I would rather be the head of a rooster than the tail of an ox.
www.hotelsmag.com July 15, 2008
Casino mogul Wynn scoffs at Wall Street - (Distributed by Scripps Howard News Service, www.scrippsnews.com.)
“Around the time MGM Mirage was trimming its management ranks and the tourism slowdown – only hinted at in research statistics and earnings reports – had become a hard fact in Las Vegas, competitor Steve Wynn was playing it cool.
His business strategy, he said, wouldn’t shift to suit Wall Street’s whims.
The man who built his career constructing and operating the most expensive, highest-end casinos in town wouldn’t be cowed into cheapening his resort with significant cost cutting to please short-term investors. He called these Wall Street investors “nitwits.”
“I don’t care what Wall Street thinks,” Wynn said in April, after the MGM Mirage layoffs, which helped to appease shareholders. “I run the business for long-term growth. This place is not run by short-term-thinking people, which is a really good reason to ignore them.”
Wynn Las Vegas, which opened in 2005, escaped the post-9/11 downturn and, as one of the Strip’s newest resorts, is better positioned to withstand the toughest times yet in the modern resort era. Wynn’s track record indicates he’ll likely find a way to profit amid the decline, while blasting doubters every step of the way.”
Good for you, Steve.
