A surprising bit of news this morning.
"LAS VEGAS, July 2 /PRNewswire-FirstCall/ -- Tim Poster and Tom Breitling will be joining Wynn Resorts (Nasdaq: WYNN - News) subsidiary Wynn Las Vegas as Sr. Vice Presidents of Strategy and Development."
Categories: Business of Gaming, Wynn Resorts
I didn't like what they did at the Golden Nugget. Maybe it was the TV show, but they seemed to me to epitomize Las Vegas sleaze. Does Steve believe they can jump start internet marketing at both Vegas properties and in Macau, or does Steve think they bring some creativity to WYNN that's currently lacking? Sounds strange to me, and methinks there will be a clash of egos between Tim, Tom and Steve.
I look forward to Danny Gans being replaced by Matt Dusk.
I'm out of town and wasn't able to comment until now - thanks Mike for posting this.
Personally, I think this is brilliant.
I could easily see those two guys being responsible for some sort of boutique sub-brand of Wynn Resorts, maybe something aimed at a slightly younger crowd or different vibe than a WLV/Encore.
We talked with Tom Breitling extensively on an episode of the Vegas Gang and the guy came off really well - smart, grounded, with it.
Hunter, you make very interesting observations about the potential Tim and Tom can bring to Wynn, possibly to develop a sub-brand.
It's no wonder I've never been in Marketing.
Thinking about it, Steve brought in Victor Drai and look how Wynn's nightclub business became huge. Can Breitling and Poster do the same for Wynn as he develops the other hotels on the golf course land? After all, they can't all be Wynns or Encores.
Well detroit, I've always appreciated your business sense here on the blog. And, after getting over the initial shock from this news, I was thinking the same thing: that they might be involved with one of the future golf course projects, planning for which would have to start pretty soon what with Encore finishing up and the timetable for the golf course redevelopment to start within a couple years.
On their TV show, I had the sense they were trying for something major at the Nugget but their reach exceeded their grasp. Then again, as fake as that show was revealed to be, who knows. Steve must've seen something in them and I guess we'll have to trust his judgement on this....(fingers crossed)....
I talked to Andrew Pascal earlier today about Tim and Tom joining the Wynn team (starting next Monday) and he said the additions are a way to add "some really smart guys" and "expose them to what we do here." Adding entrepreneurial talent, folks with sales and marketing expertise will be a big plus for the company, Pascal said. "They are the kind of guys I'd like to work with. They're very smart and creative."
Pascal said it is too early to say exactly what projects they'll work on, but for now anticipates the duo continuing to work together.
Tim and Tom were both at the Wynn Macau opening (I watched the fireworks show with Tim and Bob Arum) and they have long been big fans of SW. The hiring also reunites Tim and Tom with former GN President Maurice Wooden, who runs Wynn's F&B.
Are "Tim & Tom" married to each other ?
One correction as a former Wynn employee Maurice is now the Dir. of Ops. of Wynn Las Vegas and has been for over a year and a half now.
Is it possible that Wynn is thinking of who will run the show when he's passed on? I'm not sure if Steve has a son, I know he has a daughter, but maybe its related to the family not wanting to take it over, or not qualified to do so?
I got to work a little with Tom on his booksigning event at UNLV, and I was really impressed. He's a genuinely nice guy but also has a real feel for what makes Vegas tick,as does Tim.
But is this a good move? I'd say absolutely. I think that Wynn is a pretty good judge of talent--after all, he's the guy who brought Bobby Baldwin out of the poker room and into executive offices, to name one prominent example. Between what was in the press release and what Jeff learned from Andrew Pascal, it's clear that SW has a great deal of respect and some high expectations.
It's interesting that as many other companies are shedding management, Wynn is adding it. And is it only ironic that Wynn, with his "damn the markets, full speed ahead" attitude actually seems to be building more confidence among investors? His stock is certainly faring better than other companies who've been more sensitive to the current bottom line.
Tim & Tom's actual brief at Wynn will be disclosed Monday, when they start work -- or so Wynn Resorts tells me.
Wynn (like everyone else, I assume) knows that Vegas and the economy will rebound - he'll be ready with staff and w/o drops in quality of service that come with layoffs.
Now, MGM Mirage's trimming of 400 middle managers could just have been that - a trimming of the fat common with merged companies/overlapping jobs. I doubt service will suffer but it is possible that the fear of layoffs could impact line workers, as Wynn has suggested.
Clearly he thinks he's making enough money to keep the Street happy - he'll probably outperform most other gaming companies but that's just a guess... Or maybe he just doesn't care about the Street's analysts - he's clearly shown contempt for Wall Street in the past - it's no secret he doesn't like running a public company.
Hunter--I think you're right about the impact of the layoffs on morale. Knowing some who were let go and some who remained behind, it wasn't the best way to build employee confidence or engender loyalty.
If it had been my call, I would have made the cuts through attrition and re-assignment--a company the size of MGM Mirage must cycle through 400 positions in a fairly short amount of time. But there's probably several million reasons that the top execs make the big bucks and I'm a mere "industry observer."
Wynn Resorts is considering a stock offering on the Hong Kong market:
I am still trying to think of the implications this will have on Wynn Resorts. Wynn has $1.5 Billion in cash in the bank. This is far greater than any other gaming company has on hand to my knowledge. They also have many credit lines which are still not drawn against. So I am wondering why they need such a large amount of money. I don't know if he is setting up for a major expansion into other Asia areas, or perhaps, he has other plans in mind and wants to get the money ready. Boyd is a screaming buy, but its not Wynn's style to buy people. I can't see him buying Boyd, and opening a new hotel which he didn't design. Time will tell, perhaps he's using this change to set up his financing for the golf course, but I would be surprised to see them start that process this early, when the project is still 18-24 months for breaking ground. With Wynn recent move to expand his management, and now his move to gather large amounts of money, I can only wonder what Steve is up to now.
I think Tim and Tom should be embarrased to go work for someone other than themselves. Probably hurting for money.
I seriously doubt either are hurting for money. They made a fortune when they sold Travelscape and another fortune when they sold The Golden Nugget.
I think Tim and Tom are both very smart to go work for Wynn. How in the world are they going to learn how to run a casino the RIGHT way, if not going to work for the best in the business. Therefore, when they buy another casino ( and trust me they will) they will know how to run it right and avoid the pitfalls that they had the last time.
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