Tag Archives: Steve Wynn

Wynn Takes Another Swing at Boston Gaming

By Travis Hoium, The Motley Fool

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Wynn Resorts is taking another swing at the Boston gaming market, proposing a $1.5 billion resort in Everett, Mass. The lot is an old Monsanto Chemical site on the river just north of downtown Boston. What we know right now is that the resort would be called Wynn Everett, it would have about 550 hotel rooms, water taxis to the airport and downtown, and according to Steve Wynn it will be family-friendly.  

This isn’t the first attempt at gaming in greater Boston for Steve Wynn. A plan to build near Foxboro Stadium was shot down by residents and he had to quickly regroup to submit an application for this new resort by the Jan. 15 deadline.

The other big competing bid is coming from Suffolk Downs and Caesars Entertainment . The group wants to build a casino at Suffolk Downs in East Boston, a similar distance to downtown as Wynn’s proposal. Like Wynn, this is partly a revitalization project to bring more traffic and excitement to Suffolk Downs.  

A third bid for Boston gaming will come from the owners of Foxwoods Resort & Casino and David Nunes. The project would be located in Milford, but little else is known publicly at this point.

A big market waiting to be tapped?
The expansion of gaming in the U.S. has piqued the attention of Las Vegas‘ normal residents. Las Vegas Sands built a casino in Bethlehem, Pennsylvania that has helped drive the state into the No. 2 position nationally, making a tidy profit in the process. Boston may be even more lucrative the proposed sites so close to the city.

The state gambling commission isn’t expected to award the casino license until February, so it’ll be a long wait for those who applied. For Wynn, the resort would be an incremental positive, but the big prize is in Macau. At Caesars, this would be a highlight in the company’s expansive non-Las Vegas properties, but I’m not sure how the company will fund another billion-dollar project with its current debt load.

Macau has grown to five-and-a-half times the size of the Las Vegas Strip, with $33.6 billion of gaming revenue in 2011, and Wynn Resorts is perfectly positioned to capture the opportunity in the region. Is that reason enough for investors to consider investing in Wynn right now? The Motley Fool answers this question and more in our most in-depth Wynn Resorts research available for smart investors like you. Thousands have already claimed their own premium ticker coverage, and you can gain instant access to your own by clicking here now.

var FoolAnalyticsData = FoolAnalyticsData || []; …read more
Source: FULL ARTICLE at DailyFinance

Hedge Fund Manager Steve Cohen Buys $155M Picasso

By Reuters

steve cohen picasso le reve wynn

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Stan Honda/AFP/Getty Images A 1997 photo shows Christie’s Chairman Christopher Burge starting bidding for Pablo Picasso‘s painting “Le Reve” at an auction in New York. On Tuesday, hedge-fund manager Steve Wynn paid a reported record $155 million for the artwork.

NEW YORK — Hedge fund manager Steven A. Cohen has bought a famous Picasso painting from casino mogul Steve Wynn for a record price, according to a report in the New York Post on Tuesday.

Cohen, who runs $15 billion hedge fund firm SAC Capital Advisors, purchased “Le Reve,” a 1932 oil painting of Picasso’s mistress, for $155 million, the New York Post said, citing an unnamed source.

The Post reported it is the highest price a U.S. collector ever paid for an artwork.

Cohen and Wynn, who are both billionaires and well-known art collectors, have a history with this particular Picasso painting.

In 2006, Wynn put his elbow through the canvas of “Le Reve” while showing it to several friends, reportedly a day after agreeing to sell it to Cohen for $139 million, several media outlets reported at the time.

Cohen’s reported acquisition of “Le Reve” comes as his firm continues to face regulatory scrutiny as part of a multi-year federal insider trading probe that has ensnared nine former SAC employees. Earlier this month, SAC Capital agreed to pay a record $616 million fine to settle two lawsuits, the largest-ever U.S. insider trading settlement.

A spokesman for Cohen declined to comment. A spokesperson for Wynn, the chief executive officer of Wynn Resorts Ltd. (WYNN), didn’t respond to a request for comment.


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Source: FULL ARTICLE at DailyFinance

Hedge Fund Billionaire Steve Cohen's $155M Picasso Isn't His First Multi-Million Piece Of Art

By Agustino Fontevecchia, Forbes Staff

Billionaire Steve Cohen is definitely one of Wall Street’s most intriguing characters.  On Tuesday, less than two weeks after his hedge fund, SAC Capital, settled insider trading charges with the SEC for more than $600 million, news broke of his latest acquisition: a $155 million painting by Pablo Picasso titled “Le Reve” from fellow billionaire Steve Wynn, who infamously put his elbow through the piece back in 2006 as Cohen was about to buy it from him.  Cohen’s newest Picasso will join an impressive collection that by some estimates is worth about $1 billion and includes the major names in impressionism, post-War, and contemporary art. …read more
Source: FULL ARTICLE at Forbes Latest

Why Kirk Kerkorian Is Important to MGM Resorts

By Travis Hoium, The Motley Fool

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News yesterday that Kirk Kerkorian has intentions to raise his stake in MGM Resorts isn’t something investors should sweep under the rug before remembering what he has meant to the company over the years. Kerkorian isn’t as well known as Steve Wynn of Wynn Resorts, or Sheldon Adelson of Las Vegas Sands, but he has played a similar visionary roll in MGM‘s history.

Kerkorian began his dealings in Las Vegas in 1962 when he bought the land that Caesars Entertainment’s flagship casino Caesars Palace sits on. When he sold the land to the company, he ended up building MGM Grand, and naming it after the MGM movie studio, which he also owned. Decades later, Kerkorian was behind the merger of MGM and Mirage, which was the company Steve Wynn built, bringing the Mirage, Bellagio, and Treasure Island into MGM.  

If Kerkorian wants to increase his 18.6% stake in the company, he must be bullish on both Las Vegas and the economy as a whole.

Bullish on economy
Kerkorian last tried to up his stake in MGM in 2006 when the economy and markets were going bonkers. After the financial collapse, he backed off MGM, but now that he’s on board, I think it’s a strong sign that one of Las Vegas‘ biggest investors is bullish on the economy as a whole and, therefore, Las Vegas.

Kerkorian also has seats on the board, meaning he has insider access to MGM‘s financials. Insider buying is often a very bullish sign for a stock, because insiders know things about a company’s operation that goes beyond what outside investors can know.

What this means for gaming stocks
Before you go out and buy a basket of gaming stocks, it’s important to understand the difference between MGM and other companies. Wynn and Las Vegas Sands are Asian-centric so, if Kerkorian is bullish on MGM, it doesn’t really mean anything for them. Caesars is in a similar position to MGM with high exposure to Las Vegas, but instead of having exposure to Macau, like MGM does, it has exposure to regional gaming in the U.S. If you’re bullish on Las Vegas, MGM is the way to go, not Caesars.

A deep dive into MGM Resorts

When MGM Resorts began constructing the CityCenter in Las Vegas, it was an audacious plan that seemed like a sure bet with its prime location in the center of The Strip. But Las Vegas hit a rough patch during the Great Recession and has yet to fully recover, so MGM has since turned its attention to a new market in Macau. This Chinese gaming enclave now holds the key to the company’s future, and a new resort on Cotai may relieve the company from crushing debt. For expert analysis on whether this former high-flying stock can regain its form on the back of a growing presence in Asia, you’re invited to check out The Motley …read more
Source: FULL ARTICLE at DailyFinance

Obama A Free Market Guy In Drag? Or When It Suits Him?

By Fred Weinberg

Obama Free Market SC Obama A Free Market Guy In Drag? Or When It Suits Him?

I rarely end up agreeing with the Obama Administration on much of anything, but we seem to have some common ground on the issue of copyright law as it affects the nation’s telecommunications policy.

Now I know that sounds eye-glazingly long and ominous.

So, let’s put it a different way.

Do you know what those morons in Congress have brought about?

Imagine that you bought an iPhone 4 from Verizon, paid them well over $100 a month for the two year contract, and the contract has expired.  Let’s say you’ve paid $1,500 or so.

Sprint offers you a better deal.  But the phone is “locked” on Verizon.  So you buy an inexpensive piece of software on eBay which will unlock the phone.

Because of an obscure law passed by the same clowns who can’t cut the budget (or, in the case of the Senate, even pass a budget) and an even more obscure decision made by the Librarian of Congress, you could be fined $50,000 and go to prison for five years.

That’s right.  Eric Holder—despite his boss’ agreement with me that this is nonsense—can come thundering after you and your unlocked iPhone on behalf of a cellular carrier and put you in Gitmo.  (OK, probably not Gitmo, but you never know.)

Now it might be one thing if you stole the phone.

But this is a phone that you not only paid for but honored the contract on with your original carrier.

What the hell kind of public policy is that?

I’ll tell you what it is.  It is the same kind of public policy that was written by a consortium of Apple, Nokia, AT&T, and Verizon. And handed to Congressional staffers by K-Street lobbyists.  And inserted in a bill without ever having been read by an elected official.  Just like Obamacare.

If you ever wanted to know about the corrosive effects of allowing the foxes to guard the henhouse, this is it.  Business executives lobbying for laws to enrich them and screw everyone else.

I hasten to add that I am not picking on just these companies.  It is the nature of most competitive businesses that if they can use a law to enrich their own positions, they will.  That’s why the government should just keep its nose out of business and avoid doing anything that has the effect of picking winners and losers.

While the public spirited Warren Buffet will suggest that it is improper for him to pay a lower tax rate than his secretary, he will also have one of his companies fight a tax increase until there’s blood all over the floor.

Steve Wynn will excoriate the President on job creation and overregulation while he uses the Clark County District Attorney’s office to collect gambling debts at his casinos in the criminal courts.

The law—and its use—creates hypocrites of us all.

But those businesses that stand to benefit from these ridiculous laws are both willing to take the chance of being called a …read more
Source: FULL ARTICLE at Western Journalism