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Posted At : March 18, 2008 12:46 PM | Posted By : D McKee
Related Categories:
Wall Street,The Strip,Steve Wynn
When news of Wynn Resorts President Ron Kramer's imminent departure first hit the wires, my instinct was to ask: Had Kramer and Steve Wynn gone down the same acrimonious path as Wynn and former Mirage Resorts CFO Dan Lee? After all, in Christina Binkley's Winner Takes All, when Wynn first approached Kramer, the latter "says he told Wynn he needed an unassailable balance sheet and absolutely no airplane-cosmetic-surgery-art-collecting hanky-panky." Was history repeating itself?
Nothing of the sort. Turns out Kramer's employment agreement was up and the family business, Griffon Corp., has a vacancy at the top. So Kramer gets to be The Man and leaves Wynn Resorts with the reputation of being the person who repaired Steve Wynn's frayed relationship with Wall Street. Godspeed.
What ails Shuffle Master? As you probably know, it experienced another bad quarter, finishing well below analysts' expectations. The company says it expects a profitable quarter to come and ditto FY08 overall. One report partly blames the results on a volte-face by casinos that now prefer leasing games to buying them (an arrangement they tried to outlaw in Nevada nine years ago).
As for Shuffle Master's stock performance, it's not a slide, it's an avalanche. It's already lost 24% of its (alone) value today alone, meaning that it's declined 74% over the last year. If CEO Mark Yoseloff's projections bear out, Shuffle Master might be a steal at its current price. (Disclaimer: I own no stock of any sort and my advice is worth exactly what you paid for it.)
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