Word: wynn
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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...
...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...
Just as in Vegas, their fierce competition in Macau will spur other developers to build better and bolder projects that will attract larger crowds. Wynn says he's "rooting for my competitors to do a good job"--even Adelson. "If he can fill it, God bless him. That kind of stuff, notwithstanding the attitude of the chairman, is a great thing for this town...