Steve Wynn “ready for Japan,” bullish on Macau

Steve Wynn told AGB on Tuesday that he’s ready to enter Japan: “We will step up and bring our capital, experience and imagination to the table.” Wynn argues that his track record in Macau and the US puts Wynn Resorts as a strong contender in obtaining a license in Osaka or elsewhere in Japan. “Its not about the money” he added. 
Wynn described declining gaming revenues as “an adjustment to the market” and “noise” of little consequence to the company’s bottom line. “We are ahead of where we were last year, in my company,” he argued, adding that the company has adjusted to the trend, shifting tables from VIP to premium mass and mass.
He believes the market slump has more to do with uncertainty than the Central Government crackdown on graft campaign and expects the market to “stabilize” as the “political uncertainty” dissipates.
“You can quote me as bullish on Macau,” he said, adding that growth will outstrip the current revenue dip.
“I’m not concerned” about the upcoming Golden Week results, not “the short term stuff (..), I think the future of Macau is terrific.” He described the Macau+Hengqin space as the next big integrated destination.
Regarding labor, Steve Wynn said it relates to staff wanting more money and that the company has made adjustments to reward employees. “We are still the employer of choice,” he added.
Wynn said that until now the company has had “no problem” staffing its properties with both local and non resident workers and is “confident” the government will resolve labor issues when the time comes to staff the various upcoming properties on Cotai. “Once this government gives the permission to build a property they want it to be successful.”
Wynn Resorts Macau president, Ian Coughlan, said that the company already provides transport and accommodation to all non resident employees in the company roster, alluding to a political statement by incumbent Macau chief executive Chui Sai On that gaming concessionaires should guarantee housing and transportation to their migrant workforce.
Despite the growing issues other local operators have been experiencing with recruiting construction workers, Steve Wynn said that Wynn Palace “is still on track” to open in Spring 2016.
Wynn also said that the local anti-corruption agency has cleared Wynn Resorts after an inquiry into land the company bought on the Cotai strip for its new resort. He described it as a “totally mundane, irrelevant” process. The agency was investigating why Wynn Resorts was made to pay MOP 400 million ($50 million) for the land rights. “Everything about the transaction is crystal clear, he added.”
Steve Wynn spoke to AGB on the sidelines of a lecture he gave at the massive new University of Macau Hengqin Campus where he shared the secret of his success with a full house of tertiary and high school students: “To make people feel good about themselves while doing their job.” When asked how he would go about the diversification of the Macau economy he argued that there is “already a lot that can be done in conjunction with the hospitality industry” and that any destination would be hard pressed to be a Silicon Valley or anything else.