1 Introduction
Steve Wynn, CEO of Wynn Resorts, made some interesting remarks regarding economy and business during Jon Ralston’s interview (KTNV Channel 13 Las Vegas).
2 Steve Wynn’s observations
2.1 People
According to Wynn, many people are frustrated nowadays due to the erosion of their living standards. The prices rise because money is worth less and less. The declining value is caused by money printing (politically correct name is quantitative easing or QE) in order to cover the government’s fiscal deficits. Wynn warns that the commonly shared feeling of frustration is going to get worse. One of the solutions would be to stop quantitative easing.
2.2 Overregulation and taxation
Wynn states that the improvement of people’s lives depends on the demand of labour. This can come only from the private sector. However, regulations and red tape strangulate the formation of small business. If both are not kept under control, they will grow like weed.
Further, many people are convinced that entrepreneurs pay only the CIT (corporate income tax). Steve Wynn abolishes this myth by saying that many small businesses actually pay the PIT (personal income tax). In other words, the PIT cuts benefits not only consumers, but also reduce the tax burden carried by the small business owners.
2.3 Investments generating growth
In the course of the interview, Steve Wynn also addressed the issue of bringing sports to Las Vegas. His view is that sport and entertainment are the biggest movers of people. The increased number of visitors means more business for hotels and casinos. Therefore, one should focus on investments that generate growth.
2.4 The importance of customer relations
During the interview, Wynn stressed many times the importance of good customer relations. All starts with employees. When employees are happy, they will pass their happiness to customers. The impressed customer will then visit the hotel again and again. They will also recommend it to their friends and family members.
3 Conclusions
When it comes to the issues of the declining currency value, overregulation and taxation, Steve Wynn is not alone. Senator Ron Paul, Jim Rickards, Peter Schiff, Jeff Berwick, Robert Kiyosaki, Song Hongbing, Mike Maloney etc. addressed these issues in their publications and videos.
When it comes to the importance of customer relations, some of you would probably say that Steve Wynn’s statement is nothing new and that is common sense. Well, when you take a look at the way you are treated as a customer, you will notice that good customer relations are not the top priority for many companies.
Nowadays, central banks and governments are blamed for the stagnant economy. But are they the only ones? Is the private sector without a sin? Is the quality of services provided by it and the customer treatment really in a superb state? The recent airline incidents showed that it is rather not the case.
4 Videos
Part 1
Part 2
Part 3
