{"id":12602,"date":"2014-01-31T11:40:40","date_gmt":"2014-01-31T19:40:40","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=12602"},"modified":"2018-03-26T09:06:37","modified_gmt":"2018-03-26T17:06:37","slug":"buoyancy-in-vegas-contentment-at-wynn","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/buoyancy-in-vegas-contentment-at-wynn\/","title":{"rendered":"Buoyancy in Vegas, contentment at Wynn"},"content":{"rendered":"

\"Vdara_Hotel_Spa_Exterior_2\"<\/a>Despite somewhat less money being dropped on the Las Vegas Strip<\/strong>, revenue was up 13% last December, closing out a strong 4Q13<\/a>. Statewide, revenue was up 10%, slightly over a billion dollars. Tighter slot hold on the Strip helped fuel a 16% increase and luck definitely favored the house on baccarat, up 32%, pushing Nevada revenues past the $11 billion mark for only the second time in five years<\/a>. (Locals casinos, however, still had a subpar year<\/a>.) Slot wagering was at a 23-year low as a percentage of total revenue. Lower table game play conspired to drive revenues down 10.5%. Locals play was down but, aided by tighter holds, revenue grew 13%. (Boyd Gaming<\/strong>‘s properties were up 11%.) North Las Vegas (up 24%) and the Boulder Strip<\/strong> (+15.5%) were particularly impressive, and Downtown<\/strong> grew revenue 13%. Except for eternally volatile Lake Tahoe<\/strong> (-25%) nobody really got wiped out, although revenue in Laughlin<\/strong> slipped 9% from last year. Reno<\/strong> was down less than a point, so congratulations, gentlemen. As for Internet<\/strong> poker, Union Gaming<\/strong> estimates that it generated only $200,000.<\/p>\n

Propelled by a 25% increase in Macao<\/strong> revenues, Wynn Resorts<\/strong> beat Wall Street<\/strong>‘s expectations, posting a profit of $2.27\/share<\/a>. (Consensus was $1.74\/share.) “The numbers as usual speak for themselves<\/em><\/a>,” said Steve Wynn<\/strong> and truer words were never spoken. He also pronounced himself satisfied with Las Vegas<\/strong> results, which were modestly up. “Results were primarily driven by strong mass market revenues in Macau, which we view favorably, given that it is a more stable and higher-margin business<\/em>,” wrote RBC Capital Markets<\/strong> analyst John Kempf<\/strong>. \u201cFor two hotels to have cash flow of $1.8 billion and change is very satisfying,” added Wynn.<\/p>\n

Wynn is so confident about Macao that he’s already talking about a second phase of Wynn Palace<\/strong>, taking his level of investment to $8 billion or $9 billion, \"wynn_macao\"<\/a>although it promises this won’t relegate Wynn Macau<\/strong> and Encore Macau<\/strong> to the status of poor stepchildren. They are, Wynn argues, carrying his Vegas properties<\/a>. Railing against the Affordable Care Act<\/strong>, he griped that “Nothing that has come out of Washington<\/strong> has done anything but add to our operating expenses<\/em>.” Generally speaking, though, Wynn was in an upbeat and expansive mood, holding forth for 83 minutes<\/a>, going into great detail (for instance) of what the layout and amenities of his basic Wynn Palace rooms would be like — replete with 80-inch TVs and his-and-hers bathrooms.<\/p>\n

Perhaps indiscreetly, Wynn used to call to lobby for a reduction in the taxes he’s nominally agreed to pay in Massachusetts<\/strong>. If all casinos pay 25%, he says he’d be \"(010914<\/a>happy to do so. But if the Mashpee Wampanoags<\/strong> get their casino — and 17% tax rate — he wants the same deal for himself<\/a>. Since this would mean $160 million less in revenue for the state, it won’t play well on Beacon Hill<\/strong>.\u00a0In a wishlist sent to Gov. Deval Patrick<\/strong>, Wynn requested an increase on the threshold at which gamblers have to report winnings, as well as relieving “casinos of having to provide on-site day care for employees\u2019 children and treatment for substance abuse and compulsive gambling; and determining whether prizewinners owe past-due child support or taxes<\/em>.” Most of that seems reasonable but, by demanding a cut in his tax bill, Wynn may have just handed a bargaining advantage to Suffolk Downs<\/strong>‘ joint venture with Mohegan Sun<\/strong>, in Revere<\/strong>.<\/p>\n

Playing counterfeit chips<\/strong> could have dire consequences<\/a> for Christian Lusardi<\/strong>. Remember, he’s the guy who tried to flush his phony swag down a Borgata<\/strong> toilet, prior to fleeing the state. Last I heard, he was cooling his heels in jail.<\/p>\n

Having failed to get<\/strong> its act together in recommending a fix for what ails Delaware<\/strong>‘s racinos, the commission empowered with solving the problem has asked for another month of deliberations. Since the status quo at the ailing racinos, shows no signs of improvement, letting the panelists ponder the matter further seems a prudent move.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite somewhat less money being dropped on the Las Vegas Strip, revenue was up 13% last December, closing out a strong 4Q13. Statewide, revenue was up 10%, slightly over a billion dollars. Tighter slot hold on the Strip helped fuel … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,88,60,51,14,76,49,62,112,167,111,79,32,31,9,20,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12602"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=12602"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12602\/revisions"}],"predecessor-version":[{"id":21403,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12602\/revisions\/21403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/12603"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=12602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=12602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=12602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}