Steve Wynn's Conference Call Meltdown


Wynn Resorts, which owns casinos in Las Vegas and Macau, held its quarterly conference call yesterday.  Business has not been good.  As excerpted by Business Insider, here’s CEO Steve Wynn explaining why:

I believe in Las Vegas. I think its best days are ahead of it. But I’m afraid to do anything in the current political environment in the United States. You watch television and see what’s going on on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing’s going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating.

And I’m saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems, that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America.

You bet and until we change the tempo and the conversation from Washington, it’s not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don’t want to say that. They’ll say, God, don’t be attacking Obama. Well, this is Obama’s deal and it’s Obama that’s responsible for this fear in America.

The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don’t invest, their holding too much money. We haven’t heard that kind of talk except from pure socialists. Everybody’s afraid of the government and there’s no need soft peddling it, it’s the truth. It is the truth. And that’s true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I’m telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he’s gone, everybody’s going to be sitting on their thumbs.

If Wynn really thinks the solution to the debt ceiling situation will involve Barack Obama “stepping up and wrangling both parties in Congress,” his next quarterly conference call should be even more exciting.

By the way, if you’re thinking of inviting Wynn to your next Tea Party gathering, bear in mind that he’s been pumping barrels of cash into Harry Reid’s political campaigns for the past 25 years.  You’re part of the problem, Mr. Wynn.  You live in a world you made.  It doesn’t take 25 years to figure out that Harry Reid is an agent of decline and collapse, which would eventually overtake his ability to shower favors on his very bestest and richest friends.  Congratulations: your fat campaign donations earned you the privilege of being eaten last by the Democrat alligator.

I wouldn’t normally want a political rant, even one I essentially agree with, to erupt during the course of a business conference call.  I hate being sandbagged, and it would be hypocritical of me to approve of the sandbags just because they have Gadsden Flags painted on them.  A lot of the people plugged into that conference call did not dial in to hear Steve Wynn’s audition tape for a guest slot on the Rush Limbaugh show.

On the other hand, his business is being ruined by politics, to a far greater degree than what he envisioned when he cut all those checks to Harry Reid.  I don’t doubt that he could fill three hours with examples of frightened businessmen.  By definition, the bigger government gets, the more politics creeps into every facet of daily life.  Changing your light bulb is now a political act.  Casinos have a lot of light bulbs.

Of course statist radicals like Obama spend their days spreading fear.  What else do they have?  The crucial skills for a politician involve taking credit and avoiding blame. When you’ve got Barack Obama’s economic record, you need a lot of enemies to hide behind. 

 This President’s hunger for power means he needs a great deal of enemies, and his record demonstrates that they have good reason to fear him.  That’s why the corporate jet guys got so nervous when Obama suddenly declared them to be the focus of evil in the modern world. 

Everyone who makes over $200,000 per year has heard this President repeatedly denounce them as immoral for resisting his urge to tax them.  Lately he’s been saying they are the reason our insolvent government totters on the edge of fiscal ruin, because raising their taxes is the indispensible and non-negotiable first step to holding back government default.  Since they have sufficient financial acumen to earn six-figure incomes, they know this is ridiculous… but leftist ideology does not choose its victims through logic.  This Administration has given them very good reasons to be frightened of it.

If Steve Wynn doesn’t like that state of affairs, he should do what he can to make government smaller.  Holding back those huge campaign donations to people who have sworn to make it bigger would be a good start.



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