Friday, May 28, 2010

Steve Wynn takes on Washington

Wynn Resorts CEO Steve Wynn has been a frequent and vocal critic of the Obama administration, and last month created a stir when he told CNBC that he was considering relocating his corporate headquarters from Las Vegas to Macau. Today he addressed that issue and a lot more in another CNBC interview occasioned by today's grand opening of Wynn's Encore Beach Club in Las Vegas.  It's must-see TV.


Wynn provides a sad and revealing distillation of the current business environment in the United States.  Two quotes are particularly unsettling:

1.  "The opportunities I see are far superior abroad than in America." (emphasis added)

2.  "Macau has been steady.  The shocking, unexpected government is the one in Washington.  That's where we get surpsrises every day.  That's where tactics are changed every 5 minutes.  That's where you don't know what to expect tomorrow."

The world's capital markets are built and devastated on expectations.  Steve Wynn makes it clear that running a business in America today is like shooting craps.

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