During a discussion about second quarter earnings, Democrat and Wynn CEO Stephen Wynn explained that economic uncertainty is killing the opportunity for growth among Las Vegas businesses and throughout the country, holding President Obama responsible saying, "this administration is the greatest wet blanket to business, and progress and job creation in my lifetime." The entire excerpt below is worth reading.
Well, here's our problem. There are a host of opportunities for expansion in Las Vegas, a host of opportunities to create tens of thousands of jobs in Las Vegas. I know that I could do 10,000 more myself and according to the Chamber of Commerce and the Visitors Convention Bureau, if we hired 10,000 employees, it would create another 20,000 additional jobs for a grand total of 30,000. I believe in Las Vegas. I think its best days are ahead of it. But I'm afraid to do anything in the current political environment in the United States. You watch television and see what's going on, on this debt ceiling issue. And what I consider to be a total lack of leadership from the President and nothing's going to get fixed until the President himself steps up and wrangles both parties in Congress. But everybody is so political, so focused on holding their job for the next year that the discussion in Washington is nauseating. And I'm saying it bluntly, that this administration is the greatest wet blanket to business, and progress and job creation in my lifetime. And I can prove it and I could spend the next 3 hours giving you examples of all of us in this market place that are frightened to death about all the new regulations, our healthcare costs escalate, regulations coming from left and right. A President that seems -- that keeps using that word redistribution. Well, my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money. Everybody complains about how much money is on the side in America. You bet. And until we change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President. And a lot of people don't want to say that. They'll say, "Oh God, don't be attacking Obama." Well, this is Obama's deal, and it's Obama that's responsible for this fear in America. The guy keeps making speeches about redistribution, and maybe we ought to do something to businesses that don't invest or holding too much money. We haven't heard that kind of talk except from pure socialists. Everybody's afraid of the government, and there's no need to soft peddling it, it's the truth. It is the truth. And that's true of Democratic businessman and Republican businessman, and I am a Democratic businessman and I support Harry Reid. I support Democrats and Republicans. And I'm telling you that the business community in this company is frightened to death of the weird political philosophy of the President of the United States. And until he's gone, everybody's going to be sitting on their thumbs.
Video H/T Greg Hengler, Text H/T John Ransom
During the president's town hall meeting in Nashua, New Hampshire, he discussed the need to curb spending during tough economic times. "When times are tough, you tighten your belts," the president said. "You don't go buying a boat when you can barely pay your mortgage. You don't blow a bunch of cash on Vegas when you're trying to save for college."
The president's comments come nearly a year after he criticized companies that received federal money [stimulus package money] for taking corporate junkets to Las Vegas. "You can't go take that trip to Las Vegas or go down to the Super Bowl on taxpayers' dime," he said at the time. Local business leaders say Nevada tourism suffered last year in part because companies canceled trips to Las Vegas in the wake of the president's comments.
His statement Tuesday drew sharp criticism from Nevada lawmakers. "The President needs to lay off Las Vegas and stop making it the poster child for where people shouldn't be spending their money," said Senate Majority Leader Harry Reid, a Democrat. "Las Vegas is suffering through one of the highest unemployment rates in the country, and we cannot afford for the President to bring us down any further," added Republican Senator John Ensign. "Nevada has one of the most distressed economies in the country, and the President has done little to focus on job creation over the past year. Discouraging people from coming to our state to make a political point adds insult to injury," said Republican Congressman Dean Heller.