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Wynn's Obama Rant: The Rest of The Story

Wynn's New Resort in China!"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."

Steve Wynn
CEO, Wynn Resorts
July 18, 2011

As I have been telling you for years, we have never had a president like Barack Obama. He speaks with unmitigated contempt about American Businesses, even the freaking Chamber of Commerce, as if they are somehow the enemy.

The fact is, he and his peeps are engaged in a 4-year campaign that might be well intentioned, but the bottom line is that he has scared the crap out of private sector businesses in investors in America.

They are scared of his relentless tsunami of costly new regulations, trillions in new private sector taxes to pay for Obamacare, his constant drumbeat against the people who actually pay 86% of the income taxes in this country for not paying their fair share, and now in the face of a national debt crisis brought on by his runaway spending, sees the only solution to be even higher taxes.

The Steve Wynn Rant

By now, you may have heard about Steve Wynn's (CEO of Wynn Resorts) rant about Obama yesterday (click here to see the transcript of the rant), but there is a lot more to this story than just another business leader who's had it with our incompetent/corrupt president.

First of all, Wynn is not some right wing zealot, he is a self-ascribed democrat, with a public track record of support and campaign donations to democrat John Kerry and Joe Biden's presidential campaign.

Second, probably more than any other modern entrepreneur, he was responsible for developing Las Vegas and the state of Nevada. He created all of the great new properties on the strip including Bellagio, The Mirage, Treasure Island, and the Golden Nugget, as well as the Atlantic City Golden Nugget in New Jersey and Beau Rivage in Biloxi, Mississippi.

Maybe you don't like gambling, but they are an incredible boon to the economies they live in and it's not all about shaking down gullible Americans, these properties are one of the top destinations for foreign tourists who drops billions in this country every year.

Leaving America?

Although the hot rant was just yesterday, Wynn has been "putting his money where his mouth is" since Obama became president. In 2009, he opened Wynn Macau, a destination casino resort in the Macau Special Administrative Region of the People's Republic of China. It features 600 deluxe hotel rooms and suites, approximately 222,000 square foot casino, casual and fine dining in six restaurants, approximately 48,000 square feet of retail space, a health club, pool and spa, along with lounges and meeting facilities.

Unlike Obama, who wants to tax Wynn into oblivion, the Chinese government gave him a 5−year exemption from Macau’s 12% Complementary Tax on casino gaming profits, a fat tax break worth over $31 million!

In response to the open arms Wynn has received from the Chinese government, has expanded Wynn Macau. On April 21, 2010, Encore at Wynn Macau opened it's doors which adds a fully-integrated luxury hotel with 414 spacious suites and villas along with restaurants, additional retail space and gaming space.

Want more? Unlike Obama who is suing one of the greatest companies in American history for moving a production line out of the big labor dominated state of Washington, the China State Construction Engineering (Hong Kong) Limited and China Construction Engineering (Macau) Company Limited, acting together as the general contractor for the construction of Encore at Wynn Macau have guaranteed that the maximum price for the new resort will not exceed $417.4 million!

Thanks to Obama's anti-business policies, Wynn Macau now has 6400 jobs that will never return to America. In fact, in just the last 3 years, Wynn's offshore revenue has gone from just over 50% of their business to 60%; growing over 30%.

While China bends over backwards giving Wynn a $12 million tax break and a not-to-exceed contract to build a luxury resort, Obama has this to say about American businesses and investors:

“If you are a wealthy CEO or a health – hedge fund manager in America right now, your taxes are lower than they have ever been,” Obama said. “They’re lower than they’ve been since the 1950s. And you can afford it. You’ll still be able to ride on your corporate jet; you’re just going to have to pay a little more.”

The problem Mr. Obama is that they will not pay more, they'll simply take their capital, jobs, and private jet orders to another country; one that appreciates their business,

Dave

As of December 31, 2009, we had a total of approximately 18,900 employees (including approximately 6,400 in Macau).As of December 31, 2009, we had a total of approximately 18,900 employees (including approximately 6,400 in Macau).

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Wynn's Obama Rant: The Rest of The Story
Tuesday, 19 July 2011

Who Stole My Career?

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