He believes that the gaming revolution that broke Stanley Ho Hung-sun’s monopoly, overtook Vegas in style and transformed the little SAR, can rise again despite current woes.
On the even of the opening of US$4.2 billion Wynn Palace, Steve Wynn is bullish about the destination that is Macau.
He believes that the gaming revolution that broke Stanley Ho Hung-sun’s monopoly, overtook Vegas in style and transformed the little SAR, can rise again despite current woes.
Recently the SAR has weathered storms created by the crackdown on corruption in China and its economic slowdown, as well as its own economic and political issues.
Wynn says it isn’t surprising there has been a downturn in fortunes recently. “Look, there has been a pile of winners and a pile of losers, competing forces. Throw in the tiny size of Macau into the mix, and turbulence that a growing and changing China brings, and you would be an idiot not to expect a storm at some point.
“We have nothing but gratitude for the opportunity we have had here, and any other response would be ridiculous, irresponsible and a lie. It is that simple. I owe China, China doesn’t owe me.”
“Such changes were inevitable when you have had such rocketship, supersonic growth and expansion in such a small community [of] only half a million people.”
Wynn Macau’s operating revenues dropped 26.9% to US$555.66 million in the last three months of 2015, seeing games turnover in their VIP segment fall from more than US$20 billion in 2014 to US$13 billion in the same quarter.
“I say don’t overreact, cool your jets. Focus on things that you can control: your business, your employees’ welfare, your guests and the quality of the product that you dish up,” he said.
“Do that, keep your chin down, pay attention to business and the sun will come up tomorrow. That’s the way I figure it.”
At the same time the gaming mogul is facing the first gaming licence renewal since 2001, and despite numerous discussions with the Macau government he is unable to plan ahead.
However, he sees his move to Macau as “the greatest single event” in his career.
“We have nothing but gratitude for the opportunity we have had here, and any other response would be ridiculous, irresponsible and a lie. It is that simple. I owe China, China doesn’t owe me.”