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Posted At : February 28, 2008 10:45 AM | Posted By : D McKee
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MGM Mirage
Former Wall Street Journal reporter Christina Binkley is set to make a big splash with her new book Winner Takes All: Steve Wynn, Kirk Kerkorian, Gary Loveman and the Race to Own Las Vegas. Already the book has garnered an unsolicited endorsement from the Las Vegas Sun's Jeff Simpson. It probably won't adorn the bookshelf of Steve Wynn, not after he went postal on Binkley.
C'mon, Steve! Everybody knows it was a hostile takeover, especially after you put Kirk Kerkorian's original offer to a 'pet rock' board, consisting mostly of insiders, who summarily marked it 'Return to sender.' Heck, Wynn himself characterized Kerkorian's moves as a "hostile takeover." Oh, and "opportunistic," too. And immediately authorized dividends to Mirage shareholders.
Had Mirage Resorts stock not been sagging under the weight of two simultaneous megaresort openings (Bellagio and Beau Rivage), perhaps Wynn could have fended off MGM Grand, but 'twas not to be. It probably didn't help investor confidence when Wynn chose to treat a November '99 Deutsche Banc Alex Brown seminar to his karaoke stylings. Wrote then-Las Vegas Review-Journal gaming correspondent Dave Berns:
Some in the crowd could be seen shaking their heads in confusion, others in embarrassment as Wynn broke from the traditionally numbers-driven presentation that is common to such gatherings and instead sang songs from a Broadway-style show that is being produced for Mirage Resorts.
'It was a little strange ... to have that going on,' said a source who was in the room and requested anonymity. 'I don't know if people really knew what to think of it. It wasn't just playing a few bars of the track. It depends on how you take it.'
Berns subsequently reported that Wynn's lounge act (of Jerry Herman tunes, no less) "would have been considered little more than entertainingly eccentric if Mirage Resorts stock hadn't been struggling."
At least Wynn can derive solace from this: The book's title leaves off arch-nemesis Sheldon Adelson, next to whose imminent fury Wynn's ire will be as a gentle zephyr.
Do you think you'll be reading the book yourself, Mr. McKee? And would you be able to give us your take?
I'll read it with avid interest and you can bet your bottom dollar you'll be hearing about it. I'm trying to persuade the boss to rush-order a copy, in fact.
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