Wynn casinos need to diversify revenue sources, not rely on gambling alone

Wynn stressed that bankrolling a successful resort on nongaming dollars — from hotel rooms, restaurants, shops and entertainment — is nothing new. He gave a history lesson of sorts, beginning with his tenure at the Golden Nugget decades ago.

At the Golden Nugget, Wynn said, focusing on the property’s nongaming attractions allowed it to make more money than all other Fremont Street casinos combined at one point. This lesson continued in full force when Wynn opened the Mirage on the Strip in 1989. Even then, Wynn said, the Mirage’s record-breaking gaming revenue was smaller than its nongaming revenue.

In later years, the same held true for the Bellagio. And the Wynn. And Encore.“It’s always been that the noncasino story was the story. It was never the slot machines — they’ve been everywhere for centuries,” Wynn said. “The machines have no power unto themselves. A roulette table is a roulette table anywhere on Earth.”

Wynn brought up the fact that most Americans now live in a state where they can easily access a casino, meaning that a resort’s gambling opportunities can’t be the only thing attracting customers.

“You got to give people something they’re willing to get on an airplane and submit to a body search for,” he said. “That ain’t a slot machine, friends, and it sure as hell ain’t a baccarat table.”

While answering questions submitted from the audience, Wynn divulged that his thoughts on Internet gaming are “not much.” He implied that he isn’t worried about getting “left behind” in what he views as a problem-laden area of the gaming industry.

Wynn also shared some of his thinking on the casino he recently won approval to build near Boston. He spoke of the rare opportunity he has there — unless Massachusetts voters decide to ban casinos in November — to build a “grand hotel” experience.“I want all the people in Boston, when they walk through the door, to know they’re not in Kansas anymore,” Wynn said.