Wynn 1Q16 Earnings Call Notes

Wynn Resorts’ (WYNN) CEO Steve Wynn on Q1 2016 Results

The activity in the stock market is poorly regulated and irresponsibly policed casino

“But when shorts – the exchanges really don’t enforce the rules of make it shorts. So it is an unconscionable manipulation of the stock that occurs. They open up every morning and the high-frequency traders and the shorts have a ball selling shares and then value buyers step in in the afternoon and they cover the shorts. It is regular casino activity. The activity on the stock markets is in my view poorly regulated and irresponsibly policed, especially with regard to short sales. And when it gets out of hand we see a lot of shorts because of China. Because we are such a clear China play we probably had a bigger percentage”

The stock market is more stupid as a gambling game than ever

“So the stock market has got more volatile, more stupid as a gambling game than ever before. And I look at it that way to be honest with you. I have very little respect for the integrity of the trading on the exchange in most stocks. And I have particular disdain for the fact that the SEC has failed to deal with high-frequency traders who are doing nothing more than taking advantage of inside information, a buy or a sell order, because of technology advantages.”

Maurice Wooden

Confident seeing a nice stability in Las Vegas

“So looking forward we continue to see the same type of growth that we had in the first quarter. We anticipate our revenues on the hotel side to be up around 5%. As far as what is on the books, we feel very confident that we have a nice stability in all segments.”