Industry Luminary Binion Joins Wynn Resorts

Binion is the former Chairman of Horeshoe Gaming, a company that helped define Las Vegas before the mega-resorts moved in during the 1990s. Binion inherited the Horshoe casino in downtown Las Vegas from his father Benny Binion an turned it into one of the most well known properties in the city and gaming brands.

Wynn, who is Chairman of Wynn Resorts, and Binion have known each other for decades ever since Wynn owned the Golden Nugget back in the 1970s. The casinos were next door to each other. Additionally Wynn is a big poker player, a game Binion also has an affinity for. In fact, in 1970 Binion launched the first ever poker tournament that has become a goliath in gaming circles. Now dubbed the World Series of Poker -- which is taking place right now at the Rio in Las Vegas - this year’s top prize is $12 million.

Binion parlayed the success in the Las Vegas property to an operation that eventually included riverboats in other jurisdictions as well as a Bossier City, Louisiana casino and a Tunica, Mississippi casino resort. His company brought in approximately $840 million in revenue yearly by the time he agreed to sell to Harrah’s Entertainment in September 2003. The deal was closed the following year.

Regarding the appointment of Binion to the Asian gaming position, Wynn said Binion’s depth of knowledge will be a key asset to his ability to succeed in this position. “The decades of experience and unparalleled success that Jack brings to our Company is extraordinary. Jack takes his place in the Company at a moment in our history that is truly auspicious. He will lend his direction and maturity to Wynn Macau,” said Wynn. “Jack's guidance will greatly enhance our ability to deal with the challenges that we face as a fledgling operator in China. We face our future in China with humility and great anticipation and, in the company of Mr. Binion, great confidence as well."

The first phase of Wynn Macau will open next month at an expected cost of $1.2 billion. Set on 11 acres of a 16 acre site, the 600 room gaming complex will feature 100,000 square feet of gaming space with 210 table games and 380 .. There will also be seven restaurants, approximately 26,000 square feet of retail space, a spa, a salon, entertainment lounges and meeting facilities. The second phase of the project set to open by the end of 2007 and will add an additional 135,000 square feet of casino space, another restaurant, retail space, a theater, and an entranceway feature attraction yet to be announced.




Deutsche Bank analyst Andrew Zarnett told the Las Vegas Sun the decision to hire Binion was a "masterstroke" since Binion knows the business better than almost anyone. "His experience with his dad in running Binion's gives him unique experience taking care of gamblers, and that's what the Macau market is," Zarnett said. "Also, his folksy personality will be a great attraction. But the best part of the choice is the mutual respect Steve Wynn and Jack Binion have for each other."

Wynn Resorts is also looking to create another project in Macau in the Cotai area. According to the company’s second quarter financial statement released last week, the company is continuing to “to make progress on our land concession discussions for a 54 acre site.” They expect to have the deal wrapped up within the next couple of months.

The company also reported its Net Revenues for the quarter were $273.4 million and adjusted net loss (excluding $15.2 million in pre-opening expenses, property charges and increase in swap fair value) was $4.9 million, or $0.05 per share. Wynn Las Vegas generated $113.5 million in net gaming revenues. Table games drop was $466.1 million, with win per table per day (before discounts) of $7,187 for the quarter. Slot machine win per unit per day was $240.

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