A Possible Wynn-Win; Venetian Sports New Book; Paranormal Activity at Tussauds
Steve Wynn may build in Las Vegas at Frontier Hotel site
by Phil Hevener
Phil is one of the excellent writers at www.gamingtoday.com – a great source for gaming news from around the globe
Steve Wynn is at it again, dangling some enticing possibilities before business and political leaders at a time when Las Vegas unemployment remains high, currently at 15 percent.
Wynn says he could create 40,000 direct and indirect jobs if he accepted an offer that might have him breaking ground in the next six months to a year on the 34 acres that was the former site of the Frontier Hotel.
The way Wynn breaks these figures down, the 40,000 would include 10,000 direct jobs and another 30,000 indirect generated by whatever Wynn might decide to create.
But will it happen?
Probably not, given the dark clouds created by what Wynn has repeatedly described as unnecessarily burdensome regulations coming out of Washington and the uncertainty of future negative influences as lawmakers and the administration struggle to deal with deficit-related issues.
It’s not a pretty picture. It’s certainly enough to keep a big deal such as the one he has been urged to consider on the shelf, at least for the moment, Wynn said during a recent question and answer session with financial analysts.
So why even bring it up at this time?
Probably because he would genuinely like to move ahead with it, considering Wynn Resorts would be paid for design and operation.
Wynn is not normally given to casual mentions of projects such as the one he has been urged to consider on the real estate opposite his Wynn-Encore complex and immediately north of the Fashion Show mall. A major development at this location would generate traffic that would also benefit the Wynn and Encore complex.
I clearly recall the days a few years ago when Wynn would regularly wax euphoric about the potential benefits of major resorts targeted for the Frontier and former Stardust locations by his Israeli friends and Boyd Gaming. Those projects were both abandoned as a “long, cold winter” descended over the local economy.
Only Wynn and his neighbor Sheldon Adelson are stronger than ever, both of them well able to consider multibillion-dollar ventures elsewhere, thanks to their successes in Macau and Singapore.
The Israeli business group that paid former Frontier owner Phil Ruffin about $1.2 billion in 2007 for the property on which it hoped to build a Las Vegas version of New York City’s famed Plaza – Wynn describes them as “friends of mine” – has asked Wynn to take the property and do something creative with it and then operate whatever the Wynn team produces.
Efforts to find financing for the Plaza project collapsed when the recession dried up financing possibilities for resort projects.
“But I’ve had to tell them,” Wynn explained, “that I can’t talk to them at this time about a rate of return,” on what would be a multibillion-dollar project evolving over several years because of the myriad uncertainties clouding his crystal ball.
“These are people willing to take a long term position,” Wynn said of the Frontier property owners, the frustration in his voice obvious.
They’re even continuing paying on the loan used to help finance the purchase from Ruffin.
As a side note to such possibilities, Ruffin was one of the few dealmakers who did very nicely as the local resort-oriented economy began to slide into the mud months after he sold the Frontier, which he had bought in 1998 for $165 million.
“A nice chunk of change,” the laconic Ruffin said of his big profit.
So let’s flash forward to the current landscape and a business climate where Wynn sees the living standard of his thousands of employees drop “because of deficits,” an issue that has taken center stage in Washington and in the minds of political and business leaders everywhere.
He said he has given two cost of living adjustments to employees, “but I have not been able to keep up with the effect of deficits on the living standards of my employees.”
Washington’s reaction to all this has helped produce an “insatiable appetite” for governmental spending by the Democratic administration that has made it impossible, according to Wynn, to gauge the future impact of healthcare costs and assorted other regulations that make a big difference to companies employing thousands of people.
What does this have to do with those 34 acres on which Wynn might build something?
“I cannot give these men a reasonable projection of a likely return on investment even though they are willing to give up a short term gain for a very long term position” in a development that would probably require more than $2 billion.
Where does this “very attractive offer” go from here?
Stay tuned.
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New Venetian race and sports book in Las Vegas will be high tech
by Eileen Di Rocco
Read more about Vegas style from Eileen at www.gamingtoday.com
The scheduled Nov. 1 opening of the newly re-modeled Venetian sports book – Cantor Gaming’s latest venue – is right around the corner, and if the past can predict the future, it’s sure to be spectacular.
The most prominent piece of technology will be the high-definition video wall, which will measure 10 feet high by 100 feet wide and have the ability to accurately reproduce an astounding 281 trillion colors. According to Cantor, over 6 million pixels will create the world’s brightest, sharpest HD image with high contrast made possible by using the latest technology in Black LED, which will give sports bettors the very best view of all the action.
Horse race enthusiasts will have a similar experience. Their picture will be produced by Christie Digital’s 3-chip full high definition Xenon-based DLP projectors, which feature a full 1920 x 1080 HD native resolution, high quality optics and 10-bit image processing. The broadcast quality windowing system is capable of displaying up to 12 full high definition images on the screen simultaneously.
Of course, the new sports book, which will seat nearly 120 players, will have all the other high-tech bells and whistles Cantor is known for, including in-running wagering.
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Are You Afraid Of The Dark?
By What’s On Staff Check out all the Vegas goings on at www.whats-on.com
Lights On: By day, Madame Tussauds at The Venetian is a fully interactive wax attraction where you can take photos and mingle among cultural icons. From Hollywood celebrities to political and sports figures, Vegas headliners and top musicians, Madame Tussauds immerses you in the world of the rich and famous. Recent additions to the attraction include singer Fergie and the Michael Jackson Experience featuring the late performer at three stages of his career. You’ll also find Tiger Woods, Eva Longoria, President Barack Obama, UFC star Chuck Liddell, Blue Man Group and Elvis Presley. The figures at Madame Tussauds are so realistic that you can’t help but wonder if late at night, when no one is around, do the figures actually come to life?
Lights Off: Reports of paranormal activity at Madame Tussauds aren’t unusual, as evidenced by a recent visit from the Travel Channel’s “Ghost Adventures” crew, which detected a paranormal presence. During the second half of October, you can investigate the wax attraction with the After Dark experience. Now in its third year, guests arrive after lockdown at Madame Tussauds and join a tour through the museum, guided by a single light. “It really plays to the senses,” says Jennifer Morton, Madame Tussauds head of marketing. “I’m used to going through during the day and it’s a totally different experience with the lights out.” During the After Dark experience, you’ll go through a haunted maze, hearing stories of paranormal activity from the property’s legendary past. “[Madame Tussauds] is built on top of the Sands Hotel [specifically] the Copa Room,” Morton says. “After Dark goes through a timeline. Guests will get a sense of going back in time through that era.” Knowing what could be lurking around any corner, you’ll peer into the darkness and wonder, “Did that wax figure just move?” After Dark promises to be blood chilling and frightfully fun. So, hobnob with celebrity royalty during the day, and at night, enter the dark—if you dare!
After Dark | Oct. 21-23 & 28-31, 9 p.m.-midnight | $20; $35 combo ticket includes regular daytime admission | Madame Tussauds at The Venetian | 702-862-7800
