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Steve Wynn's take on the world

Discussion in 'Sports and News' started by The Big Ragu, Jul 19, 2011.

  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    Sorry, I don't have a link.

    But Steve Wynn is always colorful and Wynn Resorts reported earnings and Wynn was in rare form on the conference call. Among other things, he called President Obama a "wet blanket," and went on and on about socialism. He said something to the effect that he is a democrat, but everyone is so afraid of government right now, which is why they are sitting on their thumbs. He hammered the president

    I'm not endorsing his rant, I just wish I could post a link so you can listen, because it was kind of funny. At one point he said something to the effect that there is one place in the world with an atmosphere that is friendly toward doing business, and that is communist China (his words).

    He was definitely on a roll.
  2. Football_Bat

    Football_Bat Well-Known Member


    Sexual orientation: Straight
    Occupation: Business
    Party Affiliation: Republican

    Nationality: United States

  3. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Waaaaaaaaaaaaah waaaaaaaaaaaaaaaaaah waaaaaaaaaaaaaaaaah!

    Meanwhile Wynn Resorts' stock has more than doubled in the last year.
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    Just telling you what he said. He also said he supports Harry Reid. He just talks and talks and you wait on each word because he may say something ridiculous.
  5. YankeeFan

    YankeeFan Well-Known Member


    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. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration.And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

    You bet and until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, God, don't be attacking Obama. Well, this is Obama's deal and it's Obama that's responsible for this fear in America.

    The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don't invest, their holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government and there's no need soft peddling it, it's the truth. It is the truth. And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.

  6. YankeeFan

    YankeeFan Well-Known Member

    He supported Reid, but gives more to Republicans than Democrats:

  7. TheSportsPredictor

    TheSportsPredictor Well-Known Member

  8. Football_Bat

    Football_Bat Well-Known Member

    Steve Wynn is the Waylon Jennings of finance.

    Highly concerned.
  9. The Big Ragu

    The Big Ragu Moderator Staff Member

    The idea that a Steve Wynn earnings call rant is now a facebook meme is even amusing to me.

    It even loses something in the transcript, because you don't get the Steve Wynn delivery.

    Like I said, you kind of have to hear it. If you find him ridiculous, which I always have, it will be right up your alley.
  10. 93Devil

    93Devil Well-Known Member

    So one or two people are scared because their employees might actually get health care and live a better life?

    If half of this guy's money was taken away, would anything change about the way he leads his life?

    Would he still live in huge houses, eat at the best places, never worry about going to the doctor or where the money to pay the power bill would come from?

    I'm not saying take half of his money, but this guy just stinks of greed. Why are people so concerned if this guy ends the year with 510 million instead of 530 million?
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    Fair sentiment. Numbers are way off. I'd guess Steve Wynn is worth more like $2 billion than $500 million.

    His rant was silly. But you also have to put it the context of Wynn Resorts, not Steve Wynn.

    Wynn Resorts is a publicly-traded company, so when he does an earnings conference call, he isn't technically making comments about his own fortune. He's talking about shares in a company that is owned by others--many small investors and pension funds and the like--and in that context, his responsibility is to see to it that Average Joe shareholder makes money. And if it is his perception that the regulatory environment makes it hard to conduct business, that conference call would be a place to express that opinion.

    Again, I am not endorsing his rant. He was way over the top, and near as I could tell, the company beat expectations. I don't know the casino business that well, but I do know Wynn relocated the company to Macau to boost profits, and that longer term, he believes China and Asia are the areas that will grow for the company, so it was obviously a case of Steve Wynn being Steve Wynn. When his mouth starts moving, you never know what you might get.
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