Tags: casino | wynn | US | China

Casino Mogul Wynn: 'I'm More Scared About US Than China'

By    |   Wednesday, 01 October 2014 07:13 PM

Steve Wynn, CEO of Wynn Resorts, which earns a majority of its revenue in the Chinese territory of Macau, isn't too worried about the political turmoil in another Chinese territory, Hong Kong. 

"I'm more scared about the United States than I am about China," Wynn told CNBC. The pro-democracy protests in Hong Kong have "become sort of a party out there." The tumult won't last, he said. "Everyone in China is pragmatic and practical."

As for the United States, while Wynn Resorts has no intention of executing a tax inversion, Wynn doesn't like the idea of the U.S. government penalizing companies that do so.

"The administration wants to punish everybody," he said. "That's part of the political mentality at the moment in America. Punish people."

Tax inversions involve U.S. companies buying foreign ones and then domiciling themselves overseas to avoid onerous U.S. corporate taxes, which run up to 35 percent at the federal level.

Meanwhile, "the regulatory burden in China is infinitesimal compared to the crap we get in America," Wynn said.

Many business figures in Hong Kong are worried about the conflict between China's government and the territory's protestors.

"Hong Kong is famous for its metropolis lifestyle and is a shopping paradise for many tourists around the world," Ricky Tse, chairman of the Hong Kong Inbound Tour Operators Association, told The Wall Street Journal.

"However, the continuing protests have damaged our image as a safe travel destination and could seriously affect our economy if things drag on."

Related Articles:

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Finance
Steve Wynn, CEO of Wynn Resorts, which earns a majority of its revenue in the Chinese territory of Macau, isn't too worried about the political turmoil in another Chinese territory, Hong Kong. "I'm more scared about the United States," he told CNBC.
casino, wynn, US, China
268
2014-13-01
Wednesday, 01 October 2014 07:13 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved