Steve Wynn Says Casino On Track to 'Equal or Beat' '08 in Vegas and Macau (WYNN)
Wynn Resorts (Nasdaq: WYNN) shares started catching a bid around 11:30am EDT as the company's Chairman and CEO, Steve Wynn, on its conference call, made some reassuring comments. The stock is still down more than 7% (to around $58.52), but has certainly pushed above session lows.
- Wynn is on track to "equal or beat" 2008 in both Vegas and Macau
- mid-week Las Vegas rates are still compromised and room rates in the region are still down
- the Encore Macau will finish opening in April
- Vegas' international business has "help-up well", but the high-end domestic business hasn't yet returned
- two more big events were recently canceled in Vegas and, to that point, the Vegas conference "stigma remains a problem"
- some of its customers are "trying out" MGM's (NYSE: MGM) CityCenter
- some Macau resorts are "aggressively discounting"
- "we don't buy our business" in Macau
- "Asia seems to be a safer investment at the moment"
- "uncertainty in the US economy is devastating" business
- October in Macau is "looking promising"
- "we don't feel uncertainty in Macau"
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