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StumbleWynn opens Macau casino, weighs moving headquarters
AP Photo/Kin Cheung
The newest resort Wynn Encore Macau, right, stands next to the Wynn Macau, left in center, in Macau Wednesday, April 21, 2010.
Published Wednesday, April 21, 2010 | 6:55 a.m.
Updated Wednesday, April 21, 2010 | 11:02 a.m.
Customers walk out from the casino of the Wynn Encore Macau, the newest resort built by Steve Wynn, Wednesday April 21, 2010. The billionaire opened his latest hotel and casino in Macau Wednesday and said he aims to start building a massive new resort in the Chinese gambling mecca next year.
Wynn Resorts Chairman and CEO Steve Wynn told CNBC on Wednesday that he is considering moving the company's global headquarters from Las Vegas to Macau. He also opened his latest hotel and casino in Macau Wednesday and said he aims to start building a massive new resort in the Chinese gambling mecca next year.
“It is not improbable or unrealistic considering so much of our revenue is from China that it makes sense that I spend most of my time here,” Wynn said of a possible move. “I'm seriously considering that and I am weighing the implications of how I engineer that.”
Wynn Resorts said in February it lost $5.2 million, or 4 cents per share, during the fourth quarter of 2009, compared to a loss of $159.6 million, or $1.49 per share, in the fourth quarter of 2008. Net revenue for the fourth quarter of 2009 was $809.3 million, compared to $614.3 million for the same period of 2008.
The company said at the time the revenue increase was driven by a 29.6 percent increase in revenue at Wynn Macau and a 35.7 percent revenue increase in Las Vegas, which included a full quarter contribution from Encore Las Vegas. Encore Las Vegas opened Dec. 22, 2008.
In Macau, the company’s revenue increased from $392.2 million in the fourth quarter of 2008 to $508.4 million in the fourth quarter of 2009.
Wynn on Wednesday said the new resort he's planning -- to be located in the Macau's Cotai area, a piece of reclaimed land seen as the next great hope for global gambling -- would likely feature less than 2,000 rooms, about 400 tables, restaurants, shopping and meeting rooms set across some 50 acres of lush gardens and landscape.
Next to the towering interconnected hotel-casino projects in Cotai from competitors like Las Vegas Sands, Wynn's planned resort would stand in marked contrast.
"What makes people happy and what don't they get in China? .... What you don't get in China is space, and the heart of a resort is space -- gardens, places to gambol, not gamble," Wynn, chief executive of Las Vegas-based Wynn resorts, said in an interview in Macau.
"I know what I want to do on the 51 acres, not build four hotels or six hotels or any of that foolishness," he said. "I am going to build one hotel of modest size with gardens and extended space wherever you are."
Wynn revealed details of the project ahead of the unveiling of the $600 million Encore at Wynn Macau. The only major project to open in the booming southern Chinese territory this year, Encore is geared toward high-end tourists and gamblers.
With over 400 suites, four 7,000-foot villas and over 60 gambling tables, the project was called by Wynn "the ritziest hotel in China" whose rooms would raise the standard for the region's luxury tourism market. Old-world touches such as Italian marble floors combine with modern features like vibrant, saturated colors and a tank of baby jelly fish.
Wynn Encore Macau, the newest resort, stands in Macau, Wednesday, April 21, 2010. Billionaire Steve Wynn opened his latest hotel and casino in Macau Wednesday and said he aims to start building a massive new resort in the Chinese gambling mecca next year.
The idea for Encore, he said, grew partly from the requests of junket operators - the tour groups that arrange VIP gambling trips to Macau's casinos - whose clients wanted more elegant suites that went for under $400 a night.
But Wynn was emphatic the new hotel would draw a diverse mix of visitors, not just gamblers, and contribute to Macau's oft-stated goal of widening its appeal to tourists.
"You create a product that didn't exist before and all of sudden it broadens the appeal of the city ... that makes people who aren't necessarily baccarat players decide to come here," he said.
Macau, the world's most lucrative casino market and the one place in China where gambling is legal, bounced back strongly from the global recession with a bumper 2009.
So robust was Macau's turnaround that the local government, under a new chief executive, said last month it would seek to limit the industry's growth by withholding approval of new projects and capping the number of gambling tables over the next few years.
Wynn said his project wouldn't likely open during the government's efforts to keep the local industry and economy from overheating, and he believed his project would be allowed to proceed.
"No one like myself would be allowed to start a project unless they (Macau officials) wanted it finished," he said.
"If the goal is to stop our development, we would have been stopped or we will be stopped with plenty of time. There won't be any games. They don't do that here."
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good riddance---probably can steal all the dealers tips in macau. what a jerk!
The Obama hater leaving, LMAO!!! Take your Tea Bagger and 24/7 hate radio friends with ya on the way out!!
Now we all know why he "walked away" from Philly and AC: he's no longer interested in US gaming.
He'll keep Wynn and Encore in LV but I wouldn't look for him to do anything else here in town, and the scary thing is this: If a bright guy like Steve Wynn is turning his back on LV (and I believe he is) then what does the near-term future hold for all the struggling, debt-laden "boxes" on the Strip?
What terrific news. I sure hope Mr. Whine goes. He will be among many long time denizens of Macau who will have him for lunch - what fun reading that will be.
Once he brings his little fiefdom to Macau and finds he is stuck there, he will be writing to Jocko Ensign in Rhyolite asking if he could help Jocko with his hair needs.
Don't let the door slam you in your a** on the way out.
Why wouldn't he, and every other corporation in America look for a more business friendly location to operate in? The Wynn properties in the US will still pay their taxes but why should he continue to pay taxes on his personal income in a country determined to punish success and wealth.
Keep raising taxes and watch many formerly US corporation move their headquarters and their tax obligations overseas.
I don't blame him at all . The Government is squeezing the top people to give to the lo-lifes.
Do the math. There's 150 million adults within a 5 hour plane flight to LV. In Macau the number is 750 million within a 5 hour plane flight. And those 750 million potential customers don't need high priced shows, high end restaurants, pool parties, nightclubs, spas, etc. They just want to gamble pure and simple. In Macau everyday is like Chinese New Year in terms of gambling!
Of course he may move his HQ to Macau. He's not stupid. He's going to go where the money is -- and where he can carefully watch his money.
All of you Steve Wynn haters need to get on your knees and kiss his $1000 a pair shoes for all he's done for LV. That fact that he would even think of moving his HQ to Asia is very sad.
Can't blame him. Reid, Obama, and Pelosi are destroying the greatest economic engine ever created.
There is no tipping in Macau! What would he want to steal from the dealers then???? In the Far East, tipping is inappropriate, it's against their culture. The company pays a paycheck to the people it hires, and that's it. No need for the customers to take the house-disadvantage plus on top of that, also pay the staff. The house pays for the staff, unlike the Western casino corporations that make a nice extra profit from the fact that the people still believe in this old fashioned "tradition" and take full advantage of it by paying low wages to its staff, knowing that the stupid customers will take care of the rest.
From Switzerland
logic says that engine busted way before Obama got into office.
Bore-us- When there is a Swiss version of Steve Wynn, maybe your comments will be relevant. But in your socialistic world, that can never happen.
The first reaction is one that says Wynn is a turncoat, not at all loyal, and looking to run from Elaine and start a new life. The truth is it is a done deal...Wynn does not speak unless he knows it is done...terrible poker player. But, he will have less oversight there, will be free to do whatever he wants to do...he is finished with Vegas and the US...he did the same thing when he exited Atlantic City...never went back, and never will. He wants to be a 'man' of that region. Good bye, Mr. Wynn...Mrs. Elaine Wynn will now be the boss.
The classic naivete of another American businessman.
Consider Wal-Mart - This insidious company had leverage in China by offering access to America with a 20 year head-start on logistics and distribution. China had to play by Wal-Mart rules.
Macau based gaming is another animal - Abject corruption, government shakedowns, eavesdropping, product espionage and the constant "moving the goal posts" will come as a major culture-shock to Steve W.
But, Macau is safer than Vegas from a violent-crime aspect.
Yeah, well how many corporate employees will lose their jobs now? ANd I don't mean the "suits", I mean the average worker that basically keeps the company running, from his own assistants down to the mailroom personnel. He closes up shop in Vegas, more on unemployment.
Folks, We are talking about him moving his corporate headquarters. He has and can build as many casinos as he wants anywhere so stop focusing on the casino aspect.
A company can be run from anywhere in the world.
Wynn is looking to place the corporate headquarters there. This means that by basically "licensing" his business as a CHINESE company it is better for him.
Wynn will be a CHINESE company and yet one more financial institution bows down to China.
Personally my cash will no longer be spent at the property of a foreign company if he moves.
Eventually he will see that his control will be quietly reigned in much as Google finally could take China no more.
America has always had it's good times and bad times but trusting a communist country with anything is just down right stupid. You are dealing with a government that dos not have to show any accountability to anyone including him' And then plays by a set of rules that here in America would be illegal. To here him say that is just down right embarrassing.
HAHAHA!!! Just wait Mr. Wynn until the Chinese Totalitarian curtain drops on your little empire over there, then what? You will come back to Vegas with your tail between your legs! Don't bet on China for stability anytime soon. HAHAHA!!!!!
Mr. Wynn is obviously a shrewd business man. But given his remarks and behavior over the last several years I have lost respect for him. If he wants to move to Macau then let him go. Turn around Mr. Wynn and walk out on the city that your empire was built upon.
Question: Is this an indication of how many casinos on the strip and downtown will just close up in the next year or two?
I'm guessing, Sahara, Riviera, Circus Circus, Binions, and believe it or not, City Center..
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Jack Ass Comments Deserve Not Reading
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China is just one of many, many markets major industry finds attractive besides this great nation in repair from 8 years of TyrantBush, the war criminal.
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The dumb jerks that write their hatred and lies are just simply put, idiots who know very little ourtside the surface of an occasional headline. Total babblers who are not unlike the hostile beer sloppers who sit at a bar all day and mumble and babble about every little thing they don't like.
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Isn't it obvious they have a lot of time on their hands to reek out all that venom? Sure, its who they are.
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Its really great Dorman lost to Sanchez years back in Calf. - he was a first class hater and did not belong in Congress.
Thanks, Mr. Gates and Mr. Jobs.
What a loss for Vegas!! Although, I could hardy blame him in his move. Vegas has been on a steady decline since the 70's and 80's. The MGM/Mirage Corp has had a strangle hold on the town direction since the "Boys" left town. They have run Vegas in the ground, with circus/magic acts and has been musical artist. It wasn't until Britney Spears belly flopped her career that MGM booked her as a headliner. With Goodman's background, I don't understand how blind he is to this!
To make bad matters worse, the IRS goons have been visiting for the last month. They are tighting the rules to protect their "SKIM". Of course, they will sit in the offices and let Vegas do their dirty work. It's amasing how the same Government put the "Boys" in prison for collecting the "SKIM", but will rob us blind today!
So, we can all join together and blame Steve Wynn. Or, the town can finally wake-up and see some fatal mistakes made by corporate Vegas. Until then, Steve Wynn is making a smart business move and I wish his all the luck. If I were in his shoes I would not invest another dime in Vegas, or anywhere else in the United States for that matter. There are to many places in the world that make better business sense!
This proves that even the super brilliant can make bad decisions. Good luck in your new country Mr. Wynn. This is a life-changing gamble, especially for someone who says he is not a gambling man. It seems cruel to take take take from LV (and the US) and then run when times get tough.
Almost as strange as Lowdown's chicken-funded healthcare plan.
Small government advocate and bigtime patriotic Republican moves his free market American business to communist-ruled China.
You can't make this stuff up.
Bye bye Stevie.
Typical Republican turncoat, (just like Nixon).
Did he see where 4 Rio Tinto executives were thrown in jail after a secret trial?
Rupert Murdork of FOX and the WSJ is moving to Abu Dhabi. Republicans don't really care about freedom and democracy, just the bottom line.
As Lenin said: "The Capitalist will sell the rope for their own hanging."
The real Americans will stay here and we will win.
GM is paying off their debt, put that in your pill bottle and take it dittoheads.
I don't care where Steve operates his business from
Sounds like a good idea. This country is going to be done soon. Probably an intelligent person would want to base a multinational company somewhere else and China seems like a nice stable place.
Boris, you see the low level of intellect among the American "dittoheads." Switzerland is a socialist country?
Trader.
Oh, I forgot to mention this in my earlier post. Unless things have changed drastically in the five years since I was dealing with China, all foreign companies operating in China have to do their domestic hiring needs through "FESCO' (Foreign Employers Service Corporation), which has as a primary shareholder, the "PLA," (Peoples Liberation Army). As you can guess, FESCO probably serves the PLA as more than a source of revenue, to include access to trade secrets and other types of information that has potential for the PLA. I would guess that FESCO is not required for foreign employers in Macau, but as others have pointed out in their comments on this story, it is likely that the PLA has penetrated all of the organizations, legal and otherwise, in Macau. For those of you familiar with Chinese customs and sayings, it may be the case that Mr. Whine will be wearing a "green hat" in Macau. It will look good on him and if ever gets out, he may want to bring an extra one for Jocko Ensign in Rhyolite.
raise taxes on gaming!!!
see what kissing their butts does...
absolutely nothing...
oh by the way...
isn't the tax rate in macau 8-10 times higher than in vegas...
vegas subsidizes macau...
and now stevie and his ego are gonna leave...
tax the hell out of gaming!!!
westvegas,
"Trader."
Yes, this is a synonym for businessman. Trading is necessary for commerce. What is your point?
Oh, you probably mean "traitor". Sorry, I didn't realize you were a moron. How many grades have you been kept back?
Logic_should_rule: Switzerland is not a socialist state.
Don't let the door hit you on the way out. The time is right to seriously consider phasing out sole reliance on gaming. Double or triple the gaming taxes to speed the process. Diversify the economy. Turn Nevada into a nice place to live, and not just a giant Atlantic City-esque slum.
OK, This is towards ALL YOU IDIOTS that "don't get it" and bashing him leaving (possibly).
NEIMAN, UNITED AND RICK - "GET IT" ! Theya re the only intellegent one's on here. Its a corporate headquarter's move - ANOTHER COMPANYgoing out of the US becuase our Gov't has gotten involved way past what they were chartered to do 100's of years ago.. Taxes, taxes, insurance, - all expenses that a businessman has NO control over with his "silent partner"..I don't blame him at all. As a business man myself, we moved out of CA as well for the same reason and am now looking outside NV too.
Until state, Local and Federal guys "get it", more and more will re-locate for tax reasons.
As for the average america - US - we'll all be paying...how many of you would move to another state if you could, if we had a tax base here like Uncle Sam's? You all woudl in a heart beat. What made America was letting corporate run their business the way a business should be run.
For all you guys wishing Wynn "Good bye", remember, by moving corporate offices there, that wil leliminate maybe 10 more jobs or more. DO ALL YOU IDIOTS THINK THAT IS A GOOD THING, WITH WHAT NEVADA IS STILL GOING THROUGH????
Communist China has become an economic power because of...government control.
Think Big Government on steroids -- exactly what teabaggers/republicans/phonies are crusading against.
China is beating the capitalist nations at their own game because they play by their own rules. The government decides where people will work, what they'll produce and how much they'll be paid for their work.
And Steve Wynn whines about the size of government here in the US. Give me a break.
Bye, bye, Mr. Wynn. Take your dollars and change them into yuan renminbi. But you better run your public statements through spokespeople. Free speech is not welcome by the communist chinese who will now be your bosses.
Better for us Americans for you to leave Vegas to tough bright capitalist captains of industry like Carl Icahn who can tweak their business plans to make big bucks in any economy or regulatory environment. You, sir, are simply a carpet-bagging robber-baron. Good riddance!
Enjoy your new digs in the communist world. But remember this Mr. Wynn, a big tree captures the most wind.
Oh! May you live in interesting times.
I love Steve, but cant respect this move.
BTW, I wonder why he did not put "Encore" on the new resort as he did in Vegas? Anyone know?
Way to show support for the state that got you going Stevie..........bail ,on Nevada nad move your HQ to China.
I've never been in Wynn LV and now I have less reason to go.
Kinda reminds me of 'The Godfather 2',where they are all looking to have Casinos in Cuba to get away from The Kennedy's.
Retiredyougster
Foaming at the mouth like a rabid possum does not make you right it just makes you look like a buffoon.
The guy's moving to CHINA for chrissakes!!!
Then too, why is it that the least rational people are the first ones to call everyone idiots?
Is the Macau Wynn made with "Made in China" Wallboard? I thought there was a strange "aire" about this facility.
Enjoy your toys and wheat gluten,
Mr. Billionaire Benedict Arnold, don't let the door hit you on your way out...take Mr. Limpbaugh with you, he said he was leaving the country if healthcare pasted.
Let him make his bed with the commies, when he pisses them off they'll just take his properties! lol
"My sister and I got out of Las Vegas before the depression implodes further".
Did you move to a Communist Country? Wait - aren't you the ones that "walked" on your mortgage committment??
"Let him make his bed with the commies, when he pisses them off they'll just take his properties! lol"
It's funny but yet it isn't because it could very well happen. The Chinese government does what it wants to do. There is no such thing as law or democracy or freedom. It may look good now, but piss them off....and he'll have nothing left but his Vegas properties...maybe. It's like people who run away and go live on some Carribean Island because it is so wonderful (yeah even Costa Rica like Sergio Blow Hard) but do one thing wrong, and you'll be sitting in a 200 year old prison for the rest of your life with rats to keep you company. One soon realizes that, even though we bitch about it, things are pretty damn good here in the USA.
As someone said - give the Vegas properties to Elaine and he can go to China.
Macau will be the death of Vegas.
Not Obama, not Pelosi, not even Reid. I have no idea what DSM-IV classification people who believe these 3 are the root of all that is wrong in America suffer from, but it's a doozy!
Adleson wont be far behind.
With Wynn and Venetian potentially gone (sold most likely to MGM and/or Harrah's), that will leave 2 major employers on the Strip and a handful of 'also-rans' off Strip for employees to pick from.
Hope he leaves, we won't be seeing that ugly face-lift as much or hear how great the greedy fool is!
For those that have failed to notice, China is were all the major gambling money can be found. Fewer Chinese are coming to the USA to spend their dollars. Also, Wynn is very smart to send a message to Government Tax & Spend elected DEMs & GOP officals that he and other corporations have options in a global economy to move to other friendly tax and governing havens.
logic_should_rule with two tea bags over his eyes.
Like to see him take his whole mess out of town,...don't let the door slap you on the ass when you go Steve
Finds great irony in the fact that Wynn, and all his conservative friends in the Republican and Tea parties, are decrying the increasing "socialism" of the United States under President barack Obama, yet apparently have no problem with moving to China, a nation that has been a Communist country for over 50 years...apparently, socialism is ok if the government is corrupt enough. Perhaps that alone should be enough of a sign to make people realize that it is not Obama, democrats, or a move towards "Socialism" that destroyed this country, but 30 plus years of lame, corrupt "trickle-down" Reaganomics promoted by Mr. Wynn and his Republican friends, who are now being policed for the first time, and like a bunch of schoolyard bullies suddenly stood up to for the first time, they're going to take their ball and go home to COMMUNIST(!) China, and take all their ill-gotten gains with them, while they leave the husk of the once great country known as the United States to implode now that they've looted it, by continuing to use their mouthpieces like Glenn Beck, Rush Limbaugh, Sarah Palin, Michele Bachman and Ann Coulter to keep using their hate and fear mongering tactics to stir up the emotions of the ignorant and keep them voting and fighting against their own self interests until they've finished sucking all the marrow from the bone of the American economy and have ensconced themselves fully and safely in the bosom of their new Communist masters...
Stevie Wynnder complains about our President and how he is handling the unemployment rate, and here we are with something like this which takes more jobs from the US, and puts them outside our borders. But, they, they being who ever represents Wynn, will most likely say, yes, the jobs are in China, but people in Las Vegas can still apply for them, all they have to do is move to China. Nihow. ShinShin.
Unreal, someone said that the govt was taxing him too much. HELLO they pay way more taxes in China. Welcome to Detroit the second. Remember "Resident Evil"? all we need is sand now.
VegasM...I disagree with you in part. It will be corporate america and big government, bringing Vegas to it's knees. When the bean counters run the town with total disregard to the human element, Vegas will fall. When government becomes the CEO of Vegas Inc, vegas will fall. Macau would not be in the position they are, if good money could be found here in the states. Again corporate america and their bought off politicians ruined that. This is what enables Macau to step right in, making your statement true.
Take that lackey horsford with you Wynn. He can start up his own pr firm there that is pro triad. Good riddens to bad rubbish.
Steve Wynn is full of it. Using the Obama administration as his excuse for something he was going to do anyway. He used Las Vegas for what he could and when the going get's tough...the weak get going...to China.
Casino moguls like Wynn and Adelson can relate to a one-party dictatorship and its central plannng business model.
It's a natural fit.
It should be interesting when China's communist government in the future nationalizes all of the American built casinos...history does indeed repeat itself...just a matter of time...
Waddaya expect?
Wynn has the Midas touch. If you see that Wynn is taking his money and going to elsewhere (an oppressive Communist regime)... what does that say about the United States?
This is so f'ed up.
Steve....not smart....the city of Las Vegas has been very good to you....now you want to desert them...not smart.....that decision will bite you in the butt one day.......
he basically saying F*** YOU las vegas. steve wynn is a commie. so what the different. over 20 years all our manufacturing job going over sea. between 2001 and 2009 the most manufacturing job went over sea.
watch your back steve wynn triad gang don't take sh**. steve sleeping with the enemy triad and commie
Steve....Las Vegas wont be the same without you....
If Mr.Steve Wynn is unhappy with Washington, he obviously doesn't know Beijing that well.
I'm sorry that we spent our money staying at his casino on our last trip to LV. I wonder if the Macau resort will have the sarcastically wonderful, opulent shops full of things no one can buy, or is everyone as wealthy as Wynn in China?
Who would've thought that Steve Wynn, the patriotic free-market Republican was actually a commie mole infatuated with one-party dictatorship big government?
But now he's coming in from the cold where he'll recieve a hero's welcome in his true homeland.
Wal-Mart is an insidious company? Give me a break. Without Wal-Mart we'd have higher prices and higher unemployment - the end result would be to harm poor Americans. Wal-Mart has done more positive for the poor than any government program.
Next, you can't blame Wynn for wanting to leave. The only thing government talks about now is raising taxes and increasing regulations - aka, how to make it harder to run a business, satisfy the needs of consumers and employ hard working people. Frankly, if you live in a state or in a country where the government has an insatiable appetite for more taxes (in Nevada alone we've increased taxes by $2 billion already and more taxes are on the way) why would you stay and create jobs for people? Your hard work isn't appreciated.
"The Chinese government does what it wants to do."
So do we, it's called "eminent domain."
Macau is "Ol Vegas" in modern times. Look at the photos and you will see very few people or crowds, which is nice for getting around.
Macau is a part of China, but I wouldn't say it is china.
Go, see for yourself, enjoy life and and learn things are not always what they seem in the box.
I love Macau!
@JimmyHoofa - you mention 750 MILLION potential customers! Wow - I guess those rice paddy workers who live in the swamps have it a lot nicer than what we see on National Geographic.
@Patrick Gibbons - For every WalMart that opens about 50-100 mom and pop businesses close. And nitro is right - thank the Chinese workers who I'm sure embrace all the wealth in Macau with open arms. Oh - that's right - if they protest the army comes in and mows them all down.
The stupidity of guys like Wynn and Murren to even think they know what doing that much money biz in China is all about and feel they'll be in a free market environment is hysterical. Haven't they seen any mob films? Oh yeah, that's right, time to usher in the NEW mob with players from Asia AND the U.S. Not to mention the biggest player in the room: Communist China.
NOW is the time for some REAL ACTION from the Nevada Gaming people. As China infiltrates its way into Wynn, MGM, the Sands, etc., that will come back to Vegas. NO DOUBT about that. Atlantic City has already nixed the Pansy Ho connections to her father and the triads. So will the Gaming Commission have the guts to do the same? And if so, do they think Wynn and MGM will pull out of Vegas?
And if one reads between the lines I think Wynn and MGM and Sands all know that the Gaming Commission will NEVER have a problem with China or they wouldn't do all these deals. I think someone from China has stuffed a few fortune cookies with million dollar bills.
I hope they do - and then sell off their properties one at a time to make the place diverse again.
It's a pretty sad day when someone who has lived the ultimate American dream recognizes that he'd rather take his corporation elsewhere. Steve Wynn is a brillian man, even if you don't like his politics or the way he runs his businesses. This man has singehandedly built an empire and quite possibly has offered more employees jobs than any individual here. Nonetheless, he has a responsibility to his shareholders. I'm quite sure we can expect more and more companies to follow his lead. If not to Macau than to other areas of the world.
Ched,
Lets assume you're correct"What do you want to do? Force Americans to pay higher prices so you can feel good about yourself?
The reason businesses close is because they can't compete.
In a free country, people can pick and choose what service they want and how much they are willing to pay.
What is your alternative? To force Americans into paying more and getting less?
Patrick,
You said it yourself - businesses close because they can't compete. And a biz as big as WalMart, the largest realtor on Earth, at least in the U.S., shuts down local businesses because their "cheaper" prices comes from Chinese workers making something like $1.00 an hour. The quality of the goods have many times proven to be sub-par with U.S. small businesses. In essence, one indeed gets what they pay for. Supporting a firm such as Walmart supports the "standard of living", certainly sub-par of even American poverty standards, of the ones making the products they sell.
You are correct in saying, "In a free country, people can pick and choose what service they want and how much they are willing to pay." And in an urban area where there is a lot of competition I agree. You can go to Radio Shack or a shoe warehouse store or maybe a large DVD store. But in rural areas, and let's not forget the tens of millions of us who live in rural areas, it has been a business killer. Now I know we are a capitalistic economy and it's dog eat dog. But there are consequences when some of those eaten dogs are left with nothing because they simply cannot compete with an international conglomerate.
So, no, I'm not saying pay more so one can feel good about themselves. But you'd be surprised how many people there ARE who WILL pay higher prices to keep their local shop owners in business and shop American. Granted Walmart is based out of Arkansas, but its major partners are from China - just like apparently Steven Wynn, Jim Murren and the Sands people.
I hope Mr. Wynn moves to Macau, takes his money with him and never pays another dime of his own money in taxes to the United States Government. Good for you Steve. You earned every dime you have, go out and enjoy it.
Ched,
Wal-Mart was a mom and pop store. It ended up taking down Sears. But get this, small stores that can't compete either close or specialize. Look around the shopping centers where Wal-Mart's operate - they are NOT desolate. In fact, Wal-Mart is the anchor store that the small mom and pop stores thrive off of. As for rural areas, Wal-Mart enables people to get more goods in one place at a lower price. If it kills other businesses then those resources are freed to provide other goods and services to the people of the community which now have a larger purchasing power.
Think of economics as a circle of life, there are causes and effects for everything.
Btw, if you don't want to take advantage of comparative advantages with foreign labor then you ultimately advocate autarky. Only one country on the planet practices that economic philosophy and it is North Korea - just look how poor they are.
Oh and China ads very little value-added to the products that are officially manufactured there and that is because American labor is more productive and more highly valued. The fact is goods may have a stamp from China but their production spanned the entire globe including being birthed by some American inventor or designer.
Patrick, I usually place a lot of value on your comments. But this time I really have to think you are off-base with respect to China and Wal-Mart.
I will submit for your consideration the idea that "free" trade is impossible between partners who do not have values in common. China simply does not have the values we have.
What is needed is fair trade that will encourage manufacturing in this country. Without a solid manufacturing base our economy cannot recover properly.
I like Steve but I didn't hear any complaining when GWB ran this country into the ground for 8 years.
@chediski
......."But you'd be surprised how many people there ARE who WILL pay higher prices to keep their local shop owners in business and shop American."
So what happened in your area, NO ONE wanted to pay high prices, so all the businesses closed.
I don't shop at Walmart all the time but I have been to their stores many times, I shop at a variety of retail stores not just Walmart even if their prices are lower. I make sure not to go there on a regular basis. Believe it or not there are still plenty of merchandise that are Made in the USA and I make sure to get them instead of something Made in China or elsewhere. It may not be clothing but as far as other merchandise there are still plenty that are made here. You will just need to look at the tag which I do and I also make sure I buy American brands. My last major purchase was a bed, Made in the USA, my laminate wood flooring was Made in the USA, my sister bought a TV, Vizio an American brand and I bought my nephew a Dell Laptop, even though it is Made in China, I bought it simply because it is an American Co. which still remits taxes to the US govt.
If the move was made to avoid Federal Income Tax Mr. Wynn is more than capable of knowing (and his lawyers also) that money you make in other countries is still taxable by th IRS. If he is avoiding corporate tax it only works if the rate is less where he is going.
This may be more about his view of where the future of gaming is going to be.
hey patrick r gibbon.anyhow wal-mart do not let there employee work 40 hour week. if they work 40 hour week. they have to give medical and dental insurance. so they work then less then 40 hour week. so there employee used medicaid to get insurance. and guess who paid that. tax payer.
Other countries supported their auto manufacturers as they realized the importance of remaining an industrial leader. Too bad the US did too little too late in that regard.
Ched is right. Buy American even if you have to search for American made items.
It's time for some younger, forward thinking entrepreneurs to work their way into the Vegas mix anyway. I thought Poster and Breitling do something but they flaked out. Wynn will have to go somewhere at some point - it's ineveitable. It doesn't bother me much if he decides to live in the People's Republic of China. Since he finds Obama so offensive he can come back when Palin is president. By the way, several years ago, when Bush was president, he was talking about moving hq to Macau at a shareholders meeting, so it sounds like BS to me about Obama's influence over the current business environment being the reason. Anyway the people of China are very nice and I'm sure he'll like it there, although I've heard Communism isn't all it's cracked up to be. As a good friend once told me (Chinese), in China we don't rule by law, we rule by the whim of the people {the people in power that is).
Mr.Wynn is quite courageous to air his "considerations" in the media, apparently working himself up by public declaration, as many of us do, to get the feel of a final commitment--first cometh the talk and then the walk or wok, as the case may be.
To base his operations in Macau seems logical--follow the money. He's lost money these past couple years based in Las Vegas, but less thanks to his revenues from China. His concept for his future resort in Macau-a swanky but less-than-gargantuan casino and hotel in the midst of luxurious and spacious gardens--to be cherished by cramped urban Asians--is a fascinating vision. He does have a flair for creating inviting places.
Good luck with the Triads and Asian mob.
Vegas had its mob period. Can't believe some would like the return of organized crime here.
I've read and read and read, and I've come to the conclusion that ppl in here are 1. ignorant 2. just plain stupid and 3. above all else, hateful..a few points:
1. Steve Wynn helped re-define vegas
2. Although he is not physically in LV, his casino and properties will still run here
3. Even if Macau's taxation rate, and any other "skim" he had to pay were significant, the cost of labor and overall operating expenses still make his profit margins much higher
Nitro
"You forgot about the porn. It should be a patriotic duty for every american citizen, to jerk off only, if the stuff is Made in the USA, because San Fernando Valley is struggling due to the free internet stuff (probably hosted on chinese servers)."
That is your responsibility.
Hahaha!
Well oh Well
The city that helped him gain his prominence and fortune is now not good enough for his headquarters now.
It shows us that he does not care about this City and what its future holds.Heck I here he is blind so for him to convert to a slant eyed rice eating communist is just perfect.
Instead of holding strong in Vegas and working on maintaining jobs in his Vegas Casinos this jerk lays off employees, dumps money into another part of the world.No wonder his wife left him.
I send a request to the Nevada Gaming board and all other gaming boards in this Country that has Steve Wynn properties or investments in their States to open investigations on his Macau China operation and look for any involvement of the Chinese Mob or criminal elements and give him an ultimatum either cut ties or get out of our state.Like what the New Jersey Gaming Board did to MGM/Mirrage and let Rufin Trump and others that are loyal to the United States an opportunity in Las Vegas.
Steve just go ahead and take you sorry over priced ugly operation to China and do not come back and when the Chinese Mob takes you over and you are left high and dry stay there and sulk in your stupidity.By the way while your doing this please do not come back saying I want another chance in Nevada.
I saw this coming many months ago and even posted a comment stating this, that eventually he would move his operation there.
To any U.S. Citizen that reads this and has plans in the near future of Visiting this great City.I plead to you to boycott all Wynn properties here in Vegas.Do not spend a penny wiat them and send all your buisness to another casino who has no Chinese ties at all.To all of Wynn and Encore Employees set a day of boycott and not one person report to work that day not one employee.What are they going to do fire everyone.He might get the message that we will not stand for his China Investments and dreams and his turning his back on Las Vegas and you.Heck just one day of boycott and it would send a message to all his investors and they may reconsider where they spend their money