I honestly believe they are holding it up with political excuses until Cotai is near opening. No way any other casino could step in and replace what WYNN has planned and the politicians ia and around Boston know it. LVS could but they didn't even bid, did they? Foxwoods should be bankrupt already. Mohegan Sun is in trouble if/when Wynn opens in Boston. They couldn't build on the scale of a Wynn. MGM has their hands full in Western Mass. There is really nobody but Wynn able to build a 5 star resort casino and I don't think they can do it in 2015.
Come on Boston, is this really about WHO sold the property to WYNN? Would it be better for the mobsters or whoever you claim they were to keep owning the property? Or are Boston politicians the real thugs looking for their cut of the money. The land is a toxic eye-sore without a Wynn resort to clean it up and build something beautiful. Boston can't even keep the sides of their highways clean. Wynn would definitely be a diamond in the rough. Maybe that's what Boston is scared of?
The sale pitch for the bid was that they were financially sound. I think they would be building right now if that was the case.
And Everett needs to prove they deserve a Wynn. I'm not currently seeing it with a flip-flopping mayor. What's the REAL hold-up?
IMO, the delay helps WYNN by avoiding more borrowing. In just 9 months, Wynn Palace will be open or close to opening. Then WYNN will have the cashflow to build Boston without more debt.
And they needed to BORROW more money to pay those debt OBLIGATIONS.
"$6.9 million in borrowings under bank and capital lease facilities"
Otherwise, net debt would have dropped, but it barely moved. I bet if the top 6 execs took a 90& pay cut, they could shave a little more of the net debt each year. If not, will they kick the $50M of notes due in '18 down the road again? And again? And again?
If they didn't cut R&D AND take a lower non-cash charge than a year ago, the results would have been worse than last year. "In line wtih what we expected....
"First quarter 2015 results were in line with our expectations," said Maurice B. Tose
Classic! They earned 0 on a GAAP basis. Took $82M in revenues and made it disappear before your very eyes. He might be a magician.
Who in their right mind would agree to pay that much for this racket with no returns?
If you had $280M, is THIS what you would buy? Because that's what you're paying at current prices.
He usually starts every call by saying that earnings are about where they expected. Even when they post a loss.
May not have the revenues that Macau ONCE DID, but in my book, it beats building a $4B Palace on somebody else's land.
I would have sold Wynn Macau a year ago when it peaked and left China. I would have used the proceeds to pay off debt rather than add more. "Keeping up with the Alderson's" is a dangerous game.
"Never had debt"
Neither did ARO.
AEO had like $700M in cash at one point and is now near $200M. Haldf a billions GONE! These teeny stores are burning cash rapidly as of late. They should have zero debt imo. That's why I think ANF is in trouble with empty stores and major debt.
Last couple of quarters have disappointed and the stock went up so shorts could grab a bigger bite. It's so manipulated that I think one could buy lower even if eaning/forecast wre well above expectations. The manipulators would drop it lower to cover their shorts imo. I can't find any reasons to own this with a market cap north of $1.5B and carrying net debt.