Wynn’s new man in Macao; Sheldon’s losing hand

Steve Wynn will continue to be CEO and Chairman of Wynn Macau. However, he’s handing off the presidency to Gamal Aziz. It’s another sign that Macao isn’t just a department of a company like Wynn Resorts but an entity unto itself. Wynn has promised the Macanese floral sculptures the size of Rose Bowl Parade floats, so Aziz will have a grandiose mandate to fulfill. Estimates of growth in Macao in 2014 are all over the place right now, ranging from 6% to 24%. However, 2013 was such a door-buster that it will take a great deal to overwhelm those grosses. Closer to home, Wynn promised to match union construction wages with those pledged by Mohegan Sun at Suffolk Downs. That was “george” of them.

The horse is well and truly out of the barn, now that ‘Net-betting accounts in New Jersey have hit the 150,000 mark. (Mind you, many of these are people who are registered with multiple sites.) That’s something for Sheldon Adelson to shake his fist at, as he tries to do a King Canute on Internet gambling. But you really know Adelson’s playing a losing hand when George Soros and John Paulson go in big on Caesars Acquisition Co., owner of Caesars Interactive (a much better play than buying Caesars Entertainment stock). Parent companies Apollo Management and Texas Pacific Group are in it for $484 million, too. Maybe Caesars Acquisition CEO Mitch Garber‘s overstating it when says that all goods and services will be ultimately be bought over the Web (including gasoline?) but he’s not far wrong.

For the first time, Foxwoods Resort Casino has made its financials public. That was rather brave of them, considering that revenue was 6% lower and cash flow 8% less than expected. Call that leading with your chin. CEO Scott “Woody” Butera had no shortage of excuses, including “bad weather in early 2013 and disruptions associated with the implementation of a new marketing campaign, ongoing hotel renovations and a makeover of the casino’s dining and retail outlets.” However, he was remarkably transparent in his policy, making three years’ worth of fiscal data available at a glance. Let’s hope this is a trend that catches fire in Indian Country. The employees whose bus service was discontinued don’t share our enthusiasm, I suspect.