Billionaire casino owner Steve Wynn had some shocking remarks in a presentation to his investors on Wednesday night.
Wynn, 74, well known as a tycoon in the casino industry, was explaining to investors how his brand resembles a luxury goods brand which only caters to consumers with money. However, outlets geared towards the rich will still attract those without money.
That’s when he dropped one particularly stinging quote:
“Rich people only like being around rich people. Nobody likes being around poor people, especially poor people.”
However, just like any quote about poor people from the mouth of a billionaire, things can easily be taken out of context.
The full context of the quote came as he was explaining how Wynn Resorts is less like a casino or hotel and more like Louis Vuitton or Chanel.
“This company caters to the top end of the gaming world. We’re sort of Chanel or Louis Vuitton, to use the comparison, the metaphor of the retail business. But unlike Chanel and Louis Vuitton, we are able in our business to cater to all of the market. By making our standards so high … that everybody wants to be in the building.
“Or to put it in a more colloquial way, rich people only like being around rich people. Nobody likes being around poor people, especially poor people. So we try and make the place feel upscale for everyone. That is to say we cater to people who have discretion and judgment and we give them a choice and we are consistent in that.”
In the end, all Wynn is proposing is a business plan to create a wealthy-feeling environment for crowds of all classes, though it should probably be a rule that no billionaire can say the words “poor people” ever again in any context.
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