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StumbleForbes’ list of richest Americans reflects gaming’s woes
Thursday, Oct. 1, 2009 | 9:32 a.m.
Difficulties facing the casino resort industry are reflected in Forbes' new list of the richest Americans, with MGM Mirage's Kirk Kerkorian seeing his ranking fall the most among top gaming titans.
MGM Mirage investor and director Kerkorian is ranked at No. 97 in the list published Wednesday at Forbes.com with a net worth of $3 billion, down from No. 27 and $11.2 billion in last year's list.
Forbes noted Kerkorian's stake in MGM Mirage was worth more than $11 billion two years ago.
"Today it's worth $1.8 billion as shares have fallen 90 percent from their October 2007 high," Forbes said, adding Kerkorian is "betting big on CityCenter, (the) near-completed $8.5 billion gambling mecca in Vegas."
Also falling in this year's list were Las Vegas Sands Corp. Chairman and Chief Executive Sheldon Adelson and Wynn Resorts Chairman and Chief Executive Steve Wynn.
Adelson is ranked No. 26 at $9 billion, down from No. 15 and $15 billion.
"Cabdriver's son has seen his fortune drop $19 billion in two years; shares of his Las Vegas Sands casino outfit down 90 percent from 2007 highs as gamblers stay away from Vegas and Macau. Remains optimistic: 'Once the markets start believing our company won't go into bankruptcy, our stock will be up to $75 a share again.' Shares up 1,000 percent from March lows; now $16 apiece," Forbes said of Adelson.
Wynn, called the "king of Las Vegas" by Forbes, is ranked No. 141 at $2.3 billion, down from No. 118 and $3.4 billion.
"Shares of Wynn Resorts fell 80 percent between last August and March as gamblers stayed home in America and Asia; up 300 percent since as investors take on more risk. Opened $2.3 billion Encore casino in Sin City next to his $2.7 billion Wynn Las Vegas in December; says he wishes he hadn't had to open during an economic downturn. Trying to avoid layoffs; slashing pay and hours, bonuses and 401(k) match," Forbes said.
Also on the list are gaming industry players Carl Icahn (No. 22, $10.5 billion); Donald Trump (No. 158, $2 billion); Treasure Island owner Phil Ruffin (No. 193, $1.85 billion), and Silverton owner Ed Roski Jr. (No. 236, $1.5 billion).
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These are inflated figures but who cares. These people can't relate to you and me.
Aw, poor babies. I really feel for them..............
Oh my gosh, you mean to tell me he's down to his last 2 billion dollars? What a crying shame. I need to send Mr. Wynn a sympathy card, but don't want to rub it in. If he comes over to look at my old olds, (for sale.. doesn't run good) I won't mention it. These are sad days indeed. When the going gets tough, the tough go shopping. I am good for a cheeseburger, and fries. Senior coffee at a worlds famous restaurant. Heck, lets make it a happy meal.
When you build on sand, you sink - and isn't it just tough cookies that they've had 'billions' to lose - I'm sure no one in the 'real world' is crying for them.
Sorry to hear about Wynn, if I recall he is the one that could not wait to see the Stardust and the Frontier gone. Quote didn't want the quarter and nickle players in his new place. Bet he wished the were running in now with the penny players.
Omg! How will they eat?! And pay for hair plugs?! Oh the horror!!
Whatever Steve's net worth is, deduct 50% from it and that would be his "real" net worth. His wife will get her half upon divorce.
What percentage of Vegas works for these people?
If they go under, we'll all be leaving the valley.
What percentage of Vegas works for these people?
If they go under, we'll all be leaving the valley.
I am one of those! If Mr. Wynn were to lose it all, I would be unemployed. The better he does, the more job security for me! Go Wynn!
Good, I hope all the greedy bastards die broke.
Oh yeah, you can guess where you can stick your 6/5 blackjack-and it's not in your mouth!
Adelson is a creep. But Wynn has lifted the tide for all the boats floating in this oasis, big and small. Was wrong to glom onto his dealers tips... But still, his legacy has far more pluses than minuses. Viva Steve!
When City Center opens things will get rough for those who bet on the high end customers. There are fewer and fewer people who see themselves as high end. These days it's all about the deals.
There will be far too many pricey beds for the traffic. If each of the existing high end resorts loses 20% of their business to City Center, and because the current climate is soft, they all are in trouble.
Welcome to operation ghetto, society's re-pricing of self-worth.
: )
YEs e are jealous and wiery of the top dogs of these casinos of Sin City. We must remember they are the ones who have put themselves in the position they are in and we are the ones who put ourselves in the position we are in. I dont feel soory for them but we dont want them to sink do we.I just wish they would go back to the philosophy of customer service and keep the employees happy by keeping the job market open.Now is the time for these casino execs to evaluate their mission of service and start bringing back in value for the buck They have over priced themselves.Volumn will override high margin in the long run.Look at the power house Walmart low margin and high volumn made them very sucessful.
These guys are finally getting what they deserve, the losing streak we all suffer all to often due to their greed, across the board overpricing and tightened slots. I want my Stardust and Frontier hotels back! The ghost town that is now the north end of the strip is going to stay this way for years to come because of bad decision making over at Boyd, who by the way were warned by the employees, customers, and analysts that to tear down the paid for and profitable Stardust was going to be a big mistake, stubbornly pursued the Echelon disaster which was more a reflection of their huge egos, and Wynn wannabe followers. Now its all blowin in the wind folks...