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Posted At : February 6, 2009 12:58 PM | Posted By : D McKee
Related Categories:
Station Casinos,Tribal,Economy,Current,Steve Wynn,The Strip,Sheldon Adelson
A spirited debate on the Wells Fargo-at-Encore brouhaha is playing out at The Movable Buffet. The "pro" side is gaining the upper hand -- offering better-reasoned arguments will do that for you.
Let's accept for the moment that the junket was highly justifiable (as increasingly appears to be the case) and that Vegas is a highly affordable convention market (opinions differ). Was Wynn Las Vegas/Encore a bargain in and of itself? Compared to the rest of the Strip, no. Is it a bargain compared to the price niche Steve Wynn coveted? Yes ... dependng on when Well Fargo booked the trip. Is it preferable for Wells Fargo to hold this event in the good old U.S. of A., as opposed to such previous locales of Cancun or the Bahamas? Mais oui, bien sur, which I believe is French for "Like, duh!"
What's disturbing is the emerging tendency to link the cancellation of the Wells Fargo event with coinciding salary and benefit cuts at Wynn Resorts. First the Las Vegas Review Journal's more-clownish-than-usual editorial did it. So did the same paper's "Business Matters" blog, which one holds to a higher standard than the R-J editorial page. So too has Richard Abowitz. Neither he nor anyone else is making an explicit linkage between the two stories but we're seeing the coalesence of a new urban legend.
To wit: Steve Wynn got the cancellation notice from Wells Fargo, flew into a panic and imposed a wide-ranging series of stringency measures. Is that possible? Yes. Is it either plausible or likely? Not in the slightest, IMO. But it's certain to become the new received wisdom if this implied causal relationship keeps being floated in the media.
A penny for your thoughts, Steve? No fool he, Steve Wynn loves free media. But I'd pay (well, a buck or two anyway) to know how he feels about being at or near the center of this particular story. Since it's his property they're talking about and not, say, Sheldon Adelson's, he's probably remembering the old saw that there's no such thing as bad publicity.
You know you're in trouble when there's turmoil at your casino and you look for rescue from Station Casinos. That's like sacking the captain of the Titanic in favor of the skipper of the Exxon Valdez.
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