Word: wynn
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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...
...wrong," he says. Adelson, always a self-believer, has reinvested more than $1 billion in his company. But he has also fired his longtime right-hand man, been sued by shareholders and shed more than 700 Las Vegas employees since November. Read "Stick It to the Recession: Wynn's Vegas Encore...
...Vegas has made its bet. This recession, it clearly believes, is just another business cycle. It will end, sooner rather than later, and the world will go right back to gambling on slot machines and real estate and tasting menus and double-digit corporate earnings. In fact, Wynn bet me $100, an amount I had to spend several minutes explaining to him, that the U.S.'s GDP growth will be positive by April 2011. In the meantime, he and the other people who run Vegas believe the deck will get reshuffled and new players will sit down at the table...