Wynn Resorts CEO Steve Wynn held a corporate conference call. Seeking Alpha did the thankless work of listening in and then blogging the transcript. It was the typical cheer-leading sales event until Mr. Wynn was asked the following by an analyst from Deutsche Bank Securities.
…back to Las Vegas, does it not make sense to expand your meeting square footage?
- William Lerner - Deutsche Bank Securities
The epic response follows below.
Well, here's our problem. There are a host of opportunities for expansion in Las Vegas, a host of opportunities to create tens of thousands of jobs in Las Vegas. I know that I could do 10,000 more myself and according to the Chamber of Commerce and the Visitors Convention Bureau, if we hired 10,000 employees, it would create another 20,000 additional jobs for a grand total of 30,000.
So Mr. Wynn just verified what a lot of people claim. The opportunities to invest are there, and the capital has been formed to exploit them. Yet the capital sits on the sidelines of its own volition. Mr. Wynn then explains 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.
Mr. Wynn then proceeds with specifics. Given his stalwart and continuing support of Nevada Senator Harry Reid, we’re sure to hear all about the iniquitous Tea Party. But no….
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.
A part of me harbors no sympathy for a business man who votes for and generously helped fund America’s leading repository of Marxian philosophy. Just who’s wealth did this jack-ass think Barack I intended to spread? But he goes on, and it gets more entertaining.
Well, my customers and the companies…..they are frightened of this administration. And it makes you ….not invest your money. Everybody complains about how much money is on the side in America. You bet. And until we change…..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.
This suggests liberalism really isn’t any fun when it gets inflicted on you instead of the other guy. It also demonstrates quite eloquently that you don’t have to like Mr. Wynn to understand well that he votes with his money and with his property every day when he goes to work and makes decisions. He may like Democrats, but he isn’t intending to lose his money just to make one happy.
And a lot of people don't want to say that. They'll say, "Oh 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 or holding too much money. We haven't heard that kind of talk except from pure socialists.
Begorra! He strongly implies Obama is a pure socialist. He even disputes the gospel according to the DNC that this is all Bush’s fault!
Everybody's afraid of the government, and there's no need to soft peddling it, it's the truth.…..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.
And that, more than anything else, probably explains why stimulus, QE2, Cash For Clunkers, HAMP, and all the rest of the garbage this administration has thrown at the current recession have all massively failed. FDR could at least partially succeed with The New Deal, because, by and large, people trusted the guy dealing the cards. This is not true of the current administration. Mr. Wynn, a prominent Democratic Party donor, just said that will remain true until Barack I is out of office. 2012 is not soon enough.
Update: Realclearpolitics has the audio of Mr. Wynn speaking truth to America!
Update II: Apparantly Mrs Wynn, Not Mr. Wynn was the Obamacrat. From Comments.
“Much to Mr. Wynn’s dismay, Elaine held several fundraisers for Obama, donned an Obama T-shirt to knock on doors and gave the maximum $4,600 to the campaign even as Steve gave the same to John McCain. ”