Gregg, Thanks for that very interesting stock price report you posted. Anyone in here buy in when it was selling for the price of a pack of gum?

I read somewhere, that this sale will "only" put 500 million (before taxes?) in Mr. Wynn's pockets. Anyone know the facts concerning that?

The same report stated that he was ready to get out of the business in Las Vegas and open an island paradise with accomodations for approximately 20 personal guests.

I would think that his Las Vegas job would have been one of the best jobs in the world. I bet he'll miss it.

Does anyone have any idea of what his daily routine was like while he ran Mirage Resorts?
Did he have fantastic accomodations in each property and the finest of gourmet dining each evening? Did he swim with the dolphins and pet the white tigers? Was a limo at his beck and call whenever he wanted to take a drive into the desert? How many people reported directly to him each day? How many in house meetings did he have on a daily basis? Was he ever able to sit down and make a bet and have a comped cocktail in his own casino just to relax? Did he ever swim in the pool? Did he ever draw a moustache on one of those masterpieces just for the hell of it? He he ever played funny tricks on his employees? Did he participate in the auditions of the performers in Cirque du Soleil? Or the hireing of the cocktail waitresses? Did he really personally inspect each room in the Bellagion before it opened to the public? Did he get a monthly salary? How much per day?

Anyone got the inside scoop?

------------------
will800

Some experts think the Mirage deal isn’t the last deal to be made. Since there are no new states approving gambling, the only way a corporation can grow is through acquisition.

The MGM/Mirage deal reduces to 6 the number of major players: MGM-Mirage, Park Place Entertainment Corp., Harrah's Entertainment, Inc., Mandalay Resort Group, Boyd Gaming Corp. and Station Casinos Inc. At least one analyst is predicting that Mandalay Resort Group will be next.

D.A.G. --

I'm no expert on picking stocks (if you don't believe me, I'll show you my "portfolio" :-)), but I think there is a fairly reasonable explanation as to why the price of Mirage stock has settled in at the $18-$19 share price range at this time.

MGM's purchase of Mirage is not supposed to close until the 4th business quarter. So there's still time for the deal to go bust, and there's still time before the investor collects the $21 a share. Therefore, the market values the risk of the deal not being completed and the time-value of the money being tied up at around 15%. And by the way -- although the risk of the deal going bust may not be high, if it does the downside is substantial; it's likely the price would drop at least as low as it was prior to the MGM offer, which I believe was around $10 a share.


------------------
Mark L. in NJ


[This message has been edited by markl (edited March 12, 2000).]

Will --

I enjoyed your questions about Steve Wynn! One of them was whether he "participated in hiring cocktail waitresses?"

While that's not a question I can answer, in John L. Smith's book "Running Scared," which is an unauthorized biography of Steve Wynn, Smith interviews several people who claim that Mr. Wynn's appetite for women is as strong as it is for the casino business; those people allude to hiring practices that reflected this appetite.

One of the most amusing quotes in the book relates to this, and was attributed to Ron Tucky. Mr. Tucky purportedly was Steve Wynn's personal aide until he quit after a pay dispute in 1993. Mr. Tucky said: "It doesn't matter if it's Lana Turner or Stomach Turner. When it comes to getting [women], he has no taste at all." (Running Scared, page 222).

With respect to your other questions, I'm sure there's no doubt that Steve Wynn had many ameneties at his beck and call as CEO of Mirage Resorts. However, with Mirage being a publicly traded company, he also would have had to be mindful of not being too "piggy" when it came to doing things on the company dime. Just what would be considered "too piggy," however, is a matter for debate!

------------------
Mark L. in NJ


[This message has been edited by markl (edited March 12, 2000).]

Will: Steve Wynn has a home on the Shadow Creek golf course that most likely MGM will retain for their high rollers. Reportedly the sale of Mirage Resorts automatically triggered a previous arrangement Wynn had where the house would sell for an automatic price, so he would have to move by the time the deal is closed. Don’t worry that Steve
will be homeless though. It’s also reported that he is currently building a penthouse at the Park Towers high-rise luxury condo development that he is working on.

Park Towers condo location? Dunno.

Veronica,
I read somewhere last week, (don't ask me where because I can't remember <vbg> ) that Steve Wynn will be allowed to keep his house at Shadow Creek. So much has been written in the last week who knows anymore what is fact and what is speculation. Guess we have to wait and see what happens.

There's one thing for sure. No matter what happens, Steve Wynn will have plenty of money for the rest of his life. <vbg>

Lee Ann
Past, Present and Future Forum Moderator
leeann@talkvegas.com

This info was in today's Sun...

Steve Wynn will have a three year employement contract with MGM after the sale, however, this agreement can be cancelled by Steve Wynn or MGM at any time.
If the agreement is cancelled Steve Wynn gets a payment of $11.25 million.

Steve Wynn has the right to buy one of the Mirage's jets and an apartment in New York owned by the Mirage.

There is also mention made of the Shadow Creek house. "Within five years, Wynn can require MGM Grand to purchase his home at Shadow Creek 'at cost'".

Lee Ann
Past, Present and Future Forum Moderator
leeann@talkvegas.com

I was speaking with a slot club clerk at the Bellagio last night who reported that Steve Wynn had been at the casino last night taking a stroll and saying hello to all the employees. I wonder if he can ever roam around the hotels incognito.