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\tBy Richard N. Velotta, Las Vegas Sun <\/p>\n
\tLas Vegas-based Wynn Resorts Ltd., operator of the Wynn and Encore resorts on the Strip and properties in Macau, reported its third-quarter earnings Thursday.<\/p>\n
\tCompany: Wynn Resorts Ltd. (Nasdaq: WYNN)<\/p>\n
\tRevenue: $1.49 billion (up 6.9 percent from the third quarter of 2012). The company reported revenue increases in Macau (9.6 percent) and Las Vegas (1.1 percent).<\/p>\n
\tEarnings: $182 million (up 62.5 percent from the third quarter of 2012). Food and beverage profits declined in Las Vegas because of competitive pressures. Wynn Resorts Chairman Steve Wynn said his competitors are paying more for DJ talent in their nightclubs and have stolen away some talent, which has resulted in some lost business.<\/p>\n
\tEarnings per share: $1.81 (up 61.6 percent from third quarter of 2012).<\/p>\n
\tWhat it means: Wynn said his company is on its way to having the best year in its history with revenue $120 million ahead of projections in Macau and $54 million in Las Vegas.<\/p>\n
\tBut Wynn spent much of his time on today\u2019s earnings conference call criticizing Massachusetts gaming regulators, who questioned him last week in a hearing on establishing rules for the oversight of the casino industry in that state.<\/p>\n
\tWynn said his company will continue its bid to build a luxury hotel with a casino in Everett, near Boston, but he is concerned that regulators are overzealous in their efforts to find corruption in the industry.<\/p>\n
\tHe fears that after investing $1.4 billion in Massachusetts that regulators would find a reason to take his license away.<\/p>\n
\t\u201cIt\u2019s very confusing and it\u2019s going to be the conversation of my (board of directors) on Monday and Tuesday on how we view these things,\u201d Wynn said.<\/p>\n
\tHe said he was \u201cflabbergasted that Caesars had withdrawn its bid\u201d to build a casino at Suffolk Downs. Caesars backed out after regulators determined that one of the company\u2019s partners had ties to organized crime in Russia.<\/p>\n
\t\u201cIt\u2019s one of the most challenging, complex situations I\u2019ve ever faced,\u201d Wynn said.<\/p>\n
\tWynn said that because of strict, expanded ethics guidelines, company officials aren\u2019t allowed to speak directly to regulators except in public settings.<\/p>\n
\tHe said the company\u2019s goal is to expand tourism to the region and create jobs, \u201cbut you get the impression that they\u2019re doing you a favor to say hi to you.\u201d<\/p>\n
\tAsked about a timeline on the Massachusetts project, Wynn said he didn\u2019t know because the regulators keep changing them, even though the company must adhere to strict deadlines for providing information.<\/p>\n
\t\u201cBeing an investor in America today is tough,\u201d he said. \u201cAnd that\u2019s not just Steve Wynn talking.\u201d<\/p>\n
\tQuote: \u201cWe got a great reception when we were there (to introduce the project in Massachusetts). Even the Red Sox aren\u2019t that popular in Everett.\u201d \u2014 Wynn Resorts Chairman Steve Wynn<\/p>\n