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:
© 2024 Newsmax Finance. All rights reserved.