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TheStreet Open House

On The Call: Wynn Resorts CEO Steve Wynn

Stocks in this article: WYNN

OSKAR GARCIA

LAS VEGAS (AP) â¿¿ Casino billionaire Steve Wynn, the chief executive of casino operator Wynn Resorts Ltd., is rarely shy about expressing his views about politics, especially as the actions of government officials relate to a U.S. economy that has left Las Vegas struggling.

But on Wednesday, while talking about his company's third-quarter net income of $127 million, compared with a $33 million loss a year earlier, Wynn said the uncertain future in the United States has prevented him from developing a new resort on the Las Vegas Strip, on the former site of the New Frontier hotel-casino. About three-fourths of the company's quarterly revenue came from its business in Macau, in China.

Wynn, who said he "probably" has supported more Democrats than Republicans in the past but has been a vocal critic of President Barack Obama, said economic uncertainty is why he isn't planning to grow more in the United States.

WYNN: Across the street from me is an empty piece of property that's 34 acres. It's owned by two Israeli gents that are friends of mine that bought it at a very high price and are sort of in a difficult position now. They even owe money against said property.

They have come to me on a monthly basis to say, 'Go ahead, Steve, you take it. Build something. Connect it to Wynn and Encore, your golf courses and convention facilities, and help us get out of this. We're willing to take a very long-term approach and we'll turn the property over to you even if we have to pay off the loan.'

Well, that's a very attractive offer, especially since they're willing to pay us for management, design and supervision, as well as inviting us to invest. But I have to tell both of these men who are friends of mine: 'Look, I can't give you a reasonable projection of what this return on investment will be even if we spend $2 billion and create 10,000 direct jobs and another 30,000 indirect jobs for a total of 40,000 jobs.'

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