Steve Wynn unloads on Obama and explains why there are no jobs.

[fskimospy]

My wife work in the trade show/convention industry and they have been taking a hit also. There is 0 doubt that conventions and trade shows have declined during the recession.

You don't think Pro-Jo took more than 30 seconds to learn about what he was posting on before shitting out yet another thread, do you?

 

[soundforbjt]

I work in the entertainment industry and I've seen big downturns since 2007. Smaller tours, less production being taken out. Less semis and buses, sure there are exceptions, but the rule is people are not spending on leisure activities because they don't have the money. Gambling & Vegas is just one example. We used to work alot more conventions, the work is just not there now. The demand is down because the recession hasn't bounced back because the rich aren't spending money, they're hoarding it.

 

[ProfJohn]

According to this article, extrapolated through the end of the year, about 5 million people attended conventions in Las Vegas (EDIT: In 2010), a drop of somewhere more than a million conventioneers as compared to 2007. But yeah, it must be government regulations that are preventing the creation of more meeting space, it couldn't be a lack of demand. Nahhhhhhhh.

No of course it can't be simple supply and demand economics everyone, it has to be the nebulous confidence fairy at work.

He is not talking about Vegas. He is talking about his casinos and resorts and his business is doing fine.

His hotels are nearly full and his convention space is full. When asked why he wasn't expanding he didn't answer that demand was weak. Instead he went off on Obama.

His hotels had an 89% occupancy rate for the 2nd quarter of this year. Revenue was 22% higher than last year.

In a normal business cycle this is when you expand. The market is on the upswing so you expand and get a head of it. If you are full now when the economy is still slow then what happened when the economy takes off like it is suppose too?

Take your head out of the sand. When you have a democrat complaining about Obama killing business then maybe you ought to listen to what he has to say.

 

[fskimospy]

He is not talking about Vegas. He is talking about his casinos and resorts and his business is doing fine.

His hotels are nearly full and his convention space is full. When asked why he wasn't expanding he didn't answer that demand was weak. Instead he went off on Obama.

His hotels had an 89% occupancy rate for the 2nd quarter of this year. Revenue was 22% higher than last year.

In a normal business cycle this is when you expand. The market is on the upswing so you expand and get a head of it. If you are full now when the economy is still slow then what happened when the economy takes off like it is suppose too?

Take your head out of the sand. When you have a democrat complaining about Obama killing business then maybe you ought to listen to what he has to say.

EDIT: Yes he was talking about Vegas, and you specifically brought up how packed conventions were in Vegas in October. Can't you even keep up with your own bullshit?

Hotel occupancy rates are still down from 2007, and that is with massively reduced rates. When I lived in San Diego I used to hit up Vegas all the time. Things were so bad in 2009 that not only were hotels slashing rates, but they would give you a free bottle of Skyy vodka at your room every night in a desperate attempt to get you to stay. Revenues were up 22% from 2009, but look how far down 2009 was from 2007, you crazy idiot. Are you doing Las Vegas math where you lose $500 one night, then win $300 the next and think you just broke the bank?

I just showed you figures where demand for his core business in Las Vegas is down about 20% from its peak, and you want to know why people aren't expanding. When confronted with these figures you blithely ignore them and then have the balls to tell ME to get my head out of the sand.

Seriously, I finally believe you aren't getting paid to post this crap, because if you were you should have been fired for incompetence.

 

[ProfJohn]

I work in the entertainment industry and I've seen big downturns since 2007. Smaller tours, less production being taken out. Less semis and buses, sure there are exceptions, but the rule is people are not spending on leisure activities because they don't have the money. Gambling & Vegas is just one example. We used to work alot more conventions, the work is just not there now. The demand is down because the recession hasn't bounced back because the rich aren't spending money, they're hoarding it.

And yet U2's recent tour is the highest grossing tour of all time...

So if the manager of U2 called and asked you if going on the road was a bad idea you would point to the slow down industry wide and tell him no? Or would you look at their last tour's results and tell him yes?

Remember we aren't talking about Vegas.com we are talking about Steve Wynn and his two hotels both of which are doing very well.

If Planet Hollywood is at 50% occupancy should Wynn look at them before making a decision to expand or should he look at his own 90% occupancy?

 

[ProfJohn]

EDIT: Yes he was talking about Vegas, and you specifically brought up how packed conventions were in Vegas in October. Can't you even keep up with your own bullshit?

Hotel occupancy rates are still down from 2007, and that is with massively reduced rates. When I lived in San Diego I used to hit up Vegas all the time. Things were so bad in 2009 that not only were hotels slashing rates, but they would give you a free bottle of Skyy vodka at your room every night in a desperate attempt to get you to stay. Revenues were up 22% from 2009, but look how far down 2009 was from 2007, you crazy idiot. Are you doing Las Vegas math where you lose $500 one night, then win $300 the next and think you just broke the bank?

I just showed you figures where demand for his core business in Las Vegas is down about 20% from its peak, and you want to know why people aren't expanding. When confronted with these figures you blithely ignore them and then have the balls to tell ME to get my head out of the sand.

Seriously, I finally believe you aren't getting paid to post this crap, because if you were you should have been fired for incompetence.

Who cares about Vegas and its rates or its discounts!!!

This is about Steve Wynn and HIS hotels!!

It is his hotel that is completely out of meeting space. Not the whole Vegas strip.

It is his hotels that are running 90% occupancy, not the strip.

if you run a business and you are at full capacity you expand YOUR business. You don't look at the guy across the street who is empty. You press forward with what is right for YOU.

 

[soundforbjt]

And yet U2's recent tour is the highest grossing tour of all time...

So if the manager of U2 called and asked you if going on the road was a bad idea you would point to the slow down industry wide and tell him no? Or would you look at their last tour's results and tell him yes?

Remember we aren't talking about Vegas.com we are talking about Steve Wynn and his two hotels both of which are doing very well.

If Planet Hollywood is at 50% occupancy should Wynn look at them before making a decision to expand or should he look at his own 90% occupancy?

I said there are exceptions in the touring industry. U2, being one. Actually ticket sales are the least profitable aspect of the tour. Merchandise is where the real money is made. I've met Steve Wynn and know more about him than you do I'm sure.

 

[Dulanic]

Who cares about Vegas and its rates or its discounts!!!

This is about Steve Wynn and HIS hotels!!

It is his hotel that is completely out of meeting space. Not the whole Vegas strip.

It is his hotels that are running 90% occupancy, not the strip.

if you run a business and you are at full capacity you expand YOUR business. You don't look at the guy across the street who is empty. You press forward with what is right for YOU.

That's right it is HIS hotels and it HIS choice. But according to you this applies to the WHOLE united states..... follow your own argument here! You argue here that this and that is HIS, but then you started that if we are wondering to look no further... good lord make up your mind man.

 

[ProfJohn]

Wynn Resorts sees boost in second quarter profit

Wynn Resorts once again posted a profit increase in the second quarter, thanks to booming business in Macau and an uptick in Las Vegas.

The Las Vegas-based casino operator reported profit of $200.8 million, or $1.60 per share, compared to $64.9 million, or 52 cents per share, in the same quarter last year.

Net revenue was $1.36 billion in the second quarter of this year compared to $1.03 billion in the same period of 2010. The company said the higher numbers were driven by revenue increases in both Macau and Las Vegas.

Net revenue at Wynn Resorts’ Las Vegas operations was $390.8 million, a 22.8 percent increase from the second quarter of 2010. The company reported earnings before interest, taxes, depreciation and amortization of $132.7 million, versus $65.1 million in the second quarter of 2010.

Marilyn Winn Spiegel, president of Wynn Las Vegas, said on Monday’s earnings conference call that each segment of the company’s Las Vegas resorts saw increases in revenue in the quarter.

Casino revenue in Las Vegas for the second quarter was $158.3 million, up 35 percent from the same period of 2010.

Room revenue was up 15.5 percent to $91 million, with an average daily room rate of $240 at Wynn and Encore, an increase from $197 in the same period last year. Occupancy fell from 92.6 percent to 89.2 percent. (last year occupancy was higher due to rooms being renovated- PJ)

In Macau, net revenue totaled $976.5 million, a 36.7 increase from the $714.4 million generated in the second quarter of 2010. EBITDA in Macau increased 45.4 percent during the year-over-year period from $216.2 million to $314.3 million.

Food and beverage revenue increased 13 percent to $126 million for the quarter, with two-thirds of the revenue coming from Encore Beach Club, Winn said.

Retail revenue rose 6.5 percent to $22.8 million and entertainment revenue increased 22 percent to $19 million. Winn said the increase in entertainment was mainly because of added show dates for Garth Brooks.

“In the business that we are in, you don’t really sustain growth unless the non-casino part of the hotel reflects improvement," Wynn Resorts Chairman and CEO Steve Wynn said on Monday’s conference call. "The vitality in our business comes from the non-gaming portion. After all, slot machines and roulette tables, they are the same everywhere. "It's where they are and who the people are that are staying at the hotel that make the difference."

As for the current quarter, Wynn said the company expected July to be its worst month of 2011 in Las Vegas, but has seen better occupancy with higher rates than expected. Wynn, once again, reiterated that the company is not discounting room rates to fill rooms during the slower months.

“This place is not set for price-cutting. We’d be able to fill our rooms in an instant because they are so fancy. But you’ve got people coming in with their beers from 7-11 and they move their own bags and don’t eat in our fine dining. We can’t use them. This is not a place for folks that have that kind of economy mentality,” Wynn said.

Wynn said the company expects August to bring strong convention business at its Las Vegas properties.

In Macau, Wynn Resorts saw its net revenue total $976.5 million, a 36.7 increase from the $714.4 million generated in the second quarter of 2010. EBITDA in Macau increased 45.4 percent during the year-over-year period from $216.2 million to $314.3 million.

The average daily room rate for Wynn and Encore Macau was $314 for the second quarter, up from $287 in the second quarter of last year. Occupancy at the properties was 90.5 percent, compared to 81 percent a year ago.

Wynn was more tight-lipped about his Cotai resort on Monday’s conference call than in previous calls, but said the project is drawn and rendered and the process is “moving along nicely.” He did not give a timeline for development.

Wynn said the resort will include 1,500 suites, 500 table games, a theater and public entertainment.

http://www.vegasinc.com/news/2011/jul/18/wynn-resorts-sees-boost-second-quarter-profit/

 

[fskimospy]

Who cares about Vegas and its rates or its discounts!!!

This is about Steve Wynn and HIS hotels!!

It is his hotel that is completely out of meeting space. Not the whole Vegas strip.

It is his hotels that are running 90% occupancy, not the strip.

if you run a business and you are at full capacity you expand YOUR business. You don't look at the guy across the street who is empty. You press forward with what is right for YOU.

Because it's still a down market, genius. Oh, and the occupancy rates for his hotels are comparable to hotels in general. They are still significantly down, which is a big reason why earnings for Wynn are also way down from where they were in previous years.

Once again, his company's revenues and earnings are still significantly down from what they were in 2007, but you still see no reason to question demand, it must be the confidence fairy!

All of this information was really really easy for me to find. Not like you care though, the important part is that you get to continue your nonstop propaganda bullshit on here.

 

[fskimospy]

Wynn Resorts sees boost in second quarter profit

http://www.vegasinc.com/news/2011/jul/18/wynn-resorts-sees-boost-second-quarter-profit/

Haha, Wynn sees increased profit from historically terrible time period. Pro-Jo conveniently ignores this.

 

[Red Dawn]

Vegas Casino owners have always had a problem with the Federal Government claiming it hurt their Business. Take Bugsy Siegal for instance.

 

[thraashman]

I wonder if this guy's commentary has anything to do with Obama at least twice telling Americans they need to be more fiscally responsible instead of blowing their money in Vegas. I know both times Vegas officials railed on Obama for his comments.

 

[First]

Damn, Pro-Jo getting reamed in yet another thread he created. This is wonderful entertainment.

 

[woolfe9999]

I wonder if this guy's commentary has anything to do with Obama at least twice telling Americans they need to be more fiscally responsible instead of blowing their money in Vegas. I know both times Vegas officials railed on Obama for his comments.

I was wondering how many more pages it would take for someone to make that connection. In fact, if you google around, Wynn has been criticizing Obama since '09 when he made those comments.

 

[spidey07]

Haha, Wynn sees increased profit from historically terrible time period. Pro-Jo conveniently ignores this.

And what is escaping you is Obama's constant demonizing capitalism, attacking business, sending department of labor with suits against business means businesses will NOT grow. He's got his "boot on their neck" alright.

 

[fskimospy]

And what is escaping you is Obama's constant demonizing capitalism, attacking business, sending department of labor with suits against business means businesses will NOT grow. He's got his "boot on their neck" alright.

Spidey, I think it's time to go take your lithium.

 

[woolfe9999]

These talking points are of a piece with the nonsense over isolated comments from insurance company execs about how the new healthcare law is causing their rates to go up because of its "crippling regulations." As if rates hadn't been skyrocketing for years already.

It goes without saying that corporations do not want regulations. They don't want to be operating under any restrictions whatsoever. So from time to time they enjoy making these kinds of statements publicly because they provide talking points for those ideologically opposed to regulations. In the end, convincing a large segment of the populace that regulations on business should go away is in their best interests. Doesn't mean the statements they are making are anywhere close to the truth. Consumer traffic in Las Vegas is down in this recession. That much is obvious and well known. When a simple explanation based on known evidence will suffice, there is no reason to take the word of corporate execs who are clearly trying to stir the pot to promote degreulation policies which will make them even richer.

 

[dank69]

Your right I did not and I'm not going to provide details of the companies I manage who are making record profits. But when companies are pulling in millions and billions of dollars a quarter in profit a quarter but not reinvesting it, that tells you a lot.

Lots of companies are sitting on A LOT of cash. I ask you this question, why?

Because higher taxes on profits would be an incentive for those companies to reinvest more (create more jobs/raise salaries/stop offshoring to maximize profits) instead of just hoarding cash.

 

[woolfe9999]

Quoted by PJ:

September will be our fifth anniversary in the People's Republic of China in Macau, and we love it there. We are so grateful to be part of that market and to be allowed to participate in that community. We find the political environment, the regulatory environment, the human resource environment that we're in to be absolutely delicious. Life is quite straightforward in China. The government is predictable.

Apparently, not only does PJ hold up China in a more favorable light than the US under the Obama administration, but under the Bush administration as well! You've got to love PJ and his self-defeating evidence.

 

[matt0611]

Wynn is 100% spot on. We will not recover from this recession for a very very long time thanks to this administration and its policies.
Its like the great depression under FDR, same shit, different decade. "The only thing we learn from history is that we learn nothing from history."

 

[Jaskalas]

Checked his donations and he did gave a ton of cash to Harry Reid. No bullshit there.

Opposes Obama's actions, but is behind Reid? Sounds like he paid Reid for favors, not for ideology.

 

[woolfe9999]

Opposes Obama's actions, but is behind Reid? Sounds like he paid Reid for favors, not for ideology.

Bingo. Corporations donate to dems as well these days, for the same reason they donate to the GOP, to get favoritism for policies that benefit their bottom line, and in some cases, it's rather more specific when you're donating to a representative from your own district or a senator from your own state. It's about bringing home the bacon.

 

[spidey07]

Bingo. Corporations donate to dems as well these days, for the same reason they donate to the GOP, to get favoritism for policies that benefit their bottom line, and in some cases, it's rather more specific when you're donating to a representative from your own district or a senator from your own state. It's about bringing home the bacon.

You're confusing doing what is good for your state to encourage business/profit and pork.

 

[fskimospy]

Wynn is 100% spot on. We will not recover from this recession for a very very long time thanks to this administration and its policies.
Its like the great depression under FDR, same shit, different decade. "The only thing we learn from history is that we learn nothing from history."

You aren't seriously trying to make the 'FDR made the Great Depression worse' argument on here again are you? That one's been demolished many times already, another right wing myth.