Steve Wynn Much Better Suited to Casinos Than Politics
For years now, we’ve been hearing the rich baritone carnival bark of Steve Wynn, who never misses an opportunity to attack President Barack Obama for his economic policies.
His passion on the subject is a little obscure. After all, in March 2009, about two months after Obama took office in the midst of the financial crisis, Wynn stock hit a low of $15.40. It now trades above $100, an increase of more than 500 percent.
Like many of the super wealthy, Wynn has come out of this recession largely unscathed — in 2010, the richest 1 percent took home 93 percent of all the income gains — and his taxes remain largely unchanged.
But it was Obama’s rhetoric that scared Wynn, apparently, with all his “socialist” talk about returning tax rates on the wealthy to where they were during the crazy socialist tenure of President Bill Clinton.
Politico reported that Wynn gave “millions” to Karl Rove’s super PAC to defeat Obama and the Democrats. Money well spent. But Wynn was perhaps most effective attacking Obama in interviews.
Last week, three days after the election, a story appeared in the Philadelphia Inquirer in which Wynn said in an interview that he was proposing to build Wynn Philadelphia. Wynn told the reporter that the board of directors of Wynn Resorts signed off on the project two weeks ago, meaning before the re-election of the crazy socialist Obama.
Perhaps Wynn was duped by Karl Rove into thinking Obama would lose. Or, just as likely, all that talk about business sitting on its hands until Obama leaves offices was just that: talk.
Either way, Wynn apparently now believes there’s money to be made in an America whose president will be Obama for another four years. Not to mention he’s doing it in high-tax Philadelphia — the tax on slot machines is 55 percent there, compared with Nevada’s state gaming tax of well below 10 percent.