Photo: Wikimedia Commons
One of the highlights of every earnings season is the Wynn Resorts earnings conference call led by the eloquent CEO Steve Wynn.Wynn Resorts Q1 earnings are out and the latest earnings conference call wrapped up earlier this evening.
During the Q&A of the call, Wynn addressed the idea that Chinese people are genetically predisposed to gambling.
“I want to say that is not my opinion,” said Wynn.
He then shared the amazing story of his grandparents who immigrated to America through Ellis Island in the 1890’s with nothing. They struggled through World War I and the Great Depression with nothing.
After World War II came and went, Wynn’s family was finally confronted by real opportunity.
“They worked hard. They were entrepreneurial. And they got a taste of the good life,” he said. “And they were the first ones in their family trees to have disposable income of any size.”
Wynn believes the same phenomenon that defined post-WWII expansion in the U.S. can be seen in China today.
“It’s an explosion of pent up demand for the good life.”
Here’s the brief few minutes where Wynn tells his story.
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