Wall Street banker joins Le Reve effort

Wednesday, March 27, 2002 | 11:44 a.m.

Wynn Resorts has hired a Wall Street banker with deep gaming industry connections, presumably to assist the company in securing financing for the proposed $1.65 billion Le Reve hotel-casino on the Las Vegas Strip.

Through an assistant, resort developer Steve Wynn said Tuesday that Ron Kramer had been hired by Wynn Resorts, and would join the company in April. Wynn declined comment on what Kramer's role would be with Wynn Resorts, saying this would be announced later.

Most recently Kramer served as a managing director with New York-based Dresdner Kleinwort Wasserstein, where he oversaw that firm's gaming industry banking efforts. From 1994 to 1999 he was chairman and chief executive of New York-based investment bank Ladenburg Thalmann & Co.

Having Kramer will assist Wynn in his efforts to raise debt financing for the construction of Le Reve, said Andrew Zarnett, gaming analyst with Deutsche Banc Alex. Brown. Wynn has said he will seek bank and bond financing for Le Reve soon, and is expected to raise well in excess of $1 billion. Deutsche Banc is one of the entities participating in that effort.

"(Kramer's) previous track record, which included the spinout of Park Place (Entertainment Corp.) from Hilton Hotels, is indicative of his financial strength, which should be a solid advantage to the Wynn organization," Zarnett said. "This is a very strong action, which illustrates Wynn's commitment to getting the money in place in order to finance and build Le Reve."