Steve Wynn, CEO of Wynn Resorts Limited, is nothing short of proud of his stylish new $2.3 billion Encore casino. This swanky venue, which opened Monday is all about refining and perfecting the basics.

"Better service, nicer rooms, better lighting," Wynn said. "Themes that are corny get old quickly, but real and wonderful environments with great service are timeless."

Still, in a time of severe financial backlash on tourism generally and casinos, specifically, the resort will have to keep the prices modest if it wants to attract people to stay in its  2,034 suites. While Wynn is financially stable, Las Vegas is not.

MGM Mirage, which owns 10 casinos on the Las Vegas Strip, has laid off about 3,200 workers here since October 2007 and Harrah's Entertainment has cut 1,800 workers since January.

Wynn has expressed his opinion that layoffs are last option. He will reduce room prices to keep people in the building and his employees working.

"If I lay off employees, I cause a ripple effect of insecurity and fear that is much, much more difficult to overcome than is raising the price when business is good," Wynn said.

The 5,000 new jobs at the resort, while 300 short of the number announced in July, were eagerly awaited, even though locals have seen many swings in their city's economy before. Some 100,000 people applied for the positions, company officials have said. This turn is doubtlessly welcome by Vegas citizens, many of whom have been enduring a painful 7.9% unemployment rate, which is up considerably from previous years.
While the opening of the Encore is likely to be the only positive turn for the time being, it is expected to help the city through room taxes and entertainment taxes as well as the new jobs.

Still, the Encore's opening is not a sunny spot for some. Many in the Vegas gambling market feel Wynn’s move to lower prices to keep guests coming is simply a short-term plan. Admittedly, Wynn doesn’t deny this and moreover doesn’t seem to think this is really an allegation. Wynn said he's booked 60,000 room-nights since dropping rates last week at Encore and Wynn Las Vegas next door. Those guests, most of whom signed up for visits next month, would have probably gone to properties down the street instead, he said.

"I want Encore filled and Wynn, and I'm sorry to everybody," Wynn said.