Elaine Wynn Upbeat on Future of Macau, but Not Atlantic City
Elaine Wynn, co-founder of Wynn Resorts (WYNN), sees both challenges and potential ahead for the gaming industry in the U.S. and abroad. Wynn, who also founded and led Mirage Resorts (MGM), spoke on the subject of resiliency at Fortune’s The Most Powerful Women Summit in Washington D.C. Her own career has had its ups and downs, including last spring’s public ouster from the board of directors of Wynn Resorts. Wynn said there are lessons learned from the career highs and lows. ‘Nothing is forever. And I think professional experiences mirror personal experiences as well. So as you live your life and you have crises, whether they are mini or major, you develop coping skills,’ said Wynn. On the gaming industry, Wynn said she still sees potential in the Macau market, which has recently been hit by a slump in casino revenues. ‘They’re gazillions of people in China, a wonderful new up and coming middle class that’s enjoying traveling. There are many choices in Macau other than gaming. So we’re very hopeful that the mass market will continue to develop and will be a very fertile piece of the business for us and for our colleagues,’ she said. But Wynn was pessimistic about the future of Atlantic City, where casinos have shuttered their doors.
