Steve Wynn: "Nobody likes being around poor people"

[Dan Druff]

Steve Wynn made a politically incorrect comment when discussing his new casino near Boston, called Wynn Everett. It is currently under construction.

http://www.bostonglobe.com/metro/201...low%3Afacebook

By making our standards so high . . . that everybody wants to be in the building.

Or to put it in a more colloquial way, rich people only like being around rich people. Nobody likes being around poor people, especially poor people. So we try and make the place feel upscale for everyone.

I get what he was trying to say -- that an upscale appearance to the casino makes everyone feel important for being there, but he obviously said it in a stupid way.

[MumblesBadly]

Steve Wynn made a politically incorrect comment when discussing his new casino near Boston, called Wynn Everett. It is currently under construction.

http://www.bostonglobe.com/metro/201...low%3Afacebook

By making our standards so high . . . that everybody wants to be in the building.

Or to put it in a more colloquial way, rich people only like being around rich people. Nobody likes being around poor people, especially poor people. So we try and make the place feel upscale for everyone.

I get what he was trying to say -- that an upscale appearance to the casino makes everyone feel important for being there, but he obviously said it in a stupid way.

I wonder if Steve Wynn and Mitt Romney went to same "How Rich Folks Should Publicly Speak About Poor People" seminar? Because if so, they both should request a refund.

[Shizzmoney]

I get what he was trying to say -- that an upscale appearance to the casino makes everyone feel important for being there, but he obviously said it in a stupid way.

Also, casinos being built nowadays are built for two types of customer bases: high end luxury and large volume traffic gambling halls.

Considering where the income base is growing, only in the top 10-20% of earners, that is where casinos corporations are focusing on. City Center was initially planned as a "urban getaway" with parks and food carts with more of a urban chic style connected via tram. Instead, the MGM properties group just built a high end mall with Prada and Gucci stores with high end dining options.

The stigma before this was that in America, you couldn't really build these Monaco type of casinos for the worry you'd make middle and lower class people feel out of place. As a result, they wouldn't frequent a casino they'd assume they couldn't afford.

But instead, consumers DO want to be surrounded by luxury.....it makes them feel as if they are as part of the elite club as the actual people who are. Consumers want escapism from their shitty lives.

Massachusetts has the highest average wage in the country and top 3 in average income. Massachusetts spends more on lottery than any state in the US. That's why all of these casinos crops fawned to build here.

Wynn is an ass, but he is just saying what CEOs have been saying for years since the GFC behind closed doors: the growing casino consumer base is at the top, and not the bottom...so the focus on quality over quantity is where the growth is. Politically, that's not something most want to say though, b/c the last thing any rich business owner wants is to piss off now lower income earners who eventually make more as they get older that will be potential future customers.

[snake_in_the_ass]

I agree with Steve Weinberg aka Steve Wynn. I just wish he got rid of the clubs at the WYNN & ENCORE because that is the only reason the thugs enter those casinos.

[Dan Druff]

I get what he was trying to say -- that an upscale appearance to the casino makes everyone feel important for being there, but he obviously said it in a stupid way.

Also, casinos being built nowadays are built for two types of customer bases: high end luxury and large volume traffic gambling halls.

Considering where the income base is growing, only in the top 10-20% of earners, that is where casinos corporations are focusing on. City Center was initially planned as a "urban getaway" with parks and food carts with more of a urban chic style connected via tram. Instead, the MGM properties group just built a high end mall with Prada and Gucci stores with high end dining options.

The stigma before this was that in America, you couldn't really build these Monaco type of casinos for the worry you'd make middle and lower class people feel out of place. As a result, they wouldn't frequent a casino they'd assume they couldn't afford.

But instead, consumers DO want to be surrounded by luxury.....it makes them feel as if they are as part of the elite club as the actual people who are. Consumers want escapism from their shitty lives.

Massachusetts has the highest average wage in the country and top 3 in average income. Massachusetts spends more on lottery than any state in the US. That's why all of these casinos crops fawned to build here.

Wynn is an ass, but he is just saying what CEOs have been saying for years since the GFC behind closed doors: the growing casino consumer base is at the top, and not the bottom...so the focus on quality over quantity is where the growth is. Politically, that's not something most want to say though, b/c the last thing any rich business owner wants is to piss off now lower income earners who eventually make more as they get older that will be potential future customers.

The one exception to this is the "locals" marketed casino.

Locals tend to want an understated environment where they can show up in grubby clothes and just gamble in peace.

This is different than tourist-oriented hotels, where everyone wants to feel like they're on vacation to a grand and exotic destination.

[Shizzmoney]

Also, casinos being built nowadays are built for two types of customer bases: high end luxury and large volume traffic gambling halls.

Considering where the income base is growing, only in the top 10-20% of earners, that is where casinos corporations are focusing on. City Center was initially planned as a "urban getaway" with parks and food carts with more of a urban chic style connected via tram. Instead, the MGM properties group just built a high end mall with Prada and Gucci stores with high end dining options.

The stigma before this was that in America, you couldn't really build these Monaco type of casinos for the worry you'd make middle and lower class people feel out of place. As a result, they wouldn't frequent a casino they'd assume they couldn't afford.

But instead, consumers DO want to be surrounded by luxury.....it makes them feel as if they are as part of the elite club as the actual people who are. Consumers want escapism from their shitty lives.

Massachusetts has the highest average wage in the country and top 3 in average income. Massachusetts spends more on lottery than any state in the US. That's why all of these casinos crops fawned to build here.

Wynn is an ass, but he is just saying what CEOs have been saying for years since the GFC behind closed doors: the growing casino consumer base is at the top, and not the bottom...so the focus on quality over quantity is where the growth is. Politically, that's not something most want to say though, b/c the last thing any rich business owner wants is to piss off now lower income earners who eventually make more as they get older that will be potential future customers.

The one exception to this is the "locals" marketed casino.

Locals tend to want an understated environment where they can show up in grubby clothes and just gamble in peace.

This is different than tourist-oriented hotels, where everyone wants to feel like they're on vacation to a grand and exotic destination.

That type of casino was what I wanted.....Boston really just needs an "Aviation Club" type of casino room or parlor...not the full on destination resort. But the politicians and the casino moguls insist on the destination resort, because of the loans/real estate speculation, union construction and casino jobs, etc.

It's probably gonna fail, but I am bearish on the economy as a whole so I am biased on that regard.

[Sanlmar]

The one exception to this is the "locals" marketed casino.

Locals tend to want an understated environment where they can show up in grubby clothes and just gamble in peace.

This is different than tourist-oriented hotels, where everyone wants to feel like they're on vacation to a grand and exotic destination.

That type of casino was what I wanted.....Boston really just needs an "Aviation Club" type of casino room or parlor...not the full on destination resort. But the politicians and the casino moguls insist on the destination resort, because of the loans/real estate speculation, union construction and casino jobs, etc.

It's probably gonna fail, but I am bearish on the economy as a whole so I am biased on that regard.

You're right IMO as to how the deal got done. However, I also think Wynn and the others still don't understand what should be the future casino strategy. Lots of Plain Ridge & Twin River types.

2 billion dollar fail.

Years from now you won't be able to throw a rock without hitting a casino in Mass. Foxwoods will be a multiplex cinema/shopping center and the Indians will open a smaller casino.

But in a nod to another thread, will they charge for parking and if not there is some phat Logon off site parking for ya.

Don't think I ain't watching Wynn every day as a short.

[Tellafriend]

That type of casino was what I wanted.....Boston really just needs an "Aviation Club" type of casino room or parlor...not the full on destination resort. But the politicians and the casino moguls insist on the destination resort, because of the loans/real estate speculation, union construction and casino jobs, etc.

It's probably gonna fail, but I am bearish on the economy as a whole so I am biased on that regard.

You're right IMO as to how the deal got done. However, I also think Wynn and the others still don't understand what should be the future casino strategy. Lots of Plain Ridge & Twin River types.

2 billion dollar fail.

Years from now you won't be able to throw a rock without hitting a casino in Mass. Foxwoods will be a multiplex cinema/shopping center and the Indians will open a smaller casino.

But in a nod to another thread, will they charge for parking and if not there is some phat Logon off site parking for ya.

Don't think I ain't watching Wynn every day as a short.

Me too and they haven't even considered the affect resorts world is going to have on them. But as you often say, doing fight the tape; so when do you Start shorting ?

[Shizzmoney]

That type of casino was what I wanted.....Boston really just needs an "Aviation Club" type of casino room or parlor...not the full on destination resort. But the politicians and the casino moguls insist on the destination resort, because of the loans/real estate speculation, union construction and casino jobs, etc.

It's probably gonna fail, but I am bearish on the economy as a whole so I am biased on that regard.

You're right IMO as to how the deal got done. However, I also think Wynn and the others still don't understand what should be the future casino strategy. Lots of Plain Ridge & Twin River types.

2 billion dollar fail.

Years from now you won't be able to throw a rock without hitting a casino in Mass. Foxwoods will be a multiplex cinema/shopping center and the Indians will open a smaller casino.

But in a nod to another thread, will they charge for parking and if not there is some phat Logon off site parking for ya.

Don't think I ain't watching Wynn every day as a short.

MGM Springfield opens in 2018 (MGM also owns part of Foxwoods, and will probably have to bail them out at some point b/c of their growing debt). Twin River just opened a poker room, but it's even shittier than the casino, which is pretty hard to do.

Wynn is giving the MBTA $7.5 million to expand the Orange Line to his casino and other parts of Medford/Everett. They are gambling that the new millennial earners that live in Greater Boston, who are more game into taking public transit places, will come and take their new paychecks from their biotech/consumer tech job and shoot it off at his properties.

It's the first example of a private company providing an operating subsidy for MBTA services....and could end up being a failure if Wynn doesn't get the endless (rich people) traffic he and the state's economic teams think they will get once this thing gets put up.

Also, the (older) people who live on the North Shore aren't too happy because they feel this casino is going to create more traffic (which during rush hour is really bad) which I also think will turn those older folks away from the casino after the "honeymoon" period wears off*.

*That is until, their degenerate gambling habits fueled by SSI, kick in again.

[Crowe Diddly]

You're right IMO as to how the deal got done. However, I also think Wynn and the others still don't understand what should be the future casino strategy. Lots of Plain Ridge & Twin River types.

2 billion dollar fail.

Years from now you won't be able to throw a rock without hitting a casino in Mass. Foxwoods will be a multiplex cinema/shopping center and the Indians will open a smaller casino.

But in a nod to another thread, will they charge for parking and if not there is some phat Logon off site parking for ya.

Don't think I ain't watching Wynn every day as a short.

MGM Springfield opens in 2018 (MGM also owns part of Foxwoods, and will probably have to bail them out at some point b/c of their growing debt). Twin River just opened a poker room, but it's even shittier than the casino, which is pretty hard to do.

Wynn is giving the MBTA $7.5 million to expand the Orange Line to his casino and other parts of Medford/Everett. They are gambling that the new millennial earners that live in Greater Boston, who are more game into taking public transit places, will come and take their new paychecks from their biotech/consumer tech job and shoot it off at his properties.

It's the first example of a private company providing an operating subsidy for MBTA services....and could end up being a failure if Wynn doesn't get the endless (rich people) traffic he and the state's economic teams think they will get once this thing gets put up.

Also, the (older) people who live on the North Shore aren't too happy because they feel this casino is going to create more traffic (which during rush hour is really bad) which I also think will turn those older folks away from the casino after the "honeymoon" period wears off*.

*That is until, their degenerate gambling habits fueled by SSI, kick in again.

don't forget the grand debacle that is the plainridge park casino. never been there, but this thing is destined to be turned into something else soon, right? the harness racing track was built pretty much so they could do OTB and turn it into a slot parlor/casino when the law eventually allowed. When the law DID allow, they made the slot parlor under the guise of keeping the racing industry in the state afloat. Revenue has been down every month, save the last 2, but that's because they started to offer freeplay out the ass now, and the first month it worked well, and the 2nd month it barely worked, and in a few months, it won't work at all.

I did enjoy the old raynham park dog track back in the day.

[Sanlmar]

Imagine the Everrett Wynn layout.

Acres of slot machines. Right? Slots were the biggest revenue. If your old North Shore players don't show your cooked. What is the average age of a slot player? Been a while since I looked this up but it is 50+, I recall.

It is priceless to me that Wynn will march forward with a map from 1931. Huge building with Ferris wheel and acres of slots. Your BioTech wunderkind aren't playing slots. A city as well educated as Mass are particularly outside of the slot demographic.

I am still waiting for some kind of breakthrough on the mobile casino front. Some cool video game sort of slots that the Millenials can relate to. Some kind of heads up video game shit you can gamble on. Would absolutely crush. I know the licensing for land based machines would prolly be prohibitive. Who cares. The game is mobile. That ought to be easier.

A few of my son's friends just got gigs at IGT. They seem to be recruiting and hiring at a good clip. Be fun to pick their brains. Something has got to be close to breaking through over there. It's interesting that my kid views that as kind of a cool gig.

Doesn't matter that Twin River is a shithole. It's profitable. You cannot say that about too many casinos these days.

Oh yeah, the financial engineering is still alive in Vegas. How about the MGM REIT? All I can think of is the Sears/KMart REIT. Talk about a shithole looking for a bottom. Sears. Yet some choice real estate. Fuck the core business.

Would you like to play a game? (War Games)