Steve Wynn has been in news recently speaking about all things related to Wynn Resorts, both locally & globally. He was quite entertaining, sometimes in a “Trump-like” stereo-type sort of way. Today we look at Wynn Boston Harbor’s progress and review some of Steve-o’s comments to the International Conference on Gambling & Risk Taking recently.
1) Wynn Boston Harbor now opening May, 2019
Boston Herald’s Matt Stout reported that Steve Wynn expects to open his planned $2 billion Everett casino by May 2019, further pushing back the timeline for a project that’s been beset by an ongoing appeal and a halted construction schedule. The main issue causing the holdup is the plan to ensure development that includes public access to the the Mystic River next to Wynn’s property. Mr. Wynn’s adversary, Somerville Mayor Joseph Curtatone, who continues to believe that the license does not adequately address the impact of increased boat traffic in Somerville waters.
2) Somerville Issue #2 – Permit Length of Time
Somerville has also taken issue with the length of time granted to Wynn in the permit — 85 years instead of the standard 30. According to Matt Stout, both Wynn and Somerville have until June 21 to file their final briefs, after which a judge is expected to issue a decision — which can include denying the appeal, modifying the license or throwing it out entirely — roughly 30 days later. Until then, construction is halted.
3) Wynn Not a Big Fan of Facebook, Twitter or Millennials
“Young people probably waste too much time on social media.” (Steve Wynn)
Yes, Steve, admittedly “not a huge supporter of ‘the nightclub crowd,’ ” told those gathered at the first day of the audience gathered for the 16th International Conference on Gambling & Risk Taking that even though he’s not a fan of the “virtual world” millennials are mesmerized by constantly, technology had helped resorts offer more choices by allowing them to better track customers and employees. Other affectionate references to the young patrons in his properties now, and the future kids visiting his 2019 Wynn Boston Harbor included:
- young people likely spend more “dim-witted time”
- the “little darlings in the nightclubs”
- night-club goers include “every moron in the world, or there’s something about the sound that allows normal people to check their human sensibilities at the door.”
- He admitted a bit lightheartedly, however, that he was “one of those old white guys” who thinks Millennials are “sort of short on brains. But in the meantime, we’re doing well with them.”
He’s correct about two things – he’s an old white guy and Wynn’s nightclubs are some of the best in the world – something that will only enhance the Boston nightlife. The XS nightclub at his Encore resort in Las Vegas, for example, has been named the country’s top nightclub by Nightclub & Bar multiple times.
4) Wynn continues to De-Emphasize Gaming in His Resorts
As early as the application for Boston’s license battle with Revere, Wynn was quite clear about his intentions. Steve Wynn in speaking about his plan in Boston stated that “he doesn’t build casinos, he builds resorts that just happen to have a casino down the hall.” Check two previous posts detailing some specifics to Wynn’s resort below. Click on titles.
“The pattern is this: Gaming is a passive activity. It has no value. One roulette table is exactly the same as every other damn roulette table,” Wynn said. “A gaming room has no dynamic value. It’s strictly a receptacle, a cash register. The driver in our business is the non-casino activity. The driver in our business is the experiential value of the enterprise.”
In many ways, it’s true – his resorts are driven by the non-gaming amenities. But high table limits, poor table rules (all craps tables only include 2X odds?) and poor comps for those under whale status counts. The question is will he continue to work his magic in Boston? His general competition, Foxwoods, Mohegan Sun and the Future First Light and even MGM Springfield will entice those looking for the resort experience AND better gaming. But, in today’s business environment, big nightclubs are now a key component of non-gambling business across the leading Strip resorts, and even in New England, such as Shrine at Foxwoods and Avalon at Mohegan Sun.
Whenever Steve Wynn speaks, people listen. Whatever he may say on any given moment includes tons of foresight, experience and success behind it. It’s all still relevant to today’s casino resorts.
But let’s leave the name-calling up to Trump, shall we?