Word: wynn
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Dates: during 2000-2009
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...here because Las Vegas is on sale. The hotels, led by Wynn Resorts boss Steve Wynn, slashed room prices to increase occupancy rates to 82% from a low of 72%. On the right day in July, you could book the type of 750-sq.-ft. room that was $500 a year ago at the Wynn for $109 and get a $50 gift certificate. The high-end restaurants at the MGM have gotten rid of most of their $400 bottles of wine and replaced them with $100 ones. This is either a model for the rest of the country...
...cranes halted on a structure that was supposed to be a St. Regis condo building. I then drive up to where the New Frontier was razed to build a resort modeled on New York City's Plaza Hotel. It's just a dirt wasteland, so ugly that Wynn planted a row of trees so his hotel guests wouldn't stare at it from their windows. I never realized an economic defeat could look so much like a military...
...Boston-born entrepreneur who, after creating the hugely successful COMDEX computer convention in 1979, helped turn Vegas into the top convention destination. He's a feisty ultraconservative who has managed, seemingly on purpose, to make enemies of all the other casino owners, a pretty friendly group. When his nemesis Wynn invited him to dinner recently to bury the hatchet, Wynn says Adelson refused, recalling that Wynn had once referred to him as Mr. Magoo. Sitting for an interview at a giant conference table, Adelson stops the conversation every time his videographer - who is either documenting Adelson's entire life...
...into the hoards of wealthy Chinese who increasingly flocked to the "Asian Las Vegas." The first American company to enter the market was Las Vegas Sands, which opened the Sands Macau casino in 2004 - and earned back its $285 million investment in only a year. U.S. casino mogul Steve Wynn, who opened the $1.2 billion Wynn Macau in 2006, once called the city "the most exciting growth story of the decade...
...Instead, Wynn announced that everyone at his company's two Las Vegas properties, Wynn and Encore, would take a pay cut. Salaried workers earning $150,000 or more would see a 15% drop in their paychecks; those making less would take a 10% hit. Hourly employees would go from a 40-hour to a 32-hour week. The idea: save millions of dollars without putting anyone out of a job while maintaining the service level at the luxury hotels. "We don't want anybody on unemployment here," Wynn said at the time, "or without insurance." (See 10 things...