Wynn in good shape as recession bites 

Casino operator Steve Wynn looks like he may be one of the few casino magnates on the Las Vegas strip who will emerge from the credit crunch unscathed.

While casinos throughout Las Vegas count the costs of dwindling crowds and smaller stakes and their employees face up to a bleak future which may see thousands of jobs cut from the industry, Wynn is preparing to open the landmark Wynn Encore.

"I could have run my company more recklessly and I wouldn't be in a position to protect the jobs of my employees and wouldn't have been able to guarantee the consistency of experience to my guests," Wynn said. "And that would have made me, what, a more high-powered executive? Or a dolt like some of the other guys?"

Many believe that Wynn's favourable position may be down to the fact that he has a habit of securing financing deals for new projects before he signs them off. This means that he does not need to go in search of financing during one of the hardest crunches ever to hit Sin City.

"Wynn's balance sheet is in a more stable position today than the three other major Las Vegas Strip competitors," stock analyst Dennis Forst of KeyBanc Capital Markets told Casino City Times. "The other companies have to envy Wynn Resorts' financial position at present."

 

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