I was pleased to read this report by Bloomberg, highlighting Steve’s Wynn’s black swan loss at his Baccarat tables in Macau.
In an amazing twist of fate, a single junket operator in Macau cost Wynn’s casinos millions, what what Steve Wynn called the ‘most unique statistical anomaly in 50 years.’
The ‘black swan’ event occurred at Wynn’s $4.2b resort on Macau’s Cotai strip.
“The bottom fell out and all of the players won millions of dollars,” said the 75-year-old casino mogul.
In a system prevalent in that market, junket operators bring high rollers to the casinos, front them cash and set them up in private rooms. The casinos pay the operators a commission based on the amount their clients bet, and are on the hook for the gamblers’ winnings.
Let’s be clear, gambling is stealing, specifically targeting the lower to middle class by targeting their aspirational desires. This vice ruins nest-eggs, breaks up families, and only serves to enrich the casino operators.
Lo and behold, ironically, we have a casino operator in the White House now.
Here’s Steve Wynn describing his most unfortunate event, when the bottom fell out and all of the players won millions. It’s also worth mentioning, the smoking ban in Macau will be applied to all in 2019. At the present, there are casinos that are ‘grandfathered in’ and are allowed to permit people to acquire cancer whilst losing all of their money. This could be a big tailwind for the company in 2019. And, it’s worth noting, their Macau casinos have been plagued with major construction projects that have hurt the business. Once that is complete, WYNN should be stealing money faster than Russia steals emails.
Poor Steve. Statistically, baccarat offers gamblers the best chance of winning.
And here’s Steve bragging about fleecing foreign high rollers for $12 million over the weekend, just in case you thought the house was prepared to lose for an extended period of time.
Year to date, WYNN’s share price is +50%.
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Let’s be clear, gambling is stealing, specifically targeting the lower to middle class by targeting their aspirational desires. This vice ruins nest-eggs, breaks up families, and only serves to enrich the casino operators.
Well said.
Gambling is at the root of the “Something-For-Nuthin” “Git Rich Quick” degenerate instant gratification culture.
Communist much?
and also the exact opposite, being the own individuals choice and responsibility
Double reverse communist pillow cloud
I am fine with gambling… on the margins of society where it belongs. In alleyways, boiler-rooms, public restrooms and savage reservations.
Why not shut that down too? The true victims?
Uhh. Not on board the whole “stealing” thing. Gambling is the human condition or one can roll over and die.
Is this day two into trying to become a living plant?
Danny Ocean rules
Damn, I like a healthy dip down to the 200 or MOAR fucking gamblers
Casino is honest gambling with odds slightly bent in favor of the house. Everybody knows that. It’s not like Wynn goes and selectively rigs every table and games every draw at will. Compare that to the stawks and bonds markets which the FED rigs every single day to its liking.
Also, people willingly walk into a casino. Who are we to say how they spend their time and money.
But by institutionalizing inflation, the Fed forces people into the market (the casino). The only sure way to lose in by sitting in cash while the Fed slowly steals your money via inflation. Of course, once the last of us suckers believes in the bull, it is over.
Poor showtime
Couple that with the tainted alcohol in mexico, who will pay for a ginormous wall. It all leads to war. Have a good night
i was working in macao when the wynn casino was being constructed. absolutely insane the scale and cost. i think they built the whole casino in 90 days or something. the deal with the chinese government was crazy as well. can’t remember the numbers anymore but wynn had something like 4 years to recoup the fees they paid.
We’re reaping some tit for our tat: “Putin Expels 755 U.S. Diplomats.” The US is increasingly isolated and fucked. One might applaud Trump’s anti-globalist rhetoric, but we are getting the worst of both worlds …driving Russia and China together …driving Iran to the east; all while distancing ourselves from our traditional allies in Europe. King dollar (and our standard of living) cannot survive this level of cluelessness.
Not money laundering at all. Just the biggest statistical anomaly in 50 years. Nothing to see here.