Warren Buffett likes to say that we’ve already had class warfare in this country and his class won. Whilst laid up, recuperating from an ill-advised meal at Mizumi, I had reason to ponder this in connection with the recent stateside exploits of Steve Wynn. His recent smackdown at the hands of Foxborough voters arguably makes him a casualty of Main Street‘s rage toward Wall Street, cut down by a stray bullet. In expressing anti-Wynn sentiment at the ballot box, were Foxborough burghers being irrational? Yes. Counterproductive? Yes. Petulant? Maybe. Was their sentiment understandable? Absolutely. How often does the Average Jo get step into the voting both and, essentially, give a billionaire a kick in the pants?
Steve Wynn was an innocent bystander to the Crash of ’08 but, with a still-irate electorate swinging in search of a piñata, he’s been the wrong plutocrat at the wrong place at the wrong time. The considerably less-than-worshipful reception he got in Philadelphia must have given him a foretaste of what he could expect in Massachusetts. Most of America simply doesn’t hold casino CEOs in the godlike awe with which many of us in Nevada do and the moguls have got to put down their favorite, oft-thumbed book. In other words, stop reading Atlas Shrugged! Like, yesterday. Nobody in Philly threw a fit when Wynn abruptly left and Bay State residents aren’t begging him or Sheldon Adelson to return there, either. Most Americans like casinos and would want to have them in their states. But they’re not going to supplicate.
Going commando. Anti-Wynn sentiment might have run higher still had this report broken a month earlier. Few would dispute that he deserves to one of the highest CEO paychecks in the industry ($3.9 billion) but two discrete bonuses totaling $11 million might be pushing shareholder tolerance, though the stock did spike dramatically last summer. Wynn Resorts also subsidized El Steve’s lifestyle to the tune of $1.5 million plus an extra $71.5K of “merchandise discounts,” to help him make ends meet in these parlous times. Adelson’s $2.6 million private commando squad is nothing new and nepotism is a time-honored tradition in the casino biz. And the company-paid suite for Adelson family members works out to $268.55/day, which is one way to maintain your ADR, I reckon. Next time you stay at Venelazzo, ask for the “Adelson Family Special” rate.
Sheldon Adelson, cheesehead. The tycoon’s wallet made a cameo appearance in the recent Wisconsin recall effort, as did front group Center for Union Facts, which was rattling its saber earlier this year in Las Vegas, ahead of the next round of collective bargaining between the Culinary Union and major casinos. I realize it’s a matter of principle for Adelson but you have to wonder at its advisability for Las Vegas Sands at a time when it’s angling for a casino in New York City, the heart of Union Country. If Big Labor wasn’t gunning for Adelson before, he’ll be in their crosshairs now.
Big day for BYI. Yesterday, approval was granted for Bally Technologies to become Nevada’s first Internet-gambling provider, a proud moment for Bally and the state alike. However, even as we pop the cyber-cork, let’s not forget the risks involved and the fact that no age-verification software ever seems secure enough.
Facebook suggests I ought to “friend” Sue Lowden. Whaddya think? Should I bring a peace offering of poultry?
Sure, go ahead and “friend” Sue. She is always good for a quote as she suffers from “foot in mouth disease”!
IN the wake of PEU’s wipeout on Tuesday, and Rasmussen’s 50/50 polling split on the Prez. election, you think Foxborough is telling?
Foxborough is a wealthy town, many of whose residents are still pissed that they don’t get to use the private roads Bob Kraft built for “club member” season ticket holders. While Kraft’s investments have helped that town immensely, they still like to slap ol’ Bob.
It’s typical smalltown Massachusetts stuf; hell, Cohasset and Weymouth argue…Westwood looks down on Dedham. People think of Boston as being “so-educated”, but that’s not the locals, ask Theodore Landsmark
The union bashing going on right now is astounding. Teachers, firefighters, and cops deserve a little love from all of us. The right wing is trying to pin the Lindberg kidnapping on these fine folks, and it disgusts me…
Foxborough is, as I tried to indicate, Bruce, a random instance. Much as he did in Philadelphia, Wynn’s mere presence seemed to generate visceral, irrational hostility. Based on news reports, Foxburghers took inordinate pleasure in effectively running him out of town. People want somebody to kick and ol’ Steve had the misfortune of being the kick-ee.
Discontent with the economy (and current administration) doesn’t seem to be translating into warmth toward Vegas tycoons, judging by their tepid reception in Massachusetts, Maryland, Florida, etc. In fact, pro-casino sentiment in several additional states seems to have gone mysteriously off the boil, just when it looked like expansion was reaching fever pitch.
It seems that Vermonters are not most Americans — but you knew that. The very idea of casinos is so loathsome here that the Abenaki have sought recognition in vain for years, despite their pledges not to build any. Our adventures with Entergy and its ilk have taught us suspicion in spades, doubled and redoubled.
That’s why most of the heavyweights are chasing the west-Massachusetts license, I reckon: get that untapped Vermont market.
It’s pretty well accepted here in Boston that the fix has been in for Suffolk Downs for a while. It’s a better spot for a number of reasons.
Steve Wynn, for whatever reason, decided to try in Foxboro, a wealthy suburb with an activist population that fought Bob Kraft tooth and nail over every detail of the football stadium. In the past couple of days, voters in Taunton, MA, voted to support a tribal casino in town. It wasn’t even close. The difference? Taunton is a broken down old mill town that needs the jobs and the development. Foxborough needs niether.
As a Boston resident, traveling to Foxboro to gamble would not be that much more convienent than traveling to Conneticut. And the traffic would be a nightmare.