Thursday, July 30, 2009

Wynn Is A Winner, In My Book

I was planning to stay at Caesar's Place (convention hotel) or maybe the Mirage (next door) later this year, but this exchange from a Wynn Resorts Ltd. conference call, announcing lower earnings, has changed my mind:

QUESTION: Can you talk about the potential for further cost reductions?

ANSWER (Steve Wynn): "Let's suppose that we can jam another $15 million to $20 million out. ... At this point I don't care about that last money if it means interfering with the employees and their lives, because that's our franchise. That's our future. ... I am not going to take the knife to the last buck when it comes to payroll. ... I think it has to be said: There comes a point in these companies in hard times when you make a decision - is it the money or is it the people? Speaking for Wynn Resorts, and you can hear me loud and clear: It's the people, not the damn money. Next question.
Staying at the Wynn would entail some transit time and taxi fares, but I now intend to direct my business to Steve Wynn, the guy who once poked a hole in his $100 million painting and reacted by saying, "Thank goodness it was me and not someone else."

If I must lose a few bucks in Vegas, that's a guy I wouldn't mind losing to.

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