Le Reve is Out...Wynn is in.
steve wynn is changing the name of the new property.
The reasons behind a name change for Las Vegas' newest megaresort were simple ones, Steve Wynn said Monday.
People were three times more favorably inclined to visit a property named after the casino developer than one named Le Reve, according to research, and market researchers, friends and fellow entertainment industry titans Steven Spielberg and Barry Diller said he should change the name.
Additionally, Wynn Resorts' planned Macau property is set to be called Wynn Macau, while development opportunities flowing from a deal signed last week with SBM, the Monaco-state owned company that controls the Riviera principality's casino monopoly made a worldwide brand even more important, advisers told Wynn.
On Monday Wynn took everyone's advice, dropping Le Reve and naming his $2 billion resort Wynn Las Vegas.
"We did a bunch of research," he said. "When we first started building Le Reve we were a one-hotel company. Then we added our Macau opportunity, and our alliance with (Societe des Bains de Mer), and it became more important to emphasize our global brand."
And the Wynn name was preferred over Le Reve by three-to-one margins in market research conducted by marketing guru Peter Arnell, creator of the DKNY brand, and pollster Frank Luntz.
"No one knows what Le Reve is," Wynn explained. "No one knows how to pronounce it."
Le Reve is French for "The Dream," the name of the Pablo Picasso painting Wynn and his wife, Elaine, own.
Arnell agreed.
"Everyone knows intuitively what 'Wynn' stands for," he said in a statement. "It is a brand that already exists, but until now has remained behind the scenes. If ever there were a time to put a face on the Wynn name it would be now."
When those questioned by Arnell and Luntz were told Le Reve would be "developed by Steve Wynn, who created Bellagio and The Mirage," they still preferred a Wynn name by a 2-to-1 margin, Wynn said.
Wynn Resorts executives told their boss that with the decision to name the Macau project Wynn Macau, the time was right to change Le Reve's name.
But the Wynns were reluctant, he said.
"Some people said I should name Bellagio (with the Wynn name), but we decided against it," he said. "Elaine was skittish. It's very difficult for us. We think of 'Wynn' as mundane, but people know the name. If the name can give you a head start, you have to go for it."
Casino analysts also supported the change.
"It's somewhat surprising, given how much emphasis went into the Le Reve concept and development," Deutsche Banc casino equity analyst Marc Falcone said of Wynn's change-of-mind. "But Steve Wynn is recognized as one of the premier resort developers, and the name change is an opportunity to capitalize on his past success. The Wynn name is just more powerful globally."
The move is a change for Wynn, Deutsche Banc casino debt analyst Andrew Zarnett said.
"Wynn has never really leveraged his name, but the move makes practical sense," he said. "The change is important. People recognize the Wynn name and want to see a Wynn property. Incrementally, the name change adds operating cash flow. It's indicative of his common-sense attitude in building his new company. It pays tribute to his historical success and the value of his name as a brand that he's built for the past 20 years."
Wynn Resorts made its announcement shortly before trading closed on the Nasdaq stock market; its shares ended the day at $17.48, down 52 cents.
Meanwhile, Wynn dismissed recent reports that his company planned to buy the Golden Nugget casinos in downtown Las Vegas and Laughlin from MGM Mirage.
"Would you buy a hotel in downtown Las Vegas?" he asked.
http://www.reviewjournal.com/lvrj_h...s/21591562.html
__________________
steve wynn is changing the name of the new property.
The reasons behind a name change for Las Vegas' newest megaresort were simple ones, Steve Wynn said Monday.
People were three times more favorably inclined to visit a property named after the casino developer than one named Le Reve, according to research, and market researchers, friends and fellow entertainment industry titans Steven Spielberg and Barry Diller said he should change the name.
Additionally, Wynn Resorts' planned Macau property is set to be called Wynn Macau, while development opportunities flowing from a deal signed last week with SBM, the Monaco-state owned company that controls the Riviera principality's casino monopoly made a worldwide brand even more important, advisers told Wynn.
On Monday Wynn took everyone's advice, dropping Le Reve and naming his $2 billion resort Wynn Las Vegas.
"We did a bunch of research," he said. "When we first started building Le Reve we were a one-hotel company. Then we added our Macau opportunity, and our alliance with (Societe des Bains de Mer), and it became more important to emphasize our global brand."
And the Wynn name was preferred over Le Reve by three-to-one margins in market research conducted by marketing guru Peter Arnell, creator of the DKNY brand, and pollster Frank Luntz.
"No one knows what Le Reve is," Wynn explained. "No one knows how to pronounce it."
Le Reve is French for "The Dream," the name of the Pablo Picasso painting Wynn and his wife, Elaine, own.
Arnell agreed.
"Everyone knows intuitively what 'Wynn' stands for," he said in a statement. "It is a brand that already exists, but until now has remained behind the scenes. If ever there were a time to put a face on the Wynn name it would be now."
When those questioned by Arnell and Luntz were told Le Reve would be "developed by Steve Wynn, who created Bellagio and The Mirage," they still preferred a Wynn name by a 2-to-1 margin, Wynn said.
Wynn Resorts executives told their boss that with the decision to name the Macau project Wynn Macau, the time was right to change Le Reve's name.
But the Wynns were reluctant, he said.
"Some people said I should name Bellagio (with the Wynn name), but we decided against it," he said. "Elaine was skittish. It's very difficult for us. We think of 'Wynn' as mundane, but people know the name. If the name can give you a head start, you have to go for it."
Casino analysts also supported the change.
"It's somewhat surprising, given how much emphasis went into the Le Reve concept and development," Deutsche Banc casino equity analyst Marc Falcone said of Wynn's change-of-mind. "But Steve Wynn is recognized as one of the premier resort developers, and the name change is an opportunity to capitalize on his past success. The Wynn name is just more powerful globally."
The move is a change for Wynn, Deutsche Banc casino debt analyst Andrew Zarnett said.
"Wynn has never really leveraged his name, but the move makes practical sense," he said. "The change is important. People recognize the Wynn name and want to see a Wynn property. Incrementally, the name change adds operating cash flow. It's indicative of his common-sense attitude in building his new company. It pays tribute to his historical success and the value of his name as a brand that he's built for the past 20 years."
Wynn Resorts made its announcement shortly before trading closed on the Nasdaq stock market; its shares ended the day at $17.48, down 52 cents.
Meanwhile, Wynn dismissed recent reports that his company planned to buy the Golden Nugget casinos in downtown Las Vegas and Laughlin from MGM Mirage.
"Would you buy a hotel in downtown Las Vegas?" he asked.
http://www.reviewjournal.com/lvrj_h...s/21591562.html
__________________
