{"id":22208,"date":"2018-08-03T09:31:11","date_gmt":"2018-08-03T17:31:11","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=22208"},"modified":"2018-11-09T06:06:51","modified_gmt":"2018-11-09T14:06:51","slug":"more-woes-for-wynn-unlucky-13-in-macao","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/more-woes-for-wynn-unlucky-13-in-macao\/","title":{"rendered":"More woes for Wynn; Unlucky 13 in Macao"},"content":{"rendered":"

Updat<\/strong>e: All charges in this case were dismissed<\/a>, as the alleged rape was found to be a fabrication.<\/p>\n

Wynn Las Vegas<\/strong>‘ status as the poster child for sexual assault on the Las Vegas Strip<\/strong> just got another boost. SoCal dentist\u00a0Poria Edalat<\/strong>\u00a0is accused of a special birthday present: to be part of a gang rape. That’s what he, two of his \"\"brothers and a fourth dentist are accused of doing to an unnamed woman last weekend.\u00a0Ali Badkoobehi<\/strong> is\u00a0charged with singling the woman out at a nightclub and enticing her up to a Wynn hotel room, where the \u00a0proceedings are said to have taken place. (A finding of rape was\u00a0confirmed by a hospital examination. The foursome, all of whom boasted douchey designer stubble, to the detriment of their professional images, were arrested and charged with conspiracy to commit sexual assault, sexual assault and first-degree kidnapping.<\/p>\n

Wynn Resorts<\/strong> CEO Matt Maddox<\/strong> must be pulling the bedclothes up over his head today and waiting for better news. At least he can take consolation in the fact that the alleged doings\u00a0at Wynncore won’t have any bearing on his difficulties in Massachusetts<\/strong>, nor will this week’s beat-down<\/a> of Wynn stock. Revenue in Macao<\/strong> grew 9% but Wall Street<\/strong> expected more. Nor can investors be consoled by the news that Maddox expects 3Q18 results in Las Vegas<\/strong> to be, as reporter Richard Velotta<\/strong> put it, “mediocre.”<\/p>\n

\u201cI believe that Wynn Palace<\/strong> will continue to take market share in both mass and VIP. In fact, I\u2019m so confident that I\u2019ve assembled a team of the most creative people on the planet, and \"\"we\u2019re in full swing planning our entertainment-focused development on the adjacent seven-acre parcel that fits between the new Lisboa<\/strong>\u00a0and Wynn Palace,\u201d Maddox told investors.\u00a0\u201cThe project is going to have indoor gardens. It\u2019s going to have waterfalls. We\u2019re working on a theater concept and a new food hall that\u2019s going to focus on seafood, the best seafood anyone can find in that region, and it will be a culinary destination for Macao. We know that our premium customers like these attractions.\u201d<\/p>\n

Maddox stressed the importance of quality vis-a-vis attractive price points, saying,\u00a0\u201cWe compete by having the best product and service in the market.\u201d He dismissed the other approach as being \"\"for “short-term revenue gains.” The original Wynncore Macau<\/strong>\u00a0will benefit from two new restaurants and 8,000 additional square feet of retail. Closer to home, Maddox definitively ashcanned the Paradise Park<\/strong> theme-park concept and its $3 billion budget, while not tipping his hand at what would replace it. He only said,\u00a0\u201cIt\u2019s early in the design stage, and we\u2019ll continue to work on the master plan for the rest of the year.\u201d Translation: Check back with us at the end of 4Q18.<\/p>\n

Maddox didn’t directly address the question of Encore Boston Harbor<\/strong>‘s dicey regulatory situation but chose to sing the praises of the construction project itself, where carpeting is starting to be laid. Among other kudos, he said “we\u2019ve renovated the polluted river bank into a living shoreline and it\u2019s connected by nearly two miles of boardwalk.” He reiterated the company’s promise of a “destination resort” for the Everett<\/strong> area and, as the project continues to be both on budget and schedule, it looks like Maddox is going to be as good as his word.<\/p>\n

* \u201cWe\u2019re stable, we\u2019re strong and we\u2019re mature,\u201d was the message from the Iowa Gaming Association<\/strong>‘s Wes Ehrecke<\/strong>, as Hawkeye State casinos defied negative economic factors to eke out a slight revenue increase this July. Better still, the uptick comes in the face of lower attendance<\/a>, demonstrating the resilience of the gaming \"\"sector. Nearly 22 million visitors patronized Iowa<\/strong> casinos a year ago. This July’s tally was a million souls below that. All casinos but one posted higher win per capita last month. However, Iowa remains a saturated market, with 10 of 19 casinos reporting overall revenue declines. Meanwhile, the prevailing Midwest narrative continues to be one of gamblers with more to spend but fewer of them. The Iowa summer revenue peak of 2012 now looks like ancient history.<\/p>\n

* Give state Rep. Ron Stephens<\/strong> (R) credit for optimism. He’s proposing a three-casino package for Georgia<\/strong>: one $2 billion megaresort for Atlanta<\/strong> and two $500 million casinos elsewhere in the state. Gubernatorial candidates are lukewarm at best<\/a>: Hard-liner Brian Kemp<\/strong> (R) is against casinos, period, while Stacey Abrams<\/strong> (D) will only support one if the tax revenues derived therefrom are expressly channeled in HOPE Scholarships, period.<\/p>\n