Was Las Vegas a Winner at the Polls?
NEW YORK (
) -- Las Vegas may not have been on the ballot during Tuesday's elections, but according to casino mogul Steve Wynn, the gaming epicenter was one of the winners.
The CEO said during the
Wynn Resorts
(WYNN) - Get Report
third-quarter conference call earlier in the week that he is hopeful following the election.
"I think the election today is a great moment in stabilizing what has been overwhelming uncertainty and fear of this administration by businessmen around the country," Wynn said during a call with analysts. "And I think that the message that the American people are sending to Washington tonight is
a clear, decisive rejection of the policies that have put us in this position lately. And so I think that we're going to see a more positive ... consumer confidence after tonight, as the administration sort of gets put in its place about overwhelming government control and ridiculous spending and stuff like that."
Wynn said his casino company was damaged by the healthcare bill, saying it was a victim of the 8% escalation in costs. "We have never touched the benefits to our employees or raised their costs of their contributions in co-pay and such. Since we opened this hotel five years ago, we've just taken the hit on 8% a year," he said. "As a result of this ridiculous 2,700-page fiasco that this Congress passed, our escalation of healthcare cost is going to
be close to 11% or 12%. Thank you very much, Congress, for all the help. They made it tougher on large businesses, small businesses; they've made it tougher on unions."
"We can only hope that maybe when the new legislation reconvenes, they will somehow undo the damage that has been done by this ill-conceived piece of legislation, which is very important to companies like ourselves, which employ and ensure tens of thousands of people," Wynn continued. "So I think that the elections
were a very positive moment and maybe we'll get some relief from the government in the months ahead."
Wynn also put partial blame on the President Obama for the downturn in the Last Vegas market, which he says has only now finally bottomed. "The President, as you know, told everybody not to go to Las Vegas in more or less
those terms, and that didn't help us."
MGM Resorts
(MGM) - Get Report
CEO Jim Murren also briefly talked politics during the company's third-quarter conference call, congratulating U.S. Sen. Harry Reid for his win over tea party candidate Sharron Angle.
"I know what he means to the gaming sector," Murren said. "The Internet gaming bill has a better chance now. This was a positive for the whole industry today. He understands the gaming industry, having served as chairman of the Nevada Gaming Commission.
Reid aided MGM in its development of its $8.4 billion CityCenter resort/casino.
--Written by Jeanine Poggi in New York.
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