Steve Wynn Makes Casino Adjustments

Steve Wynn spent most of Thursday's Wynn Resorts earnings call complaining about the government in Macau, but he also had some comments about Las Vegas.

You may remember last quarter when Steve Wynn talked about lowering craps odds. This time he provided a little more context to those kinds of adjustments he's making in the casino:

"We made a whole bunch of changes in the casino, both physically and procedurally. We've even fooled with the rules of the game. It's been 50 years since Las Vegas increased the price of gaming. We're way overdue considering the cost of running games and payroll.

We've adjusted our yield rate management approach. Maurice Wooden is here and he's very good at that in the whole American operation. We've made a host of adjustments. We were off in one month from $100 million in baccarat to 45. We were off $55 million in baccarat but we made almost the same amount of money because of all the adjustments we made.

And they go across the board throughout the hotel. And the way we price the hotel, the restaurants, and entertainment and gaming. We don't sit by and allow ourselves to become victims of anything of any aspect of our operation over which we have any control. So my long term view of our operations in America and in China is still positive. It's the short term that's bewildering."