REUTERS/Las Vegas Sun/Ethan MillerCasino operator Wynn Resorts reported its quarterly earnings this morning, and they were a bit weaker than expectations.
The stock is down by around 0.1% today.
As usual, the colorful CEO Steve Wynn hosted the earnings call with analysts where he offered his insights into the industry and the economy.
One analyst asked Wynn whether he saw a commercial recovery taking hold in Las Vegas.
Here's how Wynn responded:
Las Vegas is managing to hold its head up. And if we have a real recovery in the U.S.— And I don't think we are having a real recovery. I think we're having a limp-wristed sort of crawl out of a hole. But a recovery is a more robust word, and I don't see it in the country as clearly as the politicians do who are trying to sell it to the people. I think most if it is baloney. I think real inflation is way north of 10[%], everybody's dollar is going down, buying power and living standards is going backward for the working people of America, and that's taking a toll on what you would call a recovery. So I don't see it myself.
Earnings clocked in at $1.28 per share against the $1.57 expected by analysts. Revenue was in line with estimates at $1.3 Billion.
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