground. The entertainer hung out with illusionists Siegfried & Roy as they prepared their new multimillion-dollar production show and even sat in during some of Wynn's media interviews.

Wynn, who had made his mark on Fremont Street spending millions to turn the Golden Nugget into a downtown landmark, feigned amazement at all the interest.

"It's just a hotel," he exclaimed with a Cheshire cat grin while shrugging his shoulders during one local television interview.

Changed skyline

Fast-forward 16 years and once again, Wynn is days away from unveiling another hospitality industry icon.

But even Wynn, now 63 and chairman of Wynn Resorts Ltd., would be hard-pressed to admit his newest creation is "just a hotel."

Wynn spent the past five years planning, designing and developing the 215-acre site that had been home to the Desert Inn. This time, the resort carries his signature: Wynn Las Vegas.

The cost, $2.7 billion, makes the 2,716-room hotel-casino the most expensive Strip endeavor of its kind.

Wynn has again changed the look of the Las Vegas skyline with the resort's 50-story, curved tower covered in bronze glass.

The resort connects to the once-famous Desert Inn Country Club golf course, now completely redesigned by famed architect Tom Fazio and carrying an expected per round cost of $500.

Acclaimed director Franco Dragone will present a multimillion-dollar water-themed production show in a 2,087-seat theater-in-the-round setting, which includes a 1 million gallon performance pool that doubles as a stage. The property, which opens Thursday, contains the usual Las Vegas accompaniments:

.111,000 square feet of casino space that houses 137 table games, 1,960 slot machines, a race and sports book, a poker room, keno lounge and baccarat salon.

.2,359 standard guest rooms at 620 square feet; 270 parlor and salon suites; 45 executive suites; 36 one- and two-bedroom fairway villas and six 7,000-square-foot private entry villas.

.18 restaurants and bars including six fine-dining restaurants overseen by renowned celebrity chefs.

.76,000 square feet of retail offerings including an on-site Ferrari-Maserati dealership.

.223,000 square feet of convention and meeting space.

The lavishness of Wynn Las Vegas is not lost on the competition, which welcomes the Strip's newest addition.

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From: Dr_of_Microcaps10/27/2007 3:24:21 AM
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From: JakeStraw6/21/2010 8:23:52 AM
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Zacks Report on WYNN

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To: JakeStraw who wrote (6)5/17/2011 9:39:25 AM
From: Glenn Petersen
   of 58
US casino mogul says Wynn now 'Chinese company'

May 17 03:52 AM US/Eastern

American casino mogul Steve Wynn said Tuesday that his US-based gaming firm has become a "Chinese company" as it held its first annual meeting in Macau, now the world's biggest gaming hub.

Wynn Resorts Ltd. was splitting its headquarters between Las Vegas and Macau, the billionaire executive said, with the company's revenue increasingly tied to soaring growth in the former Portuguese colony.

Macau posted $23.5 billion in gaming revenues last year, outpacing the Las Vegas strip by at least four-fold. Much of the eye-popping figure is tied to high-roller gamblers from mainland China flooding into the southern territory -- the only place in China that allows casino gambling.

"We think of ourselves very deeply as a Chinese company in many respects," Wynn told reporters, adding that the firm's revenue growth in Macau "clearly indicates that to be so".

He was speaking to media following Wynn Macau's annual meeting, with the US parent also holding its first yearly meeting in the city, where Wynn Macau runs one casino and a second casino-hotel.

Wynn Macau's first-quarter revenue of $865.7 million accounted for two-thirds of Wynn Resorts' $1.2 billion in total revenue, underscoring how US operators are betting on the city's future growth.

The gaming chief said he was not concerned about reports that Macau's key high-roller business had connections to notorious triad gangs, long reputed to operate in casinos.

His firm's investigators, including former FBI agents, were regularly "checking and vetting" Wynn staff in the Chinese territory, he said.

Macau fell under the spotlight of US gaming regulators last year when New Jersey's gambling watchdog released a previously confidential report that alleged gambling tycoon Stanley Ho had links with Macau's criminal underworld -- a claim Ho has denied.

This week, Wynn said there was no risk his firm would be investigated by US regulators who are probing rival Sands China, controlled by another billionaire gaming tycoon, Sheldon Adelson.

"We've never been investigated by anyone and have no risk of any kind whatsoever," Wynn told Dow Jones Newswires.

Sands has said the US investigation stemmed from a wrongful termination lawsuit filed last year by Steven Jacobs, the sacked chief executive of its Macau unit, who claimed Adelson made "repeated and outrageous demands" on him.

Those demands included arranging "secret investigations" of Macau officials to use as leverage against negative policy decisions and keeping secret "truthful and material information" from Sands' board, including alleged ties between the company and organised crime.

Sands has denied the claims, calling Jacobs a "disgruntled former executive".

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From: Dr_of_Microcaps2/3/2012 11:07:13 AM
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From: Sr K2/19/2012 12:15:39 PM
1 Recommendation   of 58
BUSINESS | FEBRUARY 19, 2012, 11:43 A.M. ET
Wynn Board Forcibly Buys Out Founder


Steve Wynn's gambling empire, dramatically stepping up the battle between the company's two founders, accused Mr. Wynn's former ally of making improper payments and forcibly bought out his 20% stake in the company at a steep discount.

The board of Wynn Resorts Ltd. asked Japanese gambling tycoon Kazuo Okada to resign from the board, saying an internal investigation conducted by a former FBI director found him to be "unsuitable" based on the company's internal regulations.

It bought out his $2.77 billion stake in Wynn, in exchange for a promise to pay Mr. Okada $1.9 billion in 10 years. The payment is a 30% discount to the market value of his stake, not including the cost of the 10-year waiting period. The promissory note pays 2% annual interest.


Casino companies, which are closely regulated, commonly have provisions in their legal documents to address issues of compliance among shareholders. Wynn's bylaws, written in 2002, state that people found unsuitable to own shares by the board may have to wait 10 years to be paid back at fair value, with 2% interest per year. That language is unusually favorable to the company, legal experts said.


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From: Sr K2/19/2012 12:24:16 PM
1 Recommendation   of 58
Wynn Resorts Board Concludes Year-Long Investigation of Kazuo Okada after Receiving Freeh Report Detailing Numerous Apparent Violations of U.S. Anti-Corruption Laws
Board Finds Okada-Controlled Entity “Unsuitable”
Board Redeems Okada’s 20% Stake Pursuant to Company’s Articles of Incorporation

Press Release: Wynn Resorts – 2 hours 20 minutes ago


The Company will hold a conference call to discuss this announcement on February 21, 2012 at 6:00 a.m. Pacific Time (10:00 p.m. Hong Kong time). Interested parties are invited to join the call by dialing (800) 794-8478, or if outside North America, by dialing (706) 643-0974. The conference call ID is 54978500. A live audio webcast of the event will be available by visiting

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