Thursday, June 14, 2012

Steve Wynn's Personal Investments: Pie Shops

They better be careful that the Vietnamese Sandwich with Bubble Tea guys don't front-run this idea.
From The Australian:

Meat pies to the US a sure bet for casino mogul 
CASINO mogul Steve Wynn has invested $US15 million ($15.1m) in the American arm of Australia's Pie Face chain, best known for its chunky steak pies. 
Mr Wynn, who made his fortune developing Las Vegas's casino strip in the 1990s, will own a 43 per cent stake of the US company.

"Wynn visited our only store on Broadway, tried a pumpkin pie while his wife Andrea tasted the apple crumble pie; they loved it," Wayne Homschek, co-founder and chief executive of Pie Face Australia, said yesterday.

The irony is that Mr Wynn is a vegan. He is expected to appoint two directors to the US board. The company has also appointed Broadway producer Kevin McCollum as a consultant.

Mr Wynn's private investment will now help bankroll the opening of up to 15 Pie Face cafes in New York.
Mr Wynn said: "Having met the Pie Face USA management team recently and having visited their first store in New York, I came to the conclusion that they were bright people with a bright concept. I look forward to backing them as they expand throughout Manhattan and across the US."...MORE