Steve Wynn Annihilates Barack Obama: "This Administration Is The Greatest Wet Blanket To Business And Job Creation In My Lifetime"

Tyler Durden's picture

During the just completed Wynn earnings calls we witnessed what is without doubt the most blistering and scathing critique of Obama's administration to date by anybody in the public domain.

From the call transcript:

I believe in Las Vegas, I think its best days are ahead of it, but I'm afraid to do anything in the current political environment in the United States.  You watch television and see what's going on on this this debt ceiling issue.  And what I consider to be a total lack of leadership from the President, and nothing will get fixed until the President himself steps up and wrangles both parties in Congress.  But everybody is so political, so focused on holding their job for the next year, that the discussion in Washington is nauseating.

And I'm saying it bluntly that this administration is the greatest wet blanket to business and progress and job creation in my lifetime.  And I can prove it and I could spend the  next three hours giving you examples of all of us in this marketplace that are frightened to death about all the new regulations, our health care costs escalate.  Regulations coming from left and right.  A President that seems, you know -- that keeps using that word redistribution.

Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they're frightened of this administration.  And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.  You bet. And until we change the tempo and the conversation from Washington, it's not going to change.

And those of us who have business opportunities and the capital to do it, are going to sit in fear of the President.  And you know, a lot of people don't want to say that.  They say oh, God, don't be attacking Obama.  Well, this is Obama's deal.  And it's Obama that's responsible for this fear in America.

The guy keeps making speeches about redistribution, and maybe's ought to do something to businesses that don't invest, they're holding too much money.  You know, we haven't heard that kind of money except from pure socialists.

Everybody is afraid of the government.  And there's no need -- there's no need, you know, soft pedaling it.  It's the truth.  It is the truth.  And that's true of Democratic businessmen, and Republican businessmen, and I am a Democratic businessman and I support Harry Reid, I support Democrats and Republicans, and I'm telling you that the business community in this country is frightened to death of the weird political philosophy of the President of the United States.  And until he's gone, everybody is going to be sitting on their thumbs.

And if anyone should know about a comparison between capitalism and communism it is Steve Wynn: after all the biggest growth prospect for his company, and the only reason why his company trades at the multiple it does, is currently located roughly 12 time zones away in Macau.

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GetZeeGold's picture

 

Now now.....let's not get personal here. Marxisim is a big tent.

Everybody is afraid of the government. 

"When governments fear the people, there is liberty. When the people fear the government, there is tyranny."

 

 

quintago's picture

i just got back from LV and the Wynn less than 24 hours ago. The place was dead relative to all the other times I've been there.

Alcoholic Native American's picture

That place is going the way of Mesa Verde.  Good riddance.

GetZeeGold's picture

 

The USA is going the way of the USSR.....good riddance.

 

Pladizow's picture

Read Dimitri Orlov's - Reinventing Collapse.

mess nonster's picture

+10 Read it! Funny, engaging, thought provoking. Steve Wynn should read it before the crew shows up to dismantle his long abandoned hotels and sell the contents for food.

hedgeless_horseman's picture

Kunstler's The Long Emergency is a good read as well.  The companion fiction novels are less informative, but entertaining and short.  The Geography of Nowhere may be the best of the four, but the most depressing, unless you live in an older European village.

roadlust's picture

and Wynn, who inherited his business from daddy, and makes his "profits" off sick losers in America's most pathetic excuse for an "industry," is an insufferable f#$#ing a#%hole.  He can "sit on his hands," his face, or his fat ass.  Who cares?  With his plastic surgery and hairpiece, they look the same.

Like Wayne Newton, and what happens on puking weekend binges, Wynn's "wisdom" needs to stay in the armpit known as Vegas. 

LetThemEatRand's picture

Vegas is even better than Washington at redistributing wealth from the poor to the rich.  Wynn doesn't like the competition.  Like all conservatives, he blames the poor for ruining the economy while the top .1% laugh all the way to the (Swiss) bank with our Treasury.

janchup's picture

Keep lying if it's your best talent.

jeff montanye's picture

speaking of lying, if steve wynn is trying to judge reality by barack obama's speeches then he is dumber than i am.  which is saying a lot.

El Oregonian's picture

who forces you to go bet? at least in LV there is a chance of winning...albeit a small chance. This admin. is forcing this redistribution on us all. Rather take my chances with the mob in LV than the Chicago Mafia in the White House.

El Oregonian's picture

who forces you to go bet? at least in LV there is a chance of winning...albeit a small chance. This admin. is forcing this redistribution on us all. Rather take my chances with the mob in LV than the Chicago Mafia in the White House.

I think I need to buy a gun's picture

it is going to be redistibution....its called gold revaluation or dollar devaluation...same thing....history repeats....but the truly rich get richer in this process....

Zero Govt's picture

the parasites will continue to feed on the nations blood so long as the nation is dumb enough to keep feeding the parasites

Stop Paying Your Taxes

Zero Tax = Zero Govt 

Zero Govt's picture

the parasites will continue to feed on the nations blood so long as the nation is dumb enough to keep feeding the parasites

Stop Paying Your Taxes

Zero Tax = Zero Govt 

...how simple can the solution be?

Rynak's picture

right, every possible "lack of government" will result in heaven, and every possible governance, will result in hell.

If only things were as simple as that, in "the real world (tm)". Just pick the right camp, and guaranteed instant-heaven.... how intellectually.... "comfortable". No need to think about how lack of governance would work. No need to think about how governance could work.... just pick the right team, and #winning!

Now, please excuse me while i #headshot...

Rynak's picture

...and headhot with a vengeance all those braindead sheep, who are incabable of autonomous "libertarian" thought, that does not subribe to idealogies.

Thanks for sucking at liberty.

(they really should make a videogame out of this: survival Z against braindead sheep - kill those fucking  evolutionatry lusers, who resit against thinking in more than binaryl!!!!)

Ace Ventura's picture

Believe me, most here would like nothing more than to stop 'paying our taxes'. There's the small problem of having these taxes forcibly garnished from your wages however, thus removing the individual's choice in the matter.

Concurrently, there is also the small problem of the IRS jackboots showing up at your door, regardless of where that door may be. I always said Casey Anthony should have been tried for tax evasion, thus making the guilty verdict a foregone conclusion. For that matter, our long dead buddy OBL would have been scooped up within a matter of weeks if his 'crime' had consisted of the utter heinosity known as 'tax evasion/avoidance'.

So yes, we'd love to stop enabling this wanton theft of the fruits of our labor. Many have tried, and paid the price. I don't see any way out of this (and all related ailments currently affecting our dying republic) aside from full blown physical revolution. If you've got a better idea we're all eyes. :)

 

-Michelle-'s picture

You can't not pay indefinitely, but you can adjust your withholding and not allow them to use your overpayment to float along each month.  It's something, at least.

MachoMan's picture

Actually, you can...  there is a statute of limitations on the IRS' ability to collect back taxes...  had a client recently roll over the SOL...  got rid of 5 figures worth of alleged tax debts...

The issue is having someone else to float you while the time runs out...  e.g. a spouse...  because you can't take any salary or any money sufficient to require you to report...  nor can you provide services to the same threshold.  As long as your spouse files separately, then any refunds won't go to pay off your alleged debts.

Further, practically speaking, if you have no income for a couple years and no net assets, you'll probably be able to settle for a fraction of the amount alleged owed...  and get it behind you without waiting for the SOL to run.  The IRS' desire to settle offers in compromise is largely based upon your net assets...  if you have none, then they have no ability to collect on the debt and they know it.  As long as you're not up for criminal evasion, then you're probably good to go.

roadlust's picture

If this invisable "redistribution" ever happens, wake me up.  I'll finally be able to fly my dad's stars and stripes again in front of the house.

Pladizow's picture

Wynn has had this mindset, correctly, for some time.

Here is a video interview from 5/2010 - http://video.cnbc.com/gallery/?video=1506508223

Dburn's picture

Quarterly Conference calls are usually where CFOs and CEOs talk about the reality of last quarter. Rarely, if ever, has a CEO blamed performance on elected professionals. After-all if anyone should know about how little capital it takes to make laws and policy favorable to your company it should be Wynn.

Shareholders expect, in return for 100s of millions or more a large company CEO accumulates, that they as leaders of their organizations will be proactive and seize opportunity where no one thought there was any. Of course that's bullshit too.

At the very least, talking about jobs, an expense, on a CC call when the only thing people want to hear is how one plans to lower expenses and increase productivity tends to make Wynn look like a total asshole who blames others for what could be perceived as not being an exceptional Master of His Universe worth billions more than the blackjack dealers and others who bring in all his money.

citrine's picture

There are no tyrants where there are no slaves.

 

Jose Rizal


chet's picture

Can anyone here tell me:

1)  One CONCRETE thing that Obama has done that is "anti-business"?

2)  Actual examples of him using the term "redistribution"?

I'm not asking about your personal opinions of the man, I'd like concrete examples.

RockyRacoon's picture

Lotsa junks (none mine) but no replies.  I guess they are still scouring The Google for answers.  Might take a while.

SilverRhino's picture
  • ObamaCare
  • The bailout of GM and the gutting of that company assets in favor of unions instead of following the law with respect to bankruptcies.

#2: Do your own research on that; one too many quotes to pick and choose from.

DR's picture

Partly right-GM was also bailed out so broke banks didn't have to pay off credit protection.

nobita's picture

Heh two people junk you without giving you a source. Ill give you an example thou, he overrode bankrupcy law in the Chrysler bankrupcy thereby screwing bondholders to benefit United Auto Workers, too lazy to find link but was written about here on zerohedge(where else? still the greatest site in internet history bitches!) back in the day. Thats when people who pay attention realized fully that the rule of law is dead, if they hadn't already.

francis_sawyer's picture

Can anyone here tell me:

1)  One CONCRETE thing that Obama has done that is "anti-business"?

---

he got elected

Alcoholic Native American's picture

"I believe in Las Vegas, I think its best days are ahead of it"

WTF?

PuppetRepubl1c's picture

of course he said this, he has to feed the shareholders some treats or they will panic like they should!  

 

Who in their right mind thinks investing in high end hospitality is a good investment in an ongoing depression?  Those investors are fools, they should take their money out of WYNN and invest it in businesses that thrive in depressions (or just put it in gold)

 

Heroic Couplet's picture

Didn't Wynn's casino go bankrupt this past year? and Barack Obama's reasponse is probably a yawn and "Steve Who?" if he notices at all. I remember when Steve spoke at some event or other and a Republican pal came in say "Oooh, Steve Wynn has the solution, yada yada yada." When I looked at Steve's transcript it was same old same old Neocon baloney.

Motorhead's picture

What happens in Vegas, stays in Vegas, hehe.

caerus's picture

Afraid?!  Of risk!?  Sounds like the ideal gambler.  Never trust a man who pokes a hole in a picasso.

GetZeeGold's picture

 

I give you a solid 9 nine for that......had been preceded by a BOOM....Wynning....it would have been a perfect 10.

 

 

MayIMommaDogFace2theBananaPatch's picture

+100 poker-chip

Well-fucking played!

ads56's picture

This coming from a man who  buys 4 vases for $12.7 million dollars.

GetZeeGold's picture

 

Please send me all your money....if I approve your purchase....I may send you some back to complete the transaction.

I'm guessing I won't be approving anything you want....and I'll be keeping your money.

 

 

vato poco's picture

that came from a man who spent *his own money* on vases. soetoro spends YOUR money on things like his 'superfly badass birfday bash the on default d-day' and 'time fo' anothuh GOLFin trip!' adventures.

i don't love wynn, or trust him much. but HE's created more jobs by himself in one medium-sized city than soetoro has in the whole damn country. tell you what, ace: lets do an experiment. I'LL put all MY money in wynn stock, and YOU put all YOUR money in FRN's. then let's leave 'em in a safe-deposit box for 5 years. at the end of the 5 years, whoever makes out best wins. care to take that bet? no? why not?

BayAreaAlan's picture

Prediction: Wynn will be investigated for an obscure crime by the DOJ within 12 months. History rhymes with _Atlas Shrugged_, where the government can always find you guilty of something. Especially if you speak ill of them.