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Posted At : February 5, 2009 09:15 AM | Posted By : D McKee
Related Categories:
Station Casinos,Economy,Donald Trump,The Strip,Steve Wynn
What was initially most striking about Tuesday's "orange alert" at Wynn Resorts -- and what got crowded out of my mind while I was writing -- was the irony of it. Prior to Encore's opening, Steve Wynn was telling anyone who would listen how financially sound his company was, had money in the bank, had fully financed its projects, etc., etc.
Now this: A belt-tightening regimen more draconian even that ones we've seen at Station Casinos or Trump Entertainment Resorts, two companies that are -- unlike Wynn's -- mired in deep mierda.
Que pasa, Steve? The saving grace, of course, is that the loss of full-time jobs has been avoided. There have been allegations of extra boards and part-timers being let go, but no official confirmation. It wouldn't be at all surprising: With non-union hourly employees seeing their work week shrivel from 40 hours to 32, it shouldn't be difficult for Wynn's managers to find full-timers willing and able to fill the odd, suddenly vacant shift here and there. And even if fewer lights are on or the floral arrangements are thinned out, Encore will still be the premier resort on the Strip.
There remains a disconnect between exuberant Steve Wynn's pre-opening rhetoric and the dose of cold, hard reality that was dispensed on Tuesday. Unless he had no idea what was coming at him, Wynn probably should have toned down the opening-week verbal bravura. Whatever the actuality inside Wynn HQ, the company looks like it got caught unawares. Which isn't a good perception to have out there when you've been lecturing the rest of the Strip on the error of its ways.
Station afterthought: It looks as though the Fertitta clan and Colony Capital may have backed their bondholders into a corner, at least for the moment. The latter group is stuck between a variety of rocks and hard places, and a dime on the dollar might actually look good to them. Should the matter go to bankruptcy court -- and once the secured creditors have cherry-picked all the goodies from the Station tree -- what guarantee exists that the bondholders will wind up with anything?
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bank, etc etc, but does it enough cover a divorce and
alimony payments and still keep his head
(comfortabley) above his Lake of Dreams, LOL!