Steve Wynn speaks out against Washington

Oct 27, 2009 1:16 AM
The Insider by Ray Poirier |

His neighbors may disagree but Steve Wynn, chairman and CEO of Wynn Resorts Ltd. (WYNN) continued to bash Washington lawmakers in an appearance Friday on CNBC, the nation’s leading business television network.

“If we continue to allow the economy of America to suffer from deficits,” he warned, “then every single working person in America will be damaged.”

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Current government policies, he said, do not focus on job creation and only increase the national debt, sending a message to the American public that the future is bleak.

Wynn was continuing a theme he first spouted on Fox network a week earlier. His comments were cheered by some bloggers, one whom suggested, “Wynn for president in 2012.”

His views were not shared by executives of other Nevada gaming companies. Critical were Jim Murren, chairman and CEO of MGM MIRAGE Inc. (MGM); Jan Jones, former mayor of Las Vegas and currently an executive with Harrah’s Entertainment Inc., and Craig Nielson of Station Casinos Inc.

They expressed appreciation of efforts of President Barack Obama, Sen. Harry Reid and other administration officials that they felt were working to combat the current economic problems.

In his comments on Friday, Wynn bemoaned the administration’s failure to address the high unemployment rates that continue to escalate.

“Its one thing to say we are going to create jobless benefits, but that doesn’t make someone believe in tomorrow, that doesn’t give them confidence. What gives people a better life is a job and our government I think has lost its focus on job creation.”

Where many people criticize but fail to offer solutions, Wynn had an answer:

The federal government’s most powerful weapon is its tax policy. And the restraint of federal power is the most dynamic use of federal power, he said, adding that a $30,000 tax credit per hired employee for a permanent position would create three to four million jobs in a “very short period of time.”

Question? Comment? E-mail me at: Ray Poirier