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Fortune names Wynn Resorts most admired Las Vegas company
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LAS VEGAS REVIEW-JOURNAL
Wynn Resorts Ltd. remained the most admired company in Las Vegas in the hotel-casino industry as ranked by Fortune magazine.
Fortune's annual list was released Thursday and puts Wynn Resorts at No. 4 in the category of hotels, casinos and resorts. The list is based on surveys of industry participants and analysts.
The rankings were released about a month after Wynn Resorts reported a $114.2 million profit for 2010, compared with a loss of $4.2 million in 2009. In a regulatory filing, the company said sales came in at $1.24 billion for its Macau operations.
On Thursday, Wynn Resorts shares reached a new 52-week high of $131.08, before closing at $130.53, up $4.45, or 3.53 percent, on heavy volume of 2.43 million shares traded on the Nasdaq Global Select Market.
Wynn Resorts ranked high in the Fortune list for innovation, quality of products and services as well as global competitiveness and quality of management. The company, which owns and operates Wynn Las Vegas, Encore and Wynn Macau, received modest rankings for long-term investment, financial soundness and social responsibility.
Marriott International, Hyatt Hotels and Starwood Hotels and Resorts topped the list of the most admired companies in the hotels, casinos and resorts list.
MGM Resorts International, which ranked No. 5 on last year's list, dropped to No. 9 while Las Vegas Sands Corp. was No. 8 and Harrah's, now Caesars Entertainment Corp., was ranked No. 10.
Wyndham Worldwide at No. 6 and Accor at No. 9 were the other hotel companies to make the list. Two Las Vegas-based gaming companies that were on last year's list were not ranked this year -- Penn National Gaming and Boyd Gaming Corp.
For the fourth consecutive year, Apple topped Fortune's list of the world's most admired companies. The only hotel company ranked in the Top 50 was Marriott International, which ranked No. 37.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
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LVRJ or LV Sun: Discover and publish the average effective tax rate paid by Steve Wynn personally since Wynn Resort opened. Then discover and publish the effective tax rate paid by dealers at Wynn and Encore since they opened. Wynn dealers are contributing a portion of their tip income to supervision, against the will of many. Wisconsin, Vegas, it's all the same thing. It's about FINANCIAL LEVERAGE and CONTROL. And this is not specific to Steve Wynn. MGM Resorts owns half the Strip Corridor, it's another behavior but also about FINANCIAL LEVERAGE and CONTROL in desired outcomes. I believe in right to work, I also believe unions have a seat at the American table representing labor. I believe in free will, as am employer and an employee. What needs to be executed is getting out the measuring stick to see just how far the teeter totter is weighed on one side or the other. Vegas has become a CORPORATE place, and that probably means the LEVERAGE and CONTROL have pushed the totter well to the right, where just a few are sitting with a whole lot of weight behind them.
vegaslee... Wynn enticed top dealers to leave the properties that they were at to come work for him. He said they would be working for the best. 6 months later he instituted his tip sharing policy. And that's the problem I have with Wynn. If his policy was in place before he recruited, thats fine. He instead changed it after he was able to get his staff in place. The staff responded by voting to form join a union. On the night before the union vote, a tearful Steve Wynn pleaded with his staff not to unionize. I hope he heads off to Macau and is never heard from again.
Can anyone say 'lack of competition' or possibly 'winner by default' ???? Well whatever the case Wynn would have gotten my vote for pursuing that scumbag Francis 'girls gone wild' dude for the millions he owes them.
Funny how when ever Mr. Wynn opens a new property people that have worked for him in the past flock to work for him again. He has some of the longest term employees in the whole industry yet some posters here, that don't work for him seem to think they know different. Are some not happy, yes, that is in any place. Betting you will find more happy then unhappy there though that have worked for him since back in the Golden Nugget days.
Ha! so agree with the Both of you JR and jdsummerlin
Cant wait for the economy to pick back up (Ha yeah sure) I'll be outta here
Yeah and most of the employee's of the LV properties hate their jobs and can't wait to move on when the economy perks up!
Wynn enticed the best dealers to his place and then he took their tips to share with their supervisors. If thats the best company in Vegas, we are in big trouble.