Flush with cash, still cutting back

[Tony Shelton]

Steve Wynn is one of the big players here in town. They're cutting back on hours, salaries and benefits right now.

Notice from the article, They have 1 BILLION in cash. 370 million in debt, meaning a net CASH worth of 630 million, yet they are still cutting back.

He was smart and didn't rely so much on the credit market like I did and Donald Trump did. I hope to move from the Donald Trump method to the Steve Wynn method this year.

http://news.yahoo.com/s/ap/20090203/ap_on_bi_ge/wynn_resorts_salary_cuts

 

[Alexy]

Just because he has cash does not mean he should spend it. Times are tight and will get tighter, he will need it down the road.

 

[Ron Musgraves]

suspending its 401(k) matching contributions.

Thats a smart move in a casino

 

[mbryan]

We have downsized considerably this year and I have to agree that the cash flow has definitely outweighed the loss of manpower.

 

[hi-temp hydro]

Steve Wynn is one of the big players here in town. They're cutting back on hours, salaries and benefits right now.

Notice from the article, They have 1 BILLION in cash. 370 million in debt, meaning a net CASH worth of 630 million, yet they are still cutting back.

He was smart and didn't rely so much on the credit market like I did and Donald Trump did. I hope to move from the Donald Trump method to the Steve Wynn method this year.

http://news.yahoo.com/s/ap/20090203/ap_on_bi_ge/wynn_resorts_salary_cuts

Got a close friend that works for another Vegas fat cat, Adleson, and the same thing going on there at the Venetian (Las Vegas Sands) multiplied! Stocks were over $140 a share just last year, I can buy right now for $3.43! These guys are definatly gonna have to make major moves to keep shareholders buying in. Vegas as a whole is taking one heck of a hit right now.

 

[Alexy]

Problem with the stock in casinos are that they use the income ( or projected income) as a unregulated bank for short term large sum investments. ( Real estate and construction underwriting) and both of these markets have tanked to be put politely.
The actual casinos make money almost as fast as they spend it and are pass thrus for income to be used by brokers.

 

[Tony Shelton]

Got a close friend that works for another Vegas fat cat, Adleson, and the same thing going on there at the Venetian (Las Vegas Sands) multiplied! Stocks were over $140 a share just last year, I can buy right now for $3.43! These guys are definatly gonna have to make major moves to keep shareholders buying in. Vegas as a whole is taking one heck of a hit right now.

Adelson has moved huge into China, He and Wynn are arch enemies. I was surprised to find out that Adelson is worth about 100 times what Wynn is worth.