Will Steve Wynn Move Headquarters out of Las Vegas to Asia?
Posted by Paul Francis on Saturday, April 24th, 2010 at 12:19pm.Steve Wynn makes Headlines with Statement
Plenty of news out there about Steve Wynn's recent remarks concerning big Government... one of the better articles out there that I've found about the overall situation is from Pokernews.com:
Wynn Threatens to Move HQ to Asia
Chairman and CEO Steve Wynn told MSNBC that he was thinking about moving the company's corporate headquarters from Las Vegas to Macao.Wynn said, "It is not improbable or unrealistic considering so much of our revenue is from China that it makes sense that I spend most of my time here."
He also criticized President Obama's handling of the economy and said that this was a significant reason for wanting to move.
"The governmental policies in the United States of America are a damper, a wet blanked," he told Bloomberg News. "They retard investment; they retard job formation; they retard the creation of a better life for the citizens in spite of the rhetoric of the president." Steve Wynn also said that he would overlook potential opportunities in Las Vegas to focus on the Asian gaming market. He hopes to break ground on a third hotel-casino on Macao's Cotai Strip next year.
From Businessweek / Bloomberg Actual Interview that covers recent U.S. Potential Investments that Wynn recently dropped out of:
Wynn Says Obama Dampens Vegas Outlook
“I don’t think the Las Vegas market at the moment beckons a large investment,” Wynn said. “The economic outlook in the United States, the policies of this administration, which do not favor job formation, do not encourage investment at all.”
Regardless... there is a message in all of this news. If you think these type of people can't move their headquarters (and all of their money) out of the Country, think again.
One of my favorite Investment visionaries, Jim Rogers made the move to Singapore in 2007. Read that article from 2007 and see how dead on he was in his predictions.
It reminds me of driving in to Las Vegas in 1992 to attend the best Hotel College in the United States, UNLV. I really had no plans of staying but that changed when one of the teachers at UNLV who was a gaming executive at The Mirage landed me a job there.
Steve Wynn's vision of Las Vegas certainly created a mind boggling transformation of Las Vegas from 1992 to today that has had a huge impact on Las Vegas real estate. You have to wonder if Las Vegas development will eventually just go stagnant like the 70's / 80's as the true Visionaries invest their money elsewhere... and that will certainly be boring.
Certainly not what Las Vegas is all about...
Paul Francis
Prudential Americana Group - Realtors
Las Vegas Real Estate
702.592.3058
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