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- Oct. 9, 2008 -- Court: Wynn dealers must share tips with supervisors
The financial whirlwind swirling down Wall Street and the Las Vegas Strip won't affect Wynn Resorts nearly as much as his big competitors, Steve Wynn said this morning.
Wynn said that the financial crisis obviously would have a negative impact on his company's plans to open Encore in December.
Business at Encore and at Wynn Las Vegas will likely be slower than he had once hoped -- before Wall Street investment banks began failing and shares began tanking -- but Wynn said his company has the financial wherewithal to withstand the crisis without sacrificing customer service or slashing prices to attract guests.
"Our brand is too important, and this place will be here forever," Wynn said. "We don't drop the price and we don't drop the quality of service -- I don't bounce around like a pinball. And we don't need to. Our revenues may take a hit, but we're in a position of strength, with plenty of cash. We're a battleship steaming into the harbor."
The financial upheaval has had at least one unexpected benefit for his company, he said, as layoffs and uncertainty have prompted many excellent workers to seek employment at Encore and Wynn Las Vegas.
Wynn said the company still plans to open Encore on Dec. 22, provided that the resort receives its temporary certificates of occupancy from Clark County in mid-November.
Until the TCOs are issued, Encore is only accepting reservations for Jan. 4 and beyond. If and when the TCOs are issued the property will then begin accepting reservations beginning Dec. 22.
Wynn expects to open up a couple of hundred rooms per day, gradually ramping up operations during the slow days around Christmas and building toward the big revenue days that follow for New Year's, Super Bowl weekend and Chinese New Year.
Wynn says he believes guests will be blown away by the Encore interior design.
"It's the prettiest thing we've done," he said. "It's quite stunning and it is very gratifying. The place feels like a boutique."
The entire east wall of the casino is floor-to-ceiling glass, which will be draped in the morning. The Strip-front west side is dominated by a giant atrium, and Wynn said the natural light bathing the interior of the casino is spectacular.
Wow, another shiny new casino.
Way to go "Brownln4""I cannot believe that Vegas Casino's have turned their back on the middle-aged/ middle-class gamblers that made Vegas what it is today.
I have 3 adult kids in their 20's and have gone out to Vegas with us at least twice each. They all come back saying it was OK, but way too expensive and doubt they will go back. Eating at the Casino's has gotten outrageous and out of whack with what the average person can afford. Why do they continue to "Up-Scale" their restaurants and hotels to the point of only being able to attract customers that make over $200,000 a year?
I am so tired of seeing on the Travel Channel about Vegas and "The Whales", just how many of those do they think are out there? Vegas was for the middle-class masses, but now all's they want is the young crowd that can barely afford the plane ticket and are living at home in record numbers until they are in their middle 20's because they cannot afford to move out.
You are absolutely correct and Vegas should pay attention. Get back to the basics of Casino adult gambling fun and try promotions that will bring the middle-class/middle-aged customer back and you will see Vegas thrive again.
These are the types of customers that come 2 and 3 times a year and actually "Gamble". The Strip Casino's have all but lost this business, these customers in record numbers are going downtown and to the local Casino's to gamble. I have been coming for over 15 years and have changed to this type of gambler myself.
I use to love Steve Wynn's properties "The Gold Nugget" and "The Mirage", but when we visited his new "Wynn", well"it's obvious he has gotten so rich off of the "Middle-Class" that he has also left us behind. His new Casino was cold and so up-scale that I will never go back. This is a lesson that all the Strip Casino's should realize. The middle-class are the ones who made Vegas, if you turn your back on them, they will turn their back on YOU!