I wouldn't go so far as to say it's "according to plan". These are definitely bumps. In addition to what's been written, from what I've been hearing Wynn is being pretty aggressive with "pre-emptive comps", i.e. sending out free room offers to likely folks, especially in california.
My wife and I went through there in late September. It's nice and all, but nothing wow'ed me. In fact, I felt like I was in a different flavor of Bellagio, maybe the cranberry flavor. Folks who have stayed there have been impressed, but there's little to grab the casual visitor, IMO.
So yes, I think Wynn is struggling more than expected, perhaps. But as a long term bet, there's several things in his corner:
1) It's Steve Wynn - he's a scrapper, he's not afraid to change what didn't work, and his attention to detail ultimately wins out (no pun intended). Consider the Bellagio itself - after the initial Wow factor, it seems a little too understated for the strip; but then you get to the service level, the fit-and-finish, and the wow returns...
2) Harrahs buys Caesars - it's likely there will be some Caesars regulars who won't feel the love from slot-pushing Loveman that they did in the "old days". More targets for Wynn.
3) Macau - I can't imagine a Macau casino not making huge coin - which floats the Wynn during the rougher periods. Even the perception of making money there (or being able to) floats the stock price.
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