Wynn supports government travel measures in Macau
Casino tycoon Steve Wynn said on Wednesday that even he couldn't make a prediction of when Macau would be all systems go again and supported government plans to stem travel there. He was, however, optimistic about Macau’s long-term success.
The CEO of Wynn Resorts Ltd. Continued saying that he was in "sharp disagreement" with a top executive at rival Las Vegas Sands Corp., who claimed that the government plans just make matters worse for Macau's casino industry.
But Wynn, who already has a resort open in Macau and a second in the works, said Macau officials have handled "practically everything beautifully" and been "more than accommodating, more than understanding."
The imposed limited travel measures he agreed with serve as a temporary measure help lessen the impact of gaming’s tremendous growth on Macau society, and make sure its economy doesn’t saturate.
"The fact that the economy and the development and expansion of Macau occurred at such a rapid rate has created a great deal of stress on the community," Wynn said over the phone interview with The Associated Press. "The central government and the Macau government putting ... a slowdown in visitation was an attempt to give the community a chance to absorb the stuff that had been built."
For the past couple of years, Macau has skyrocketed into the top ranks of gaming destinations, even surpassing Las Vegas in terms of revenue. Wynn, Sands and MGM Mirage Inc. all have big presences there. But growth has slowed in 2008 as the global economic crisis continues to take its toll. Macau’s government started issuing travel restrictions over the summer to take control of its unstoppable growth.