Word: profitably
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Wynn contends just the opposite is true--that in Las Vegas his hotel produces more profit than Adelson's larger Venetian, and that the same can happen in Macau. Adelson "can't keep up with us in earnings," Wynn says...
...really makes more money? NASDAQ-listed Wynn Resorts lost $20 million in the quarter that ended in June on sales of $310 million, while Adelson's N.Y.S.E.-listed Las Vegas Sands Corp. posted a $109 million net profit on sales of $541 million. Over the past 12 months Wynn Resorts total return to shareholders was more than 60% vs. Sands Corp.'s 120%. So on that count Adelson wins...
...Deutsche Bank gaming analyst Bill Lerner says Wynn's loss isn't surprising for a company still very much in development. According to Lerner, the competitors' two Vegas hotels earn just about the same operating profit, though since Wynn's property is smaller, it does average more per room and gaming table. However, Lerner says the best way to compare the two properties is to look at return on net investment. By this measure, the Venetian wins out, 30% vs. 12% to 14% for Wynn, but since Wynn's hotel is so much newer, he could catch up. Amazingly, Lerner...
...long been thought that the smartest way to purchase goods overseas is with a credit card because you'll get a fair deal switching from, say, dollars to euros. That may still be true. But many cards now tack a 3% conversion fee on top of the profit built into the conversion rate...
...profit came out of an unusual collaboration with a former casino lawyer, Jay Brown. Reid and Brown initially bought adjoining plots in Las Vegas' booming suburbs in 1998. They transferred the land to a company called Patrick Lane in 2001; Reid's share was valued at the same amount, $400,000, as he had originally paid for the property. Three years later, he was paid $1.1 million when Patrick Lane sold the land to a shopping mall developer. Though Reid and Brown claim they were joint owners of the company, they say no documents exist to prove Reid's position...