Posted on 05/06/2015 9:08:05 AM PDT by Red Badger
One of America’s most astute businessmen, known for having expanded the Las Vegas strip of resort hotels and casinos in the 1990s, says the U.S. remains mired in an economic funk and any talk of a broad recovery is “pure fiction. A lie.”
Steve Wynn, the 73-year-old founder and CEO of Wynn Resorts, made the comments in a televised interview with Jon Ralston of PBS’ “Ralston Live.” He opened the Wynn Hotel and casino in Macao, China, in 2006, and is known as an international gaming and casino magnate.
Wynn’s Macao operation recently reported a 28 percent quarterly loss in revenue, and a 70 percent downturn in earnings. He is now building the Wynn Palace in China, which he calls “the nicest, most extravagant hotel in the world,” with 1,700 rooms and a $4 billion price tag.
He cited corruption as his primary concern in China, but in the U.S. he said the economy has never really bounced back from the 2008 financial meltdown.
“You’re not sanguine about Las Vegas, though. You’ve said the notion of a great recovery is a complete dream here in Las Vegas,” said Ralston of KNPB, a Public Broadcasting affiliate in Las Vegas.
“Well, the idea that America is in the midst of a great recovery is pure fiction. It’s a lie. It’s a jobless recovery,” Wynn said. “Because recoveries are marked by the level of real employment. And if you count the people who have left the work force, real unemployment is 15 to 20 percent.”
(Excerpt) Read more at wnd.com ...
From my perspective, someone who has a large stake in LV investments and operation has some valuable insight into the pulse of the nation and world with respect to potential income that can be realized there from the discretionary money the common person would/could be able to spend on totally self-indulgent pleasure. If that industry is hurting, then the rest of the world is hurting, too.
Steve Wynn won’t be getting an invite to the White Mosque anytime soon.
I’ve investigated a lot of financial crimes and fraud in Vegas so if a businessman in Vegas says something like that its time to pay attention. Other than NYC, Vegas is one of the major money laudering capitols of the world. He would know just by being in the fray and noting the trends...
Looks like Wynn didn't learn his lesson the first time when he spoke out against Obama and got indicted.
2008 financial meltdown.
That wasn’t a meltdown, just a simple small test. The real Meltdown is coming and soon I suspect.
Wynn is right that the recovery has been a jobless recovery. Heck illegals get a much of the work too.
However,
Las Vegas also faces some special challenges. The biggest is that states all over the USA are opening up gambling houses. This is siphoning off a LOT of money that used to go to Vegas.
Nevada is repositioning itself. The biggest deal is that Tesla giga factory in Reno. But Nevada is also moving aggressively to bring more high tech industries into the state as well as diversify Las Vegas which has been the among the top three convention centers in the USA for years.
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