Steve Wynn was just interviewed on Bloomberg and said, “The U.S. Federal Government is Much More Unpredictable and Unfriendly to Business than the Government in China is to Business in China.” Wynn referred to Obamacare as the “worst legislation ever passed in history” and said that his company’s healthcare costs for his employees in Las Vegas increased a shocking 44% last year.
[pullquote cite=”Steve Wynn” type=”left, right”]The U.S. Federal Government is Much More Unpredictable and Unfriendly to Business than the Government in China is to Business in China.[/pullquote]
Wynn’s company Wynn Resorts (WYNN) just reported its 1Q 2014 results. Although WYNN’s Las Vegas revenues declined 1.5% to $380.9 million, WYNN’s Macau revenues grew 14.2% to $1.13 billion. Macau now accounts for 75% of WYNN’s total revenues.
It was just announced that total April gaming revenues in Macau grew 10.6% year-over-year to $3.92 billion. Interestingly, on the same day that Macau reported April gaming revenues, Las Vegas only just got around to reporting March gaming revenues. Total March gaming revenues on the Las Vegas Strip grew 10.9% year-over-year to $560.8 million vs. Macau’s total March gaming revenues up 13.1% to $4.4 billion. This means Macau’s gaming revenues are now a shocking 7.85X higher than the Las Vegas strip.
Even more unbelievable is how Macau currently only has a total of 25,000 hotel rooms vs. 150,000 total hotel rooms on the Las Vegas strip. The Las Vegas strip has 6X more hotel rooms than Macau, but Macau’s gaming revenues are nearly 8X higher than Las Vegas!