Billionaire Steve Wynn: Building Las Vegas (2014 video)

[25:50] “We never risked the firm. Never risked the firm. My responsibility to my employees, my stockholders and such; that I can’t promise to be right all the time. No one can. You make calls. Sometimes they’re right, sometimes they’re wrong. But capital structure allows you to survive the inevitable cycles of business, which go up and down as surely as sunrise and sunset, except we don’t know the timing. They allow you to survive your own miscalculations. Capital structure, I learned at a young age, thanks to Mike Milken who taught me this story; capital structure is everything. And I’ve always had a capital structure that was bulletproof.”

Wynn’s answer about building a good company culture from the 33:50-40:58 mark is also worth a close listen.



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