Key Takeaways
The sexual misconduct allegations against Mr. Wynn may (though I am not sure) be part of a controversy over who owns the land at his properties in Vegas. His company has lost billions of dollars in market capitalization over the last six months.Like Mr. Wynn, I am an Ivy League MBA and was involved in the gaming business in New York back in the 1990's. That was when the democrats and the Cuomo family decided that they wanted the land and assets of the New York Racing Association, valued at over $1 billion. Back then, NYRA was paying the state of New York over $200 million a year in taxes (inflation adjusted). The NYRA board included such capitalists as Phipps, Bancroft, and Dreyfus, who did not believe in state ownership of their properties. Like Mr. Wynn, these men were prominent Republicans. They called on me to defend them and I did so successfully, or so I thought. The Board's chairman told me they were grateful for my work, and that they had big plans for me. I was then unexpectedly put into a back office with nothing to do for many months. A new management team was brought in and I was fired without cause after the board had told me that my job was safe and that they had big plans for me. The state then took over NYRA and took it to ruin. The current NYRA chairman, Michael Del Guidice boasts that the NYRA is profitable (before corona). In 2019 they claimed to have made about $10 million. Yet they were paying the state over $150 million less in taxes; if they were paying the same taxes as NYRA paid when NYRA was under capitalist control, they would have lost over $100 million.
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