By Steve Norton
CEO, Norton Management

Will Las Vegas Sands and Wynn Resorts Survive the End of the Adelson-Wynn Era?

My comment:

Ken Adams is absolutely correct, that both Wynn Resorts and Las Vegas Sands will continue to develop quality destination resorts. I know both men well, helping to convince Steve, in March 1978, that an investment in Atlantic City was a no-brainer, and with Sheldon, I joined LVS as his President/COO in 1990, during the construction of the Sands Expo Center, providing my casino contacts to get the necessary resort hotel rooms, to house 170,000 Comdex exhibitors and attendees.

At that time in Las Vegas and nearby communities, city-wide events were unpopular with the larger resorts like Caesars Palace, the LV Hilton and Bally, who preferred events, where attendees never had to leave the property (or casino).

Steve believed in luxury, not only in resort construction but also at his Shadow Creek Golf Course. Steve's Mirage, Bellagio and Wynn projects, join Sheldon's Venetian, and Mandalay Bay, as iconic Las Vegas Strip destination resorts. Both Steve and Sheldon have developed incredible projects in Macau, and Steve being behind the development of Encore, Boston Harbor and Sheldon, the Marina Bay, in Singapore. Their Singapore and Macau projects are the most profitable casino operations in the world.

Sheldon, with my help, is also responsible for changing the mindset of Las Vegas Strip operators, finally accepting citywide conventions and trade shows that now outperform the casino departments in both revenue and profits. Unfortunately, other jurisdictions are only just now learning that super high hotel occupancies and room rates can offset a great deal of casino play.

Steve and I were two of the original founding directors on the American Gaming Association that is doing such a great job in representing the commercial and Tribal gaming operators, as well as suppliers, and other businesses dependent on a positive image of our multi-faceted industry. We now employ 1.8 million and contribute over $41 billion annually, in state, federal and local taxes.

Steve has already taken a back seat in casino resort development, but both Wynn Resorts and LVS have developed superior executive personnel, a new Board at Wynn Resorts, plus an experienced Chairman, in Phil Satre. And both companies, with strong balance sheets, stand at the front of the line for the 3 new destination casino resorts in Japan.