Steve Wynn VS Sheldon Adelson
Steve Wynn VS Sheldon Adelson
(Hotel Review: Wynn Las Vegas , Las Vegas)
(Vegas Update: Soft Opening for The Palazzo)
Hotel developer Steve Wynn, confident he’s sitting on the next big thing, has a response for an archrival’s proclamation that the Wynn era was over.
Back in January, fellow gaming giant Sheldon Adelson, then the third-richest man in America with a $28 billion fortune, said Wynn’s time “has come and gone.”
“Yeah,” Wynn said in an interview with Vegas Confidential, “and I remember when he said it, I started to pack up. I figured anybody who is the master of the universe must know everything. Who am I to argue?
“My reaction,” said Wynn, “is the same as since his arrival on the scene. Total incredulity. He has surprised me in every single way. He’s quite an extraordinary fellow, Sheldon, and his approach has been singular, to say the least, to the industry and to life in general.
“And I think it’s pretty safe to say that hardly any of us have seen anybody quite like Sheldon and we wish him well.”
Whiplashed by an economic storm, Adelson, who built The Venetian and The Palazzo across from Wynn and went full throttle overseas, saw 95 percent of his wealth disappear this year.
“You have to give him credit for being fearless,” said Wynn. “Who else would have enough guts to start six hotels at once without the money to finish them? That’s extraordinary. I know it’s an old-fashioned idea but I’ve always had my money all done before I broke ground. I know that’s old-fashioned these days, but that’s why our interest rate is 3 percent here on our bank line, here and China. I don’t know what anyone else is paying but I borrowed the money before I started anything and my builder told me he’s going to give me back $40-odd million. We’re getting a refund.”
I have never “officially” taken sides in this heavyweight matchup as I like both Steve Wynn’s and Sheldon Adelson’s products and biz steez. And I have swooped mad amounts of fly girls in both cats Hotels.
But I will be willing to mediate if necessary.
For a “Up Economy” fee, of course.
(Thanks to Chris R for the Data Sheets)
The Rest is Up to You…
Michael Porfirio Mason
AKA The Peoples Champ
AKA GFK
AKA The Arsonist who Burns with his Game regardless
The Guide to Getting More Out of Life
http://www.thegmanifesto.com
Official “Encore” Hotel & Casino Las Vegas TV Commercial
19/12/2008 at 9:52 am Permalink
Like everyone else, I’ll be in Vegas for CES. At the Palazzo, natch. Need to stay away from the crush, and find the out-of-the-way places with the flyest girls. Tips? – Senor Don Felipe .
19/12/2008 at 10:55 am Permalink
Don Felipe,
Just post up at the Rhino.
Everything will work out.
Vegas is on the ropes these days.
– MPM
13/01/2009 at 12:53 am Permalink
Adelson played big and paid the ultimate price, but, the most successful men are those who are not afraid to fail. The makers of their own destiny are often near bankrupt several times before they finally make their bit hit they can consolidate into a legacy. Educated decisions and sweat equity build empires. These are alpha traits.
http://alphadominance.com/