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Wynn Calls "Big" Recovery "Complete Dream" As Gaming Revenues Collapse

Tyler Durden's picture




 

Last month, courtesy of Andrew Zatlin’s Vice Index, we flagged the disturbing Q1 rise in traveling hookers. We call the trend disturbing not because we have a prima facie inclination to look with disdain upon all things escort-related but because, as Zatlin notes, when escorts are forced to take their show on the road it means the phones have stopped ringing locally, and if you’re inclined to believe that trends in all-cash businesses are a good leading indicator for trends in consumer spending in general, depressed spending on gambling, alcohol, and other “fun” things does not bode well for economic growth going forward. As you can see from the graph below, The Vice Index hit its lowest level in more than a year in March:

Given this — and given the fact that whatever discretionary income Americans do have is apparently being chanelled into TD Ameritrade accounts — it should perhaps come as no surprise that gaming revenue on the Las Vegas strip fell nearly 10% in March after sliding 4.4% in February. 

Meanwhile, the situation in Macau continues to deteriorate at a rather remarkable pace, as gaming revenue fell 39% last month, the eleventh consecutive monthly decline which looks good only in comparison to March’s 39.4% decline and February’s 49% drop. Of course in the deluded minds of China’s millions of newly-minted day traders, a 39% decline represents “stabilization” and so, as Bloomberg reports, casino shares rose in Hong Kong on the news:

Wynn Macau Ltd. rose 4.8 percent to HK$16.54 by the close of trading, the biggest gain since April 9. Sands China Ltd. gained 3.3 percent and Galaxy Entertainment Group Ltd. advanced 3.1 percent, while the Hang Seng Index was little changed.

 

Gross gaming revenue in the world’s largest gambling hub fell 39 percent to 19.2 billion patacas ($2.4 billion) last month, meeting a median estimate of a 39 percent decline from eight analysts surveyed by Bloomberg. The drop has slowed for a second consecutive month.

 

“Investors are really just focused on trying to find stabilization or a bottoming,” said Vitaly Umansky, an analyst at Sanford Bernstein. “As long as things aren’t deteriorating, things seemed to be fairly consistent, that’s probably a decent sign from an investor’s perspective.”

Right. As long as things “aren’t deteriorating” and revenues are only falling by 40% that’s a “decent sign.” Unfortunately, some industry heavyweights don’t seem to share the view that the market is set to turn the corner any time soon. Take Steve Wynn for instance who, on the way to slashing WYNN’s dividend by nearly 70%, had the following to say about the company’s outlook for Vegas and Macau and about the so-called "recovery" in the US economy:

Well, the numbers in the first quarter are out. I think the trends in Macau were beginning to be very visible in the fourth quarter, but our hopes for an improvement in the Chinese New Year turned out to be incorrect. And the repositioning of the market and the degradation of the volumes in VIP, have continued even into April. Most of my remarks now are going to include what we’ve seen in the first four months, not just the first three months, because the trends that were clear in January, February and March have continued into April and as we look at the whole year in Las Vegas and Macau, certain simple truths emerge.

 

It is no secret that there’s been a change in mainland China in attitudes towards a number of things that have impacted Macau. That has not – nothing has changed since this all began last October. And the depression of the VIP market continues…

So as we look backwards for the fourth quarter and especially during the last four months, and understand what’s happening, both in Las Vegas because of the Asian impact on Baccarat, and we look back and then we extrapolate and try predict the future, or at least understand what most likely will be the future, it is foolhardily and immature and unsophisticated to issue dividends on borrowed money. We only distribute money that’s free cash flow based upon our earnings that trail…

 

If you were to ask me, since we’re making forward-looking statements, what will the second quarter look like in Las Vegas? Weak. Do you hear me? Weak. So I’m trying to lower expectations here. This notion of a big recovery is a complete dream. I don’t think Las Vegas is experiencing a great recovery. I think it’s still very patchy and I think that that’s probably our non-casino revenue in the first quarter was flat. I’d be thrilled if it was flat in the second quarter.

Besides being a stinging indictment of the pitiable state of the US economy, that’s a fairly unambiguous message from someone who knows a thing or two about this industry and even as the likes of Deutsche Bank called the Las Vegas commentary “overdone”, the bank had the following to say about the outlook for the gaming industry:

[With] market trends showing very limited signs of improving, and more headwinds than tail winds on the horizon (potential visitor traffic curbs, a full smoking ban, and uncertainty around table allocations), visibility is worse than ever in our view. 

Despite the malaise and despite the fact that, as we noted earlier this year, Beijing’s corruption crackdown has likely motivated China's habitual (and filthy rich) gamblers to move permanently away from the dark-lit Macau gambling parlors to multiple-monitor lit trading desks, there will always, always be BTFDers  — especially when you’re talking about Hong Kong-listed shares. With that in mind, we'll close with this quote provided to Reuters by Matthew Ossolinski, chairman of Ossolinski Holdings:

"What is the worst that could happen? [Gaming] stocks go down before they go up. But they will go up. We are preparing for a 100 percent increase in shares within the next three years."

 

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Tue, 05/05/2015 - 18:18 | 6063537 Meat Hammer
Meat Hammer's picture

That's what happens when America bets it all on black.

Sorry. Had to.

Tue, 05/05/2015 - 18:20 | 6063546 InjectTheVenom
InjectTheVenom's picture

Steve Wynn/Chuck Norris ticket for 2016 !!!

Tue, 05/05/2015 - 18:27 | 6063558 whotookmyalias
whotookmyalias's picture

I'm thinking he wasn't at the Mayweather/Pacqiao fight.

Tue, 05/05/2015 - 18:34 | 6063571 Supernova Born
Supernova Born's picture

Why gamble when you can simply BTFATH?

Tue, 05/05/2015 - 18:56 | 6063643 walküre
walküre's picture

Note to Steve... Just IPO the shit out your crackpot operation in Shanghai.

Caveat. Make sure no more than 10% stock gains per day

Have yourself a nice pay day and make your investors happy

Tue, 05/05/2015 - 19:02 | 6063662 Stroke
Stroke's picture

I didn't read the article.....it's not like "Wynn" rymes w/win..(what is your given name?) is telling us anything new....

 

Whatever your name is...No no bailouts for you....just sell a lot of your stawks & retire to belize w/ the guy from  McCaffe

 

Tue, 05/05/2015 - 19:56 | 6063850 Theosebes Goodfellow
Theosebes Goodfellow's picture

"Things are so bad in Vegas I had a hooker offer to shine my shoes."

I was in Vegas last weekend for the GPAA show and things are pretty tragic. The Cannery on E. Craig had only one valet and no apparent bellmen during Sunday morning sheck-out. Heavy play at the Cannery and Silverton netted break-even returns and serious losses at the South Point. I saw NO ONE getting hand-paid, (winning over $1199 in one hand or spin). This is Las Vegas, mind you, not some out-of-the-way podunk casinos.

Saturday and Sunday night in two of the aforementioned casinos were quiet. Not I get that it was the w/e before the Mayweather/Paquiao fight, but still, it was virtually lonesome at those places. I'm with Winn on this. There has never been a recovery. It a Fed-induced lie and bailout for banks with the ramifications of those actions.

By the way, interest in the GPAA has never been greater. Funny that...

Tue, 05/05/2015 - 20:12 | 6063898 MonetaryApostate
MonetaryApostate's picture

When Criminals Rule...

I'm afraid the American Oligarchy is coming to an end...

(Poverty will soon grip this nation like Rome & it's not going to be pretty!)

Tue, 05/05/2015 - 20:39 | 6063997 El Oregonian
El Oregonian's picture

Then ya better start stocking up now... While you still can.... You don't have much time left, though...

Tue, 05/05/2015 - 21:46 | 6064222 COSMOS
COSMOS's picture

All the discretionary income that went to gambling goes to gambling with obama care.  Will they cover this or will they not?

And the huge deductible is the price you have to play.

Wed, 05/06/2015 - 06:15 | 6064827 Bobbyrib
Bobbyrib's picture

Even without Obamacare, there would be no jobs for people to have discretionary income. This isn't China, India, or any other low cost of living Asian country, it's the United States.

Obamacare just finishes off what is left of the middle class after experiencing a jobless recovery.

Tue, 05/05/2015 - 21:29 | 6064163 LouRukeyser
LouRukeyser's picture

One of my clients is one of the biggest manufacturers of gaming machines worldwide.  The last couple of years, and this year, in particular, they've been as cost-conscious as i have ever seen.  This is a major departure from their budget even a few years ago.

Wed, 05/06/2015 - 01:09 | 6064637 FreedomGuy
FreedomGuy's picture

I used to see hand-pays all the time. I used to have a problem remembering the damned IRS got a copy of them when I filed. I like Vegas but I cannot remember the last time I saw a hand-pay. I suspected the machines were reprogrammed to do lots of smaller wins to stay under the 1099 reporting limit but I do not see that really happening. People are attracted to winning and my guess is that the lower revenues have played out in the casinos going to the minimum payouts on the machines.

Hell, even the tables seemed cold and I think they are honest. I love Vegas and going to a car club rally there at the end of the month...but the good vibes and energy seem to have a chill on them these days. I just think people don't have the money any more. I know it is true for me and a lot of the people I know and I take less than a half or a third of the bank roll I used to.

 

Tue, 05/05/2015 - 19:10 | 6063683 booboo
booboo's picture

What fight? The Jockey riding American Pharaoh was hitting harder.

Tue, 05/05/2015 - 19:06 | 6063676 TeamDepends
TeamDepends's picture

What's worse, we bet it all on a black who is red.

Tue, 05/05/2015 - 19:47 | 6063810 Freddie
Freddie's picture

F vegas and F casino owners.  People who go to casinos deserve to lose f**king everything.  Wake up sheep.

Tue, 05/05/2015 - 20:09 | 6063912 Theosebes Goodfellow
Theosebes Goodfellow's picture

Don't like casinos, Freddie? DON'T FUCKIN' GO TO ONE. In the meantime, some folk who go on vacations like to go to places like casinos and have fun. Casinos also give jobs to lots and lots of people, and their income supports their communities. So fuck them too, Freddie? Seriously, only someone who has never been in a casino could say something so ignorant. Get out of your mother's basement and get a life. It would simply amaze you the things you can "find" in a casino. :))) And speaking of waking up, beware for whom the bell tolls, Freddie.

Tue, 05/05/2015 - 21:50 | 6064233 COSMOS
COSMOS's picture

What is Wynn worried about, he is a member of the J-mafia, the goy taxpayer will bail him out one way or another, effendis dont lose money.

Tue, 05/05/2015 - 22:46 | 6064374 roddy6667
roddy6667's picture

Casinos don't add anything to the economy. They transfer money from one group to another. A lot of the money comes from people who can't really afford to spend it.

Wed, 05/06/2015 - 00:59 | 6064618 worbsid
worbsid's picture

We live in a casino town and at one time I delt 21 before I started programming casino systems.  It is nice to go out to a nice prime rib dinner once in a while that costs $20 bucks for the two of us, tip incl.  Top that in Baltimore.  We gamble a little (I count cards :-) and usually break even for the evening.  Counting is really boaring. If you keep the bets reasonable you will not be asked to leave.  $5 to $100 will not work even once around here.  Cheers. 

Wed, 05/06/2015 - 03:36 | 6064739 Dull Care
Dull Care's picture

As a casino worker, amen to what Theo writes.

Tue, 05/05/2015 - 23:35 | 6064493 ersatz007
ersatz007's picture

F Vegas the man says. What does the man say about the stock market? Derivatives? Options? Etc...

Wed, 05/06/2015 - 01:14 | 6064643 FreedomGuy
FreedomGuy's picture

That's s dumb statement. It's entertainment and fun. How much do you lose or win when you go to Hawaii, Cancun or Disney? You lose all your money, right? Well, you have a good time. In Vegas you have a great time and unlike most any other vacation you at least have the possibility of bringing home more money than you started with. Does that happen in Hawaii? Do they comp you rooms and meal and shows in Hawaii? No.

If you gamble to make money, that is a different animal and poker is really the only rational game. All the others have house odds.

Wed, 05/06/2015 - 06:19 | 6064828 Bobbyrib
Bobbyrib's picture

Comparing Vegas to Hawaii, or any other tropical islands? LOL.

Wed, 05/06/2015 - 09:40 | 6065341 Jugdish787
Jugdish787's picture

Vegas is a shithole...I have spent more time in vegas than anywhere else in the world.  You want to witness a total loser parade??  Walk through the casino at 5am.  Vegas fits the american illusion perfectly.  Everyone who goes to vegas is a high roller, pimp, famous or successful businessman in their own mind.  There are two types of people I have observed over the years at the vegas airport...those who no matter what always win, which is total BS and those that admit to losing, only to justify losing a shitload of money with "yes I lost a thousand dollars I don't have, but I had fun all night!, so its okay".  Want to see the real vegas??  Go off the strip into the neighborhoods.

Wed, 05/06/2015 - 23:04 | 6067996 FreedomGuy
FreedomGuy's picture

Somalia is a shithole. Detroit is a shithole. Ferguson, and so on. No one goes to those places unless they are lost.

Vegas, gambling, and the things that go with it attract some undesireables but it's not a shithole. People would not come from all around the U.S. or world if that was all it represented.

Wed, 05/06/2015 - 07:24 | 6064893 Bill of Rights
Bill of Rights's picture

Relax Francis, not everyone is a cave dweller. They gambled and enjoyed themselves in the 20's to you know.

Tue, 05/05/2015 - 19:59 | 6063860 Theosebes Goodfellow
Theosebes Goodfellow's picture

~What's worse, we bet it all on a black who is red."~

That's the wittiest thing I've read in a week. Thanks, Team D!

Tue, 05/05/2015 - 21:03 | 6064084 TeamDepends
TeamDepends's picture

You're welcome, and by the way you look marvellous.

Tue, 05/05/2015 - 20:51 | 6064043 Fukushima Fricassee
Fukushima Fricassee's picture

Cocksucking Homosexual

Tue, 05/05/2015 - 21:25 | 6064149 Captain Willard
Captain Willard's picture

If you have to, I have to.

I was in Vegas over the weekend for the fight. The Wynn was half-empty on the Sat. night right before the fight. The Encore was even worse.

Of course, they brought in all the gangsta rappers for the fight crowd and the clubbing crowd. It was a shitshow, even by Vegas standards.

Plus, there were no cabs. When I asked the cabbie (when I finally got one) why, he said the cabbies are afraid of the crowd the fight attracts and prefer to stay home.

Las Vegas has bet a lot on "black" in its business model and apparently white has decide to go elsewhere. Red is the result.

Tue, 05/05/2015 - 21:51 | 6064236 Larry Dallas
Larry Dallas's picture

Just like the cab drivers in NYC. Of course. The attraction in Vegas for the fight reminded me of the clientele who frequent Bally's in Atlantic City... Not good.

Tue, 05/05/2015 - 21:58 | 6064258 pigs-n-space
pigs-n-space's picture

Oh, well played my good friend. .....

Wed, 05/06/2015 - 01:04 | 6064630 3Wishes
3Wishes's picture

The economy must be like a Casino, Only fools with money to lose can play.

Tue, 05/05/2015 - 18:18 | 6063539 HonkyShogun
HonkyShogun's picture

Those assholes killed the golden goose, now they're whining about it.

Tue, 05/05/2015 - 18:36 | 6063587 Shizzmoney
Shizzmoney's picture

so fucking true

Wynn is also trying to expand to Massachusetts; he's complained about how long it has taken the MA regulators to get the ball rolling.....methinks Steve is worried he'll lose those super fucking sweet ZIRP rates from the Fed.  Now's a chance as best as any to while and bitch about the economy so that Mommy Janet doesn't rates rates and destroy his stock holdings. 

Tue, 05/05/2015 - 18:42 | 6063606 thamnosma
thamnosma's picture

Nevertheless, he is completely accurate about a fake recovery.

Tue, 05/05/2015 - 20:59 | 6064071 Fun Facts
Fun Facts's picture

The schmucks ran out of fuel for the Wynnster.

Wed, 05/06/2015 - 01:20 | 6064652 FreedomGuy
FreedomGuy's picture

The point is the economy. It's actually not just gambling. It's about entertainment. I think Vegas and Macau are probably good measures of the real economy. When people not only have money but expect to have money in the future they entertain themselves. If their current finances or expected future finances look bleak, the give up Vegas, large vacations, eating out, etc.

By the way, before you call casinos greedy SOB's look at the other major gaming operation, government. Look at their take on the lotteries. It makes even the mobsters of old wince with envy. Remember, too, when the government gives you that big fat $10mil or more they took in at least $20and will tax about 60-70% of what they give back to themselves. And they don't give you free hotels, meals or show tickets for it.

Wed, 05/06/2015 - 10:30 | 6065610 stocker84
stocker84's picture

The article is extrapolating about the economy. Wynn is talking about casinos... Period. 

Wed, 05/06/2015 - 02:31 | 6064697 Rakksan
Rakksan's picture

As usual,Massachusetts,way behind the times with casinos. Like Dead Ted trying to bring back the texile industries. Been to Vegas 3 times and loved it. Never drop a nickle on gaming, but love those Asian ladies. Boston women are overweight and spoiled, entitled brats. They and casino gaming are not the future.

Tue, 05/05/2015 - 18:59 | 6063650 williambanzai7
williambanzai7's picture

The only way to truly appreciate that statement is to go and look at what they've done to Macau. What was once a charming colonial period city now makes the Vegas strip look like Mr Rogers Neighborhood. All on the addiction to hot Chinese cash.

Tue, 05/05/2015 - 19:52 | 6063831 Caviar Emptor
Caviar Emptor's picture

Chinese nouveau riche just get bored easily

Tue, 05/05/2015 - 20:12 | 6063920 Theosebes Goodfellow
Theosebes Goodfellow's picture

~"What was once a charming colonial period city now makes the Vegas strip look like Mr Rogers Neighborhood."~

The same could be said about Manhattan, pilgrim. ;)

Tue, 05/05/2015 - 22:22 | 6064318 williambanzai7
williambanzai7's picture

Manhattan has become one big Bed Bath and Beyond.

Tue, 05/05/2015 - 20:13 | 6063921 Theosebes Goodfellow
Theosebes Goodfellow's picture

Dupe post.

Wed, 05/06/2015 - 01:06 | 6064632 3Wishes
3Wishes's picture

and even hotter sex slaves

Tue, 05/05/2015 - 18:20 | 6063544 kowalli
kowalli's picture

las vegas will have a straight line to hell - without money in desert - good luck

Tue, 05/05/2015 - 18:32 | 6063569 back to basics
back to basics's picture

without water it looks too

Tue, 05/05/2015 - 18:44 | 6063610 salvadordaly
salvadordaly's picture

nice comment, I up ticked you for the avatar though!

Tue, 05/05/2015 - 19:43 | 6063799 Rubbish
Rubbish's picture

Las vegas only uses 3% of the states water. They will truck it in.

Tue, 05/05/2015 - 20:26 | 6063967 Bunga Bunga
Bunga Bunga's picture

And California uses the other 97%, truck it in baby.

Tue, 05/05/2015 - 18:23 | 6063553 i_call_you_my_base
i_call_you_my_base's picture

They're banning smoking in LV casinos? Ouch.

Tue, 05/05/2015 - 19:37 | 6063774 Make_Mine_A_Double
Make_Mine_A_Double's picture

If they do they'll knee cap most of their punters.

They said that about the bars out here in Washington. Hey, no problem no impact - no biggie.

3/4's of are now gone and limited smoking is back.

I can't beleive LV would allow that to happen. They are already on the ropes.

Wed, 05/06/2015 - 01:23 | 6064655 FreedomGuy
FreedomGuy's picture

As a non-smoker I appreciate it. However, the same people who need the nicotine stimulation also need the slot machine stimulation or roulette or craps or whatever. They go together at a rather high percentage.

Government nannies will kill everything off over time.

Tue, 05/05/2015 - 18:25 | 6063554 XqWretch
XqWretch's picture

Vegas was always living on borrowed time. It is in the middle of the fucking desert and is a long travel for 90% of the US. Vegas has been depending on the ignorance/arrogance/campaign donations of politicians to keep gambling illegal in their states in order to keep the monopoly in Vegas. Same thing in Atlantic City. Now that states are waking up to the potential revenue they could be making and legalizing gambling across the country, Vegas and Atlantic City are dinosaurs right before the meteor hits. Or the ice age comes. Or whatever happened to them...

Tue, 05/05/2015 - 18:45 | 6063612 thamnosma
thamnosma's picture

Indian Nation gambling is now decades old so your premise doesn't really hold.  Vegas did fine when faced with constant increases in competition.  People go there for the warm winter, the entertainment venues, and the rest that goes along with the Vegas scene.  There are casinos in St. Louis.  Would you rather go there?

What's killing Vegas is what's killing everything else.  We're busted and indebted to hell.

As for borrowed time in the desert, can't disagree with that part.

Tue, 05/05/2015 - 19:01 | 6063657 i_call_you_my_base
i_call_you_my_base's picture

Agree with all of the above, but Vegas is out-of-step. It caters to a different mindset and time. The all-dressed-up-out-on-the-town era is gone. Now it's sweatpants and video games. And now the people with disposable income are nerds, not high-fliying businespeople wanting to show off how much money they have at the tables. For better or worse, attitudes are different. The next few generations will not vacation there. And no, the family thing will not help.

Tue, 05/05/2015 - 19:23 | 6063723 thamnosma
thamnosma's picture

I can see your point.  Still, living in SoCal, I know all sorts of idiots who continue to flock there.  Probably will be the main base for the business.  Vegas should go back to being a small mob town.  It was more fun then.

Tue, 05/05/2015 - 20:00 | 6063869 Freddie
Freddie's picture

I had the misfortune of going to that shithole last summer.  First time and last time.  I never wanted to go there.  It is expensive, there are not many attractive women - even the hookers, hot as hell even at midnight and disgusting.   Morons paying big bucks for D-list talent and shows.

I thought - where do all these retards visiting Vegas walking around come from?   I relized it all had to be dumb sheep from Callie-Porn-ia.  They probably think Las Vegas is glamorous or something. 

I saw one good looking woman there at the airport.  My guess is she was a VERY expensive prositiute.

 

Tue, 05/05/2015 - 20:40 | 6064005 Thisson
Thisson's picture

All the hot women are in Denver?  Ever go to Denver?  I shit you not.  That place is incredible. 

Tue, 05/05/2015 - 22:16 | 6064306 buffed
buffed's picture

Just book a flight to San Jose Costa Rica and say "Del Rey Hotel" to the cab driver, you may wish to make a two night reservation in advance.  That's all you need to know, everything will fall into place your first step inside the door.  A $175 a day budget for hotel, food, and "entertainment" should cover it..Beats the heck out of Vegas.

Tue, 05/05/2015 - 20:05 | 6063892 11b40
11b40's picture

When was the last time you were there?

The shows still sell out, the clubs are packed, the hotels busy.....and a LOT of folks still like to dress up and get down.

Old Joke

Talking with a guy at a bar, and he syas he owns a casino, so I ask how's business.

He says "Son, my business is like sex.  When it's good, it's unbelievable, and when it's bad, it's still good."

Wed, 05/06/2015 - 01:28 | 6064658 FreedomGuy
FreedomGuy's picture

I go regularly and they are not full and selling out. Some things do well. A lot of people still go there but the crowds and energy are way down. You saw the revenue numbers at the beginning of the article.

What is interesting is that there is still a good bit of construction going on and plans for new places. There are lots more places outside the strip than long ago so I wonder if there is some dilution of revenue going on, as well. Total revenues could be down a bit or flat but how many casinos are dividing up that total revenue number, now?

Tue, 05/05/2015 - 23:13 | 6064446 caribbeanbarry
caribbeanbarry's picture

The next few generations will not have any money for Vegas, even if they had a desire to go.  Why bother traveling when you have bong hits and virtual reality to fill your days.... 

Tue, 05/05/2015 - 21:31 | 6064170 XqWretch
XqWretch's picture

Never has the decline of Atlantic City been more rapid than in the last 5 years. You know what happened in 2010? Philly opened it's first fully operating casino with a 500 room resort. Coincidence? If you are geographically challenged, Philly is 62 miles from AC, and has a population of 1.5 million people. So yeah id say state legalization has a bit to do with it

Tue, 05/05/2015 - 21:35 | 6064188 XqWretch
XqWretch's picture

Oh and I nearly forgot Resorts World Casino that opened in Queens back in 2011. You get the idea.

Wed, 05/06/2015 - 06:32 | 6064837 Bobbyrib
Bobbyrib's picture

The Sands in Bethlehem as well. Bethlehem may actually be slightly more of a charming city than Atlantic City.

Wed, 05/06/2015 - 02:08 | 6064683 MeBizarro
MeBizarro's picture

You forgot to mention one of the biggest issues - online gaming in the US via interstate and international transactions.  Wynn and Adelson though have made sure that they have bought up the right people so that it has a snowball in hell's chance of seeign any movement at the federal level at least.  

Public generally though in the US isn't supportive of online gambling & even in the NJ polls I have seen it loses by wide margins in terms of general support among the public and in every demographic.  

Tue, 05/05/2015 - 19:22 | 6063719 Omen IV
Omen IV's picture

Nonsense!   LV is a destination just like Orlando or Paris  there are direct flights from Europe, Hong Kong  and everywhere else for a reason

Tue, 05/05/2015 - 18:25 | 6063555 nakki
nakki's picture

Chinese don't have to go to Macau anymore just sit down in front of an old monitor knit a sweater and buy buy buy. So easy even a fruit vendor or shoe shine boy can do it.

Tue, 05/05/2015 - 23:23 | 6063768 williambanzai7
williambanzai7's picture

Macau's recent business model was based principally on money laundering Mainlander hot money. Now that the anti-corruption meme  is sticking in the Mainland, that revenue stream is fast evaporating pronto.

The second punch will be the impact of recent adjustments to luxury good duties on the Mainland. This is already hitting HK lux goods retail and one can assume Macau as well. 

So Macau at its current rate of buildout is also becoming a tourist theme park like LV. Not quite what the management planned on and cetainly not the desired revenue stream to service all the debt.

The problem is it is cheaper for Mainlanders to go luxury good shopping in Venice than the Venetian Macau.

Fuck you Sheldon Adelson!

Tue, 05/05/2015 - 18:34 | 6063576 10mm
10mm's picture

  • Wynns is right on the recovery nonsense, but is in a non productive shame racket like a Pimp. And so are the States.

Tue, 05/05/2015 - 18:34 | 6063582 CHC
CHC's picture

It doesn't matter anyways - Las Vegas will be on rationed water within a year.  Lake Mead is just about empty.

Wed, 05/06/2015 - 00:45 | 6064601 Kprime
Kprime's picture

I'd like to place a 1 litre Ethos Water on black 22.

Wed, 05/06/2015 - 05:10 | 6064799 Jadr
Jadr's picture

Possession is 9/10ths of the law.  Most of the water from Lake Meade leaves Nevada.  If the water level gets really low then I expect Nevada to flex the possession rule.

Tue, 05/05/2015 - 18:40 | 6063600 czarangelus
czarangelus's picture

Now quake in your boots as you envision the Fed's next plan to goose the numbers upward again, like they managed to 2009 onward.

Tue, 05/05/2015 - 18:42 | 6063607 buzzsaw99
buzzsaw99's picture

...it is foolhardily and immature and unsophisticated to issue dividends on borrowed money. We only distribute money that’s free cash flow based upon our earnings that trail…

DAMN COMMIE!!!

Wed, 05/06/2015 - 00:44 | 6064596 Kprime
Kprime's picture

hmmm, ur right, he may get droned.

Tue, 05/05/2015 - 18:45 | 6063614 fascismlover
fascismlover's picture

Um...if I get this right, We allowed groups of people to steal from everyone and called it "gambling".  We are now not happy with how much money we are stealing so we must need gobment intervention. 

Wed, 05/06/2015 - 05:11 | 6064800 Jadr
Jadr's picture

It isn't stealing.  More honest than the various "markets" that one can trade in.

Tue, 05/05/2015 - 18:52 | 6063627 Wait What
Wait What's picture

Communist Party of China: where everyone is equal, but some are more equal than others.

The more equal used to go to Macau, now they have 100 e-trade accounts and gamble from home.

Tue, 05/05/2015 - 18:52 | 6063630 reader2010
reader2010's picture

It's all stock market's fault. 

Tue, 05/05/2015 - 18:57 | 6063645 FreeShitter
FreeShitter's picture

Vegas Pussy must be getting really expensive.

Tue, 05/05/2015 - 19:37 | 6063775 williambanzai7
williambanzai7's picture

or cheap...

Tue, 05/05/2015 - 20:27 | 6063971 Bunga Bunga
Bunga Bunga's picture

... at least cheaper than having a shower in Las Vegas.

Wed, 05/06/2015 - 02:16 | 6064690 OldPhart
OldPhart's picture

Last check, price quote from an attractive hotel-whore for a fuck was $100.  Might have taken her up on it, but I forgot the splint.  That was about four years ago.

Don't know what the list prices are at the bordellos, never been to one (so far).

 

Tue, 05/05/2015 - 23:31 | 6064478 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

<---Cheap Pussy(tm)

<---Expensive Pussy(tm)

Tue, 05/05/2015 - 20:10 | 6063911 Hongcha
Hongcha's picture

You can have the Vegas trim; those unnatural racks hanging pendulous and rock-hard as softballs, bleached blonde hair, behaving like wolves in heat.  Amerikan paid trim is the nadir of the world. Well, maybe India's is worse...

Wed, 05/06/2015 - 00:42 | 6064593 Kprime
Kprime's picture

titties TBTF

Wed, 05/06/2015 - 01:11 | 6064640 roddy6667
roddy6667's picture

Tupperware

Wed, 05/06/2015 - 00:42 | 6064590 Kprime
Kprime's picture

or it's past it's expiration date

Tue, 05/05/2015 - 18:59 | 6063649 TheFourthStoog-ing
TheFourthStoog-ing's picture

There's nothing wrong with the U.S. economy. If you think this is so bad, try Europe.

We're doing pretty darned good.

Tue, 05/05/2015 - 19:42 | 6063787 williambanzai7
williambanzai7's picture

/

Tue, 05/05/2015 - 19:42 | 6063791 williambanzai7
williambanzai7's picture

A clever 8 week trollbot.

It shows: Pretty darned good...

Your taxes at work folks.

Tue, 05/05/2015 - 20:08 | 6063903 11b40
11b40's picture

Yes, he even bastardized the name of an old poster.

Wed, 05/06/2015 - 02:24 | 6064692 OldPhart
OldPhart's picture

I think you nailed him.  Peruse his recent comments.

Wed, 05/06/2015 - 00:25 | 6064560 steveharless
steveharless's picture

There's nothing wrong with the U.S. economy. If you think this is so bad, try Europe.

We're doing pretty darned good.

 

you sir,,,,live in fantasy land or are a paid troll for the gobamint

www.ViewLasVegasRealEstate.com

Tue, 05/05/2015 - 19:02 | 6063661 dojufitz
dojufitz's picture

A few years ago.....Melbourne Australia opened its first Casino.

It was sold to the punblic as a source of revenue and Melbourne could not consider itself a real International city without one.

When I was a kid you had to travel to another State in Australia if you wanted to play Pokies, gamble. There was no problem.

As soon as they opened that thing....the shit came out of the woodwork....

Gangsters were getting killed (very rare in Melbourne),  alot of people lost everything and they had to install cameras on a huge bridge because people were jumping off the thing at alarming rates.....

Pokies are now everywhere in Melbourne.......

And years later.........today the revenue is still needed from the tax payers.....

 

I say rename Australia.....Pokiestralia......and be done with it.

 

 

Tue, 05/05/2015 - 19:26 | 6063739 kowalli
kowalli's picture

We banned casino and most of gambler games in Russia.

Tue, 05/05/2015 - 20:08 | 6063907 Freddie
Freddie's picture

Good for Russia.  Casinos are shit. 

I agree with Baptist preachers that gambling is the devil's work.  This includes the options market.

Las Vegas and Chicago - the devil's lair.

Tue, 05/05/2015 - 21:18 | 6064131 XqWretch
XqWretch's picture

Banning gambling is just as stupid as the "War on Drugs." They both create an underground network of gangsters who make obscene profits. People are still going to gamble if it is illegal just like they will still do drugs if they are illegal. Can't handle the stress of losing money gambling? Don't play. But taking the option away from EVERYONE is straight up retarded

Tue, 05/05/2015 - 19:18 | 6063703 _SILENCER
_SILENCER's picture

Real Americans gamble on Wall Street, not Vegas.

Tue, 05/05/2015 - 19:42 | 6063797 zeroaccountability
zeroaccountability's picture

The 'Slot Hold %'.....isn't that referred to as the Vig?

 

In any case, upwards of 8% slot hold seems kinda high to me.

 

No wonder my neighbors got back from Vegas last week and said they still had to keep their jobs.  Only way to make a small fortune.....you know....

Tue, 05/05/2015 - 22:56 | 6064398 StychoKiller
StychoKiller's picture

You wanna make munny in Vegas?  Buy a Casino!

Tue, 05/05/2015 - 19:44 | 6063803 Dkizzle49855
Dkizzle49855's picture

I was in LV last week and did extensive driving around the area and my seat of the pants observation were there were an incredible number of homeless people and some really shitting areas both commercial and residential. I guess some folks didn't get the memo in regard to how wonderful everything is right now.

Wed, 05/06/2015 - 00:28 | 6064565 Salah
Salah's picture

Vegas gets into systemic trouble, and they say, "Oh, we can reinvent ourselves"...and it's worked several cycles back into the 1960's.  But time's up; the original lot sale [5/15/1905@9:30 am] shows serious wreckage dead ahead.  The lull in real estate carnage is temporary; if you're back to even...sell.  And taking the "resources of others" since 1950, i.e. paychecks & water has definitely run its course.  They'd do well to market themselves as a sovereign nation where sex-porn, medical procedures, and assisted suicide were all legal.

Tue, 05/05/2015 - 19:50 | 6063820 Weaponized Innocense
Weaponized Innocense's picture

Seems the Atlanta fed gdp now is keeping their data current to the day.
https://www.frbatlanta.org/cqer/researchcq/gdpnow.aspx

Tue, 05/05/2015 - 19:51 | 6063826 Pancho de Villa
Pancho de Villa's picture

What's the Big Deal?

 

When I want to gamble, I usually just ride up to Tombstone where I can almost always find Doc and Wyatt and the guys hanging out at the Saloon...

Wed, 05/06/2015 - 00:37 | 6064586 Kprime
Kprime's picture

is that a non smoking saloon?

Tue, 05/05/2015 - 19:56 | 6063846 Kreditanstalt
Kreditanstalt's picture

So it's due to "visitor traffic curbs and a full smoking ban"???

 

Sounds like "it was the weather"...

Tue, 05/05/2015 - 20:12 | 6063918 WTFUD
WTFUD's picture

Russian roulette doesn't have a look in when measured against ussa hubris. Hookers, blow (blow and blow ) risk appetite and prop trading, off balance sheet items and creative accounting, deficits. The futures bright ( we have a nuclear explosion ready to light up our grey skies ) so why the long face John?

Tue, 05/05/2015 - 20:47 | 6064025 401K of Dooom
401K of Dooom's picture

Steve Wynn says the economy is cooked up?  Well he was one of the people who got him elected and now he is complaining about it?  You know Steve, sometimes you just have to bite the bullet and accept the loss and go on with life.  That and don't try to shirk responsibility for giving us the worst president in our countries' history!  You and your casino make me sick!  Baaaaarrrrrfffffff!!!!!!!!!

Tue, 05/05/2015 - 20:47 | 6064026 Time for Titus
Time for Titus's picture

I'm wrapping up a four day conference tomorrow in Vegas. Haven't spent one nickel on gambling. 

Tue, 05/05/2015 - 21:00 | 6064073 Fukushima Fricassee
Fukushima Fricassee's picture

Put your kid's college fund on all the hard ways, one time for the juice , Yo 11 mother fucker !

Tue, 05/05/2015 - 21:37 | 6064193 XqWretch
XqWretch's picture

Too busy with the hookers and blow?

Tue, 05/05/2015 - 22:15 | 6064302 Fukushima Fricassee
Fukushima Fricassee's picture

You're a busy hooker who blows? Obama, is that you at your night job?

Wed, 05/06/2015 - 01:14 | 6064645 roddy6667
roddy6667's picture

I thought I was the only person in the world who went to a casino and didn't gamble.

Wed, 05/06/2015 - 02:56 | 6064709 Things that go bump
Things that go bump's picture

I go to Vegas to drink in public and behave badly where my neighbors can't see me.

Wed, 05/06/2015 - 06:27 | 6064833 cart00ner
cart00ner's picture

B00Bs

Tue, 05/05/2015 - 21:33 | 6064179 q99x2
q99x2's picture

Could be that Wall Street algos have entered the slot machines. 

Tue, 05/05/2015 - 22:42 | 6064367 Salsipuedes
Salsipuedes's picture

It's like a big prize fight in Vegas and Wynn walks out, grabs the mic and says: "It's all a fraud folks. Go home." Huevos! 

Tue, 05/05/2015 - 23:13 | 6064442 PoliceThePolice
PoliceThePolice's picture

"You can have the Vegas trim; those unnatural racks hanging pendulous and rock-hard as softballs, bleached blonde hair"

 

Yeah, no guy wants that!!! It was just one guy who spent 77 million dollars on the Pam & Tommy sex video. I guess baywatch stayed on the air for all those years because of Hasselhoffs sexy chest hair... Next time just say your prefer saggy tits and a fat ass, it sounds more believable.

Tue, 05/05/2015 - 23:15 | 6064454 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Ossolinski has no clue that the best predictor of future behaviour is past behaviour, and that, if the trend of past behaviour indicates that the trend in question is measurably/empirically inclined towards going down for all future business quarters then, the best predictor is that there will be no noticable deviation from that trend whatsoever baring new information being brought into the calculus. ERGO, in three years [count em' Ossolinski] the empiricism indicates that there will be no blue sky on the horizon, or beyond, YOU retard sandwich eating ASSCLOWN.

 

NOTE: We have just evidenced 29 successive business quarters of contraction with the so-called 'brightest' minds in the biz scratching their fucking heads each and every quarter wondering when the dark clouds of DOOM will be lifted to actually show any fucking improvement in just one fucking quarter report out there, motherfuckers.

PLEASE believe me when I state that there will be no improvement in three years, or twenty five years. This is a complete collapse certainty that has been empirically demonstrated to _all_ the academics in the entire World and they know the entire World banking system is going to completely implode extremely soon.

In three years there is a high probability that millions will be dead from WW3 fallout all over the World and gambling revenues will _never_ return when that happens. Ossolinski is standing in an insolvent business empire that died in 2008 when all the Casino Ponzi schemes, and BIG Box Ponzi stores, started noticing that their bottom line was taking a hit that they had never planned on taking because in their minds housing prices never went down, ever, and that's how these Ponzi motherfuckers don't think.

Tue, 05/05/2015 - 23:42 | 6064509 Bemused Observer
Bemused Observer's picture

Ohhh, it's just a dream deferred, huh?

 

C'mon Steve...your industry was NEVER one of the pillars of society. You are suffering because you are engaged in a business that parts people from their money. Money they no longer HAVE.

 

It's not rocket science. You are a parasite whose blood supply has been pinched off. No biggie. Go away and get a real job.

Wed, 05/06/2015 - 00:00 | 6064538 Shed Boy
Shed Boy's picture

Once Lake Mead is empty...it really won't matter, now will it.

Wed, 05/06/2015 - 00:29 | 6064567 nomorebuyins
nomorebuyins's picture

What's the worst that can happen? We are preparing for 100% increase in shares! After they go to zero, you know.

Wed, 05/06/2015 - 00:30 | 6064568 BI2
BI2's picture

The American Curse >>>  http://wp.me/p4OZ4v-3z

Wed, 05/06/2015 - 00:39 | 6064587 TrustbutVerify
TrustbutVerify's picture

How dare Wynn state the truth!

Wed, 05/06/2015 - 00:48 | 6064606 doctorZH
doctorZH's picture

Sorry, I have to agree with the guy who said we don't need to be a culture of gambling casinos.  We're so bored with ourselves and so desperately in need of being entertained...that we stoop to what Shakespeare called the "high hope for a low heaven".  We don't need more entertainment.  We need to cultivate MORE DEPTH.  In a deep culture there is no Las Vegas and no Disneyland.  We need to become a culture instead of a dying civilization.  We spend billions every year so we can be entertained.  We need to grow up.  Children need to be entertained.  Adults entertain themselves, educate themselves.  Las Vegas is a philistine eye-sore.  Wipe it off the map: no loss.

Wed, 05/06/2015 - 01:17 | 6064649 roddy6667
roddy6667's picture

You don't sound like a Murikan. More like one of those Commies we hate.

 

/sarc  (Just for those who missed it)

Wed, 05/06/2015 - 01:22 | 6064653 roddy6667
roddy6667's picture

America's biggest industries are movies, spectator sports, video games, and TV. It's all about the entertainment. Amusement. Diversion. Distraction. Frivolity. Immediate gratification. Laughs. Giggles.

Anything but real life and reality.

Wed, 05/06/2015 - 02:46 | 6064702 doctorZH
doctorZH's picture

Yes, amusement.  We're exhausted, in fact.  We need the return of real life to wake us up from this imprisonment we are enduring.  Imprisonment by wealth and comfort. Death by boredom.

Let's drink a toast to the collapse of gaming revenues.

We've reached the logical end of being driven through life by our lower natures who need constant sensual stimulation in order to feel alive.  We are being led by men and women trying to please our lowest ambitions, our lowest ideals, our lowest dreams.  Body satisfactions lead to boredom and desperate surrender to the reductionist's view that life is a low value, and the lower we get the more we are living.  Let's drink a toast to the death of the low values.

Better a low hope for a high heaven than a high hope for a low heaven.  Better to strive for something that is unseen and unattrianable than to settle for the heaven imposed on us by those with no imaginations and no taste and broken values and shallow pleasure religions.  We are being led by people with no culture, no spirit, no morality, no vision.  Settling for the lowest common denominator.

Entertainment is a prayer to escape ourselves and our own lives that are so shallow and arid we will do almost anything to escape ourselves and our own dismal mortality.  Things change when they must change.

Wed, 05/06/2015 - 08:29 | 6065031 d edwards
d edwards's picture

bread and circuses for all!

Nerobama

Wed, 05/06/2015 - 01:31 | 6064663 Catullus
Catullus's picture

I went to Vegas in November. Most of the blackjack tables paid 6:5 on blackjack on the Strip. WHAT A FUCKING RIPOFF. They said they were doing it because they could. Said most people don't just sit down and play for an hour or so at a time. It's just young people and women who are waiting around for shows and shopping that don't know what they're doing. They put down huge bets and leave within 3-5 hands.

Then Ceasars... playing at a $50 min table. 1 deck shoe. They changed dealers mid shoe. Wouldn't play out the shoe. Didn't hit their little card or whatever. Pit boss said "tough". I said "you're cheaters, fuck you. I'm never coming back here."

The huge casinos in the middle of the strip are for suckers.

Craps and roullette are the only things worth playing in a casino.

And for you holier than thou, I get the same feeling betting the hardways as I do buying stocks. It's not "investing". You just have more opportunities to pull your money off the table before you crap out.

Wed, 05/06/2015 - 06:40 | 6064847 BlowsAgainstthe...
BlowsAgainsttheEmpire's picture

Maybe more people have realized that Las Vegas (and gambling) is a honeypot for losers.

Wed, 05/06/2015 - 08:14 | 6065000 besnook
besnook's picture

the best thing about all this bad economic news is i will have the river to myself this summer as the broke flatlanders stay home this summer.

Wed, 05/06/2015 - 08:39 | 6065075 Mike Honcho
Mike Honcho's picture

Macau cannot compete with their stock market.

Wed, 05/06/2015 - 08:41 | 6065083 exartizo
exartizo's picture

The massive price distortions of every asset class and loss of true price and risk discovery currently taking place due to worldwide central bank interventions have never been seen before on this planet.

Wed, 05/06/2015 - 08:49 | 6065093 teutonicate
teutonicate's picture

Gee, another cabal-run industry (right after the MSM) that is destructive to European culture bites the dust.

I can't even muster up crocodile tears.

Wed, 05/06/2015 - 08:49 | 6065119 Last of the Mid...
Last of the Middle Class's picture

Wynn has a dust tsunami headed towards vegas as mead dries up and he's beginning to squeal. The prospects for Vegas are stunning if the water is gone.

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