Macau Bound
During a question and answer session with analysts and investors following the release of Wynn Resort Ltd’s Q1 2010 results, Steve Wynn said he planned to adjust his schedule to spend more time in Macau, where the bulk of his company’s revenues are produced.
With Wynn’s Macau unit now listed on the Hong Kong Stock Exchange and the company making plans to build a third casino in Macau, Mr Wynn said his activities need to reflect and show respect for the company’s dependence on Asia.
“I don’t intend to uproot everybody who works for me, but it’s becoming appropriate that I spend more of my time in Macau,” Mr Wynn said. “I intend to begin the process to switch that schedule.”
During the run-up to the opening of Encore Macau, Mr Wynn told local media he was considering moving Wynn Resorts’ corporate headquarters to Macau because the bulk of the company’s business now comes from Asia—though the claim seems more a PR tactic than a realistic near-term possibility. He also criticized the economic policies of President Barack Obama, saying they had hurt American business development.
Mr Wynn added plans for a Cotai resort in Macau would include a corporate headquarters. “I think that shows a respect for our company’s position in Macau,” he said.
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