Update: Rolex @ Wynn - Las Vegas

[GerardoG]

Good afternoon TRF. After reading a lot about changes in the store, I called some contacts within the organization. Names can not be disclosed; but trust me, this is UP directives. VERY up in the organization.

As of today:

-Wynn has sold almost 50% (just under, so they keep a majority) of the RETAIL business to Crown. Crown is a management company (for those TRFers in the US, think as Simon for shopping malls).

-Crown will manage retail for Wynn, so all renters will now coordinate with Crown, not Wynn-Retail (Wynn still owns the place and majority in the venture). Operation exceeds 500 million us

-Aurum (UK) who owns several businesses including major watch boutiques and reps (Patek, Rolex, JLC, etc) as well as jewelry stores and other venues; bought Mayors in FL and Atlanta for over 100 million us.

-One of Aurum's companies is Watches of Switzerland (WofS), who is in charge of the AAA product line (watches). Watches of Switzerland bought Mr Wynn's participation in Rolex-Vegas and other watch stores at Wynn/Encore; so the boutique will be now Rolex by Watches of Switzerland (instead of Rolex by Wynn).

-Today and tomorrow the store will be closed, as they are moving EVERYTHING to WofS....computers, inventory, phones, e-mails; etc.

-For us, customers, there is no change. The store will have no change, staff will be the same...all the same. They feel that, with WofS/Aurum which is into retail, there will be new and fresh ideas to increase sales volumes. Wynn will focus on Hotel and Casino...while still owning majority on retail but leaving the operation to others.

.....whew! Lots of information!

Cheers!!!!!