Wynn Resorts' high-end positioning makes it far less exposed to a Las Vegas downturn than mass-market casino operators. The Wynn brand caters to the top 1%, so a downturn hits it about as much as it hits Rolls-Royce. Wynn Palace in Macau is not a mass-market property either. x.com  x.com 

Howard Hughes is billed as a modern-day Berkshire, but it is a real estate developer with a toll booth for Pershing Square. Bill Ackman's arrangement collects $15M a year in base fees plus 1.5% annualized above $66.15 on a share count new issuance cannot dilute. The stock is down 20% this year, below where that fee meter starts, and the insurance business is so far a press release. The new CEO's non-compete ends next June, and the Arch record being cited belongs to Arch's shareholders. x.com