Steve Wynn rolling snake eyes in Las Vegas

[marmar]

Wynn Resorts: "Dramatic" decline in business
By William Spain, MarketWatch


CHICAGO (MarketWatch) - A "dramatic deceleration" in gambling and other revenue combined with other charges pushed Wynn Resorts into the loss column in its fourth quarter, the casino operator said Tuesday.

After the close of trading, Wynn said that it lost $159.6 million, or $1.49 a share, in the period, a turn from a profit of $65.5 million, or 57 cents a share, in the year-ago quarter. Adjusted to exclude various non-cash charges and tax expenses, the company would have earned $7.6 million, or 7 cents a share.

Revenue stood at $614.3 million, down from $711.3 million, as the company experienced not only across-the-board declines in gambling but a lower than normal hold percentage (the amount the house typically wins) and an overall reduction in non-casino revenue on the Las Vegas Strip.

In Sin City, gambling revenue was cut nearly in half, falling to $90.7 million while other revenue fell 17% to $171.9 million with the hotel's average daily rate falling form $298 to $281 and occupancy plunging from 94.3% to 79.7%. Revenue-per-available room was off more than 20%.

"Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments," the company said in the earnings report. "The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but the fourth quarter of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets." ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Wynn-Resorts-sees-dramatic-decline/story.aspx?guid=%7BAB84A8D1%2D2752%2D42A2%2DAA1C%2D1465DFA3B168%7D

[liberal N proud]

1. He built one tower too many

[davepc]

2. The offers from the Casinos I've been getting are insane lately.

Free rooms left and right. On weekends none the less.

[no_hypocrisy]

3. Another sign that republicans have lost their influence.

Less gambling on and away from Wall Street.

[MineralMan]

4. My wife and I were in Las Vegas in January,

mostly to meet old friends in a central location. We went through the two Wynn buildings. There were a lot of people in there, looking at the place, but very few in the casinos. Mostly just folks walking around looky-louing.

The bars and restaurants were equally uncrowded, and this on a Saturday.

Vegas is still a cheap vacation spot. As long as you keep your $20s in your wallet, you can have a great time there on a budget.

Simple tourism won't pay the bills, though. The costs of running a place the likes of either of the Wynn resorts can only be handled if people pump money down the slots.

[JenGatherer]

5. That's why I love Las Vegas

You can get a really great room in a beautiful resort for a great price if you just don't gamble.

[OHdem10]

6. These "Brilliant Businessmen". Can someone explain how they

never saw millions of Americans losing their joba and others
having salaries drop, and realize this would have a direct impact
on their bottom line.