In with Wynn
In with Wynn
Casino industry veteran Jack Binion to head up Wynn's international operations
Wynn Resorts recently announced that gambling industry veteran Jack Binion would serve as chairman of Wynn International and senior executive for Asian operations and development.
Wynn Resorts Chairman Steve Wynn released a statement about the appointment. "The decades of experience and unparalleled success that Jack brings to our company is extraordinary," Wynn said. "Jack's guidance will greatly enhance our ability to deal with the challenges that we face as a fledgling operator in China."
Binion's years of experience began with his father, Benny Binion, who founded downtown Las Vegas' Binion's Horseshoe. Jack Binion later ran Binion's Horseshoe, which is reportedly how he met Steve Wynn, who owned the nearby Golden Nugget. According to Gaming Wire in Las Vegas, they got to know and admire each other at that time.
Binion went on to form the Horseshoe Gaming Holding Corp. for which he served as chairman. The company owned three riverboats in Indiana, Louisiana and Mississippi. In 2004, Binion sold Horseshoe Gaming to Harrah's Entertainment. The transaction included a noncompete contract preventing Binion from working with domestic Harrah's competitors outside of Nevada.
Binion will join Wynn Resorts before the opening of Wynn Macau, the $1.2 billion, 600-room resort scheduled to open Sept. 5. The casino resort will be diving into a market which until two years ago, when Macau Sands opened, was dominated by a 45-year monopoly granted by the government to Stanley Ho, entrepreneur and currently the largest corporate employer in the territory. Industry insiders-who asked not to be named-told Gaming Wire that the one-on-one relationships in high-roller gambling in Macau are something Binion understands well, which will help Wynn compete with Ho. "No one can do it better than Jack," one source said.
Analysts also saw benefits in Binion's new position. Andrew Zarnett, Deutsche Bank analyst, referred to the decision to hire Binion as a "masterstroke," as Binion knows gambling better than most in the business. "His experience with his dad in running Binion's gives him unique experience taking care of gamblers, and that's what the Macau market is," Zarnett said. "Also, his folksy personality will be a great attraction. But the best part of the choice is the mutual respect Steve Wynn and Jack Binion have for each other."
Jeffries and Co. Analyst Larry Klatzkin said the appointment meant good news for Wynn Resorts. "Binion's talent and creativity in dealing with high rollers should be of big benefit to Wynn, and we take this as a strong positive for the company," Klatzkin said in an investor advisory.
-Darby Harris
Casino industry veteran Jack Binion to head up Wynn's international operations
Wynn Resorts recently announced that gambling industry veteran Jack Binion would serve as chairman of Wynn International and senior executive for Asian operations and development.
Wynn Resorts Chairman Steve Wynn released a statement about the appointment. "The decades of experience and unparalleled success that Jack brings to our company is extraordinary," Wynn said. "Jack's guidance will greatly enhance our ability to deal with the challenges that we face as a fledgling operator in China."
Binion's years of experience began with his father, Benny Binion, who founded downtown Las Vegas' Binion's Horseshoe. Jack Binion later ran Binion's Horseshoe, which is reportedly how he met Steve Wynn, who owned the nearby Golden Nugget. According to Gaming Wire in Las Vegas, they got to know and admire each other at that time.
Binion went on to form the Horseshoe Gaming Holding Corp. for which he served as chairman. The company owned three riverboats in Indiana, Louisiana and Mississippi. In 2004, Binion sold Horseshoe Gaming to Harrah's Entertainment. The transaction included a noncompete contract preventing Binion from working with domestic Harrah's competitors outside of Nevada.
Binion will join Wynn Resorts before the opening of Wynn Macau, the $1.2 billion, 600-room resort scheduled to open Sept. 5. The casino resort will be diving into a market which until two years ago, when Macau Sands opened, was dominated by a 45-year monopoly granted by the government to Stanley Ho, entrepreneur and currently the largest corporate employer in the territory. Industry insiders-who asked not to be named-told Gaming Wire that the one-on-one relationships in high-roller gambling in Macau are something Binion understands well, which will help Wynn compete with Ho. "No one can do it better than Jack," one source said.
Analysts also saw benefits in Binion's new position. Andrew Zarnett, Deutsche Bank analyst, referred to the decision to hire Binion as a "masterstroke," as Binion knows gambling better than most in the business. "His experience with his dad in running Binion's gives him unique experience taking care of gamblers, and that's what the Macau market is," Zarnett said. "Also, his folksy personality will be a great attraction. But the best part of the choice is the mutual respect Steve Wynn and Jack Binion have for each other."
Jeffries and Co. Analyst Larry Klatzkin said the appointment meant good news for Wynn Resorts. "Binion's talent and creativity in dealing with high rollers should be of big benefit to Wynn, and we take this as a strong positive for the company," Klatzkin said in an investor advisory.
-Darby Harris
