Stephen Wynn Calls Obama Wet Blanket

Jul 19, 2011
J. Webster
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Wynn Resorts had a nice quarter with an adjusted profit of $200.8 million, or $1.60 a share, on revenue of $1.37 billion, but CEO Stephen Wynn still wasn’t happy and on his company’s conference call he went right at the Obama administration, calling it the “greatest wet blanket to business and progress and job creation in my lifetime.” I wonder if Obama’s been called a ‘wet blanket’ before? That’s probably a new one for him. Obama’s comeback, “What does Mr. Wynn expect, for us to pass new regulation so he can put a casino in after corner store?”

Wynn questions the Obama administration implementation of more regulation, higher health care costs, and even making it difficult for foreigners to come into the country. All Wynn wants is for the visitors to come to his casinos and hotels to have a good time and lose a ton of MONEY. He let that slip out.

No, really, he wants more transparency in business so it’s easier to make decisions going forward. That’s fair. Casinos being fair, that’s another story. I wonder if he’d agree to let more people win in the slot machines if Obama lowered healthcare costs? Deal or not deal. Here’s some of his rant from CNBC:

“I believe in Las Vegas,” Wynn replied. “I think its best days are ahead of it. But I’m afraid to do anything in the current political environment in the United States.”

He criticized the “total lack of leadership from the President, and nothing’s going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year, that the discussion in Washington is nauseating.”

The Wynn CEO said he and others are “frightened to death about all the new regulations,” particularly the prospect of escalating health-care costs.

“My customers and the companies that provide the vitality for the hospitality and restaurant industry in the United States of America, they are frightened of this administration,” he said, “and it makes you slow down and not invest your money.”

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