Word: wynn
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Dates: during 2000-2009
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...Wynn and Adelson have done more to remake Las Vegas than anyone else, and yet no two businessmen could be less alike. Wynn is Vegas royalty, the artist who rejuvenated the Strip by going upmarket in tone with the Bellagio, which showcased Van Goghs and Cezannes and Degas's dancers instead of topless showgirls. He lost the place to raider Kirk Kerkorian, who took over Wynn's company, Mirage Resorts, and booted Wynn, who scored a $6.4 billion payout but still had a score to settle. Last year Wynn returned with the new Wynn Las Vegas: more hushed, more exclusive...
...Wynn isn't intimidated by Adelson's massive building program, which he dubs the "Sheldon Avalanche." Adelson's "use of pejorative rhetoric and dismissive language is not so much a reflection of any deep understanding on his part as it is his personality. He can't help himself," Wynn says. His posh inn, Wynn believes, will draw customers who will run up larger tabs--and create fatter profits. "Bigger ain't better. Better is better," Wynn says. The Wynn Macau "would look not like an office building, but a resort. We will always get our market share, because...
Adelson says that Wynn misses the point in Macau. Although he concedes that Wynn "does a very good job at the high end of the market" and "a good job at design," he adds that Wynn loses money on the bottom line. "Steve Wynn's objective is to get everybody to say he does a nice design and swoon over his design, and he obviously doesn't care about making money," says Adelson. "So why should I be concerned about a guy like that...
...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...