Wynn Weighs Move to Macau

Wynn Resorts (WYNN) Weighs Moving Headquarters
Filed in Wynn Resorts (WYNN) on Apr.24, 2010
Gaming Giant Wynn Resorts (WYNN: 89.50 -0.47%) may be making things worse for U.S. based gambling operations and the economy if Steve Wynn’s idea of moving their headquarters overseas comes to light.

“I love it out here (Macau),” Wynn said on Wednesday “I’m going to bring it (the potential relocation of Wynn Resorts’ headquarters) up at our board meeting in May. But I have to persuade my staff first.”

Wynn had said that he wants to make Wynn Resorts a “Chinese Company”.

“It is not improbable or unrealistic considering so much of our revenue is from China that it makes sense that I spend most of my time here,” said Wynn. “I’m seriously considering that and I am weighing the implications of how I engineer that.”

The Las Vegas Strip that currently houses Wynn Resorts head office has long since seen its gambling revenues far eclipsed by Macau, which has drawn on the China’s growing economic might and passion for punting.

Wynn Resorts makes more than half of its operating cash flow from its Macau unit.

The story was broke by interviewers at the grand opening of Wynn Resorts $600 million major expansion Wynn Encore, this week.