Wynn Q1 2015 Earnings Call Tidbits

I love listening to Steve Wynn’s WYNN earnings calls because I think Wynn is the best operator in the business, and he speaks with a unique candor, clarity and honesty.   Most interestingly on last night’s call, Wynn was quite clear in his conservative outlook for both Macau and Las Vegas, in contrast to LVS’s Sheldon Adelson who suggested on his own earnings call last week that Macau may be stabilizing.   Let’s get right to the WYNN tidbits, from the transcript: (all emphasis mine)

Opening the call:

“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.”

My reaction to this is that if you own any gaming company with business in Macau, you’d better be listening to what Steve Wynn  is telling you.

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Moon Kil Woong 5 years ago Contributor's comment

I would not be favorable on gambling in Asia given the tone of China which sees it as what it is, a vice. At least in Asia it is just a vice which tends to be one wealthy people succumb to making the communist party look like hypocrites. The US its much worse as it tends to prey on the less fortunate and acts much like a voluntary reverse taxation most strongly exemplified by State lotteries.

Although I'm against using the state to force behavior changes besides crime, once should be pleased to see gambling decrease.