Wynn CEO: Las Vegas massacre hasn't measurably hurt business
Wynn Resorts (NASDAQ: WYNN) chief Steve Wynn insisted Thursday the mass shooting in Las Vegas didn't measurably hurt business for the company's Las Vegas operations. In fact, the CEO said the company's Las Vegas business turned in its "best third quarter in its existence, since 2005. And we're particularly happy because our non-casino revenue was so strong."The casino company beat estimates on total revenue and on the earnings per share in the quarter.During the company's earnings call, the CEO commented on trends following the Oct. 1 massacre that killed 58 people and injured hundreds of others.According to Wynn, one of the groups that canceled after the shooting later re-booked for a different date. He added, "So if you're going to ask us what did the tragedy at Mandalay have on us? None that we can measure." Wynn said the casino giant has been proactive when it comes to security, pointing out the company invested "close to $6 million or $7 million a year, beyond our normal security." The CEO said the company had a series of consultations about two years ago with security firms and experts "to harden this as a target." "I believe that the self-consciousness about security has been continuous with all of the operators in Las Vegas for some time," Wynn said. "I know what we did here because as one of my competitors described it, 'Wynn is paranoid.'"Wynn also spoke about Stephen Paddock, the man police say shot people from his hotel room at the Mandalay Bay."He just had a screw loose and snapped or something," said Wynn, adding that "this particular fella that did the shooting at Mandalay" was a customer at the Wynn property since 2006."We first pick him up on our records as a typical slot player with a modest credit limit of $50,000," Wynn said. "I had the chance to interview the people in the high-limit slot area. He was a loser over the six, seven, eight years here."At the same time, Wynn said the man "never owed any money" at the casino, but also "didn't meet the profile of a problem gambler, anything like that. He was a very controlled person."Meantime, Wynn said the company is preparing to embark on an ambitious expansion in Las Vegas."I'm feeling really great about Las Vegas for the next 20 years," he said. "My board of directors is committed to maximizing the non-casino touristic profile of this complex known as Wynn in the next five years. We'll be in construction continually."The expansion in Las Vegas includes a "full-scale destination hotel" off the Strip along with convention space and a lake attraction.Construction of new buildings is slated to begin Jan. 3. "We'll be demolishing the north villas where the 1,500-room high-rise is going to go," he said.Wynn is doing much of the development on land that is currently a large golf course the company owns. The project includes an irregular-shaped lake surrounded by a boardwalk that is a mile long. Wynn Resorts (NASDAQ: WYNN) chief Steve Wynn insisted Thursday the mass shooting in Las Vegas didn't measurably hurt business for the company's Las Vegas operations. In fact, the CEO said the company's Las Vegas business turned in its "best third quarter in its existence, since 2005. And we're particularly happy because our non-casino revenue was so strong." The casino company beat estimates on total revenue and on the earnings per share in the quarter. During the company's earnings call, the CEO commented on trends following the Oct. 1 massacre that killed 58 people and injured hundreds of others. According to Wynn, one of the groups that canceled after the shooting later re-booked for a different date. He added, "So if you're going to ask us what did the tragedy at Mandalay have on us? None that we can measure." Wynn said the casino giant has been proactive when it comes to security, pointing out the company invested "close to $6 million or $7 million a year, beyond our normal security." The CEO said the company had a series of consultations about two years ago with security firms and experts "to harden this as a target." "I believe that the self-consciousness about security has been continuous with all of the operators in Las Vegas for some time," Wynn said. "I know what we did here because as one of my competitors described it, 'Wynn is paranoid.'" Wynn also spoke about Stephen Paddock, the man police say shot people from his hotel room at the Mandalay Bay. "He just had a screw loose and snapped or something," said Wynn, adding that "this particular fella that did the shooting at Mandalay" was a customer at the Wynn property since 2006. "We first pick him up on our records as a typical slot player with a modest credit limit of $50,000," Wynn said. "I had the chance to interview the people in the high-limit slot area. He was a loser over the six, seven, eight years here." At the same time, Wynn said the man "never owed any money" at the casino, but also "didn't meet the profile of a problem gambler, anything like that. He was a very controlled person." Meantime, Wynn said the company is preparing to embark on an ambitious expansion in Las Vegas. "I'm feeling really great about Las Vegas for the next 20 years," he said. "My board of directors is committed to maximizing the non-casino touristic profile of this complex known as Wynn in the next five years. We'll be in construction continually." The expansion in Las Vegas includes a "full-scale destination hotel" off the Strip along with convention space and a lake attraction. Construction of new buildings is slated to begin Jan. 3. "We'll be demolishing the north villas where the 1,500-room high-rise is going to go," he said. Wynn is doing much of the development on land that is currently a large golf course the company owns. The project includes an irregular-shaped lake surrounded by a boardwalk that is a mile long.
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