Wynn Becoming The Yankees Of The Casino Gambling Industry

The New York Yankees have spent money this off season as if there was no economic problem in the US. They have signed arguably the top three free agents available in this year's class. They are receiving slack for the amount of money they are spending.

Steve Wynn has just opened his newest high end casino in Las Vegas and the glitz is overwhelming. In the casino industry, many people believe what Wynn is doing is similar to what the Yankees are doing in baseball.

Las Vegas casino companies have had their stocks destroyed by the current state of the stock market. Many of these companies have had to suspend casino expansion projects due to a lack of funds. Wynn, however, just keeps moving along.

In baseball, executives from different organizations are now calling for a salary cap. While many teams have had to cut back their spending because of the economy, the Yankees have thrown their riches in the face of their league.

Wynn continues to have the most stable of all casino stocks. That is evidenced by the new Encore casino he opened this past week. The casino is another in a line of luxury casinos in Las Vegas. Wynn started that line with the Mirage in 1989.

"The thing that is upsetting other owners the most is the lack of respect they feel the Yankees are showing the rest of the league. New York is not thinking in the best interest of the game of baseball when they spend over $400 million on three players when people are losing their jobs everyday in the US," said one rival executive who wished to remain anonymous.

Wynn, equally is not making any friends in the casino industry. His Encore casino is too rich for most peoples budget these days, "I can't even afford to pay my mortgage, there is no way I can afford to stay at this place (Encore). Not even for a night,' said struggling real estate agent Jeanie Richards, from South Dakota.

December 25, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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