This is a rush transcript from "Your World," October 24, 2011. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: The president will be making that promised announcement at the Bellagio.
It's safe to say one casino executive who will not be there is the guy who used to own the Bellagio, Steve Wynn.
STEVE WYNN, CEO, WYNN RESORTS: The policies of this administration have destroyed the working -- the living standard of the working class in America.
What is ostensibly the base of the Democratic Party is taking the worst hit in history because of these unbelievably uninformed policies of this president and his colleagues, who have fostered this ridiculous class warfare, these nonsensical policies that have been proven to be ineffective and unsuccessful everywhere they have ever been tried in the world.
CAVUTO: But, Steve, I mean, I know you have been a big supporter and backer and confidant of Harry Reid, the prominent Democratic senator from Nevada who just squeaked by with a re-election. And he endorsed this health care plan, led the charge in the Senate for the president. Were these costs escalating even prior to health care coming? Or did they just get out of the control since health care came?
WYNN: They were escalating before at a rate of about 8 percent a year. And the devastation of Obamacare we estimate to be north of 12 percent.
That increased -- that is to say, the rate of escalation of health care costs has increased by 50 percent because of what they did. And what's incredible --
CAVUTO: So is that the biggest factor for you, Steve, as far as making decisions down the road and helping out these two Israeli gentlemen I guess to expand there? You just wouldn't do it or couldn't do it because you just didn't see the light here?
WYNN: I can't see the light. I am frightened to death about the future of business and job formation.
CAVUTO: But you are not frightened to death abroad.
CAVUTO: ... some of these other locales.
WYNN: Well, the policies are much more steadfast, much more carefully considered. You know what to expect, at least in Macau.
People matter in Macau. And working folks there get primary consideration. The president gives lip service to this sort of thing. And the speeches are absolutely enthralling. But so much of what this is all about today is not what they -- is what they do as opposed to what they say. The speeches are great. The actions are horrifying.
I mean, it's almost impossible to believe they don't know that what they are doing is destructive, but they do it anyway. And, frankly, Neil, I don't understand that.
Ya know, my friend Harry Reid hung up on me the other day for the first time in 40 years. That's what it has come to. I supported a Democratic congresswoman named Shelley Berkley. I called her during Obamacare. I said, Shelley, what are you doing? How do you do this? This is killing the unions and all of us that are supplying health care to our employees.
And she said to me -- quote -- quote -- now this is not hearsay. Shelley said to me -- and she is running for the Senate -- "Steve, I know it is terrible. My husband is a doctor. He hates it, too."
WYNN: "But if I don't vote for it, she will punish me," she being Nancy Pelosi.
WYNN: And I said, Shelley, every politician that has ever sold out their constituency has had a lame, terrible rationalization like the one you just gave me. Don't ever call me again.
She says, I am sorry you are disappointed in me. I still love you.
And we ended the conversation. That is politics in America today. And if any businessman or any working person doesn't understand that this is a turning point in American history, then I'm afraid we're gonna get what we deserve.
CAVUTO: All right, Steve Wynn coming out swinging.
Content and Programming Copyright 2011 Fox News Network, Inc. Copyright CQ-2011 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.