{"id":21404,"date":"2018-03-27T06:40:28","date_gmt":"2018-03-27T14:40:28","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21404"},"modified":"2018-12-06T09:08:09","modified_gmt":"2018-12-06T17:08:09","slug":"quo-vadis-steve-dan-gilberts-new-twist","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/quo-vadis-steve-dan-gilberts-new-twist\/","title":{"rendered":"Quo vadis, Steve?; Dan Gilbert’s new twist"},"content":{"rendered":"

Gaming Industry Daily Report<\/em> Editor Alan Woinski<\/strong> has some interesting speculations<\/a> about Steve Wynn<\/strong>‘s future and his big stock cash-out.\u00a0\u201cHe will need the money considering he never received a golden parachute \"\"when he stepped down. He could have a lot of legal fees and, of course, there always is the chance that Steve Wynn could buy or build another casino, which most likely would be outside the U.S. if he were to do it.\u201d Hmmmm. Could Wynn ‘go rogue’ in Macao<\/strong> or Japan<\/strong>? (He’s permanently barred from the Philippines<\/strong>.) In the former instance, a seventh concession would have to be issued. In the latter, it’s still anyone’s ballgame, although a corruption scandal involving the wife of Prime Minister Shinzo Abe<\/strong> — and the unpopularity of casinos among the electorate — casts a shadow on their chances there.<\/p>\n

JP Morgan<\/strong> analyst Joseph Greff\u00a0<\/strong>thinks Elaine Wynn<\/strong> is poised for an “eventual” sale of her shares, although with 9.25% of the company in her purse, one wonders why she’d liquidate such a powerful position. As for the recent sale of Wynn Resorts<\/strong> stock to Galaxy Entertainment<\/strong>, Greff sees it “as potentially opening the door to Macau consolidation with a local hometown team that is capable of getting a transaction done.” And what kind of transaction might that be? Macao is Wynn’s bread and butter. Selling off the Macanese assets would be a terrible decision, Merging with Galaxy<\/a> … not so much.<\/p>\n

However, JP Morgan analysts\u00a0DS Kim<\/strong> and Sean Zhuang<\/strong> wrote,\u00a0\u201cThe fact that Galaxy didn\u2019t want to cross the 5 percent line indicates this is more of a strategic investment and not an attempt to take over or control the \"\"company.\u00a0We don\u2019t expect Galaxy to further increase their stake for the foreseeable future.” Wynn Resorts may be buying protection with the Galaxy sale.\u00a0\u201cNow that Wynn has backing from Galaxy, arguably the most prominent local operator that has a great relationship with governments, one could argue that the risk of license renew should be reduced,” wrote Kim and Zhuang. And if it is<\/em> the beginning of a takeover, Wynncore<\/strong> and Wynn Boston Harbor<\/strong> would be up for grabs, says Union Gaming Group<\/strong> analyst Grant Govertson<\/strong>, who writes, “we think Galaxy is only interested in Macau.”<\/p>\n

* Greed in Las Vegas<\/strong> reaches new levels. Las Vegas North Premium Outlets<\/strong> has begun to charge $5 to park. Seriously? Charging people for the privilege of shopping? (Locals are exempt for the moment<\/a>, but we know how that goes.) Management said the new policy\u00a0\u201cfalls in line with what many local businesses have already done\u201d and\u00a0will help ease congestion and decrease the time visitors wait for a parking spot.\u201d By (it is implied) shuffling employee park off to a remove part of the garage), consumers will have access to spaces closer the entrance. That’s unlikely to take the sting off the five-buck impost.<\/p>\n