STEVE WYNN, the casino
developer who came to Philly in 2010 talking up a flashy riverfront project but
then abruptly dropped those plans, has done it again.
Wynn, citing the
approval of casino gambling in New York, said yesterday that he is withdrawing
his application to build a casino and entertainment complex on 60 acres along
the Delaware River in Fishtown.
Wynn was one of
six bidders in November 2012 for the city's second casino license.
His first foray
into Philly's casino market in 2010 lasted just six weeks. He took over and
then abandoned the long-stalled Foxwoods project in South Philly.
The state Gaming
Control Board then revoked the Foxwoods license, which is now being sought by
five developers.
Wynn Resorts
issued a brief statement yesterday, saying the "Philadelphia market
performance over the past year and the competition which will result from the
recent approval of gaming in the state of New York" were factors in the
decision.
The region has
four casinos: SugarHouse in Fishtown, Harrah's Philadelphia in Chester, Parx in
Bensalem and Valley Forge Casino Resort in King of Prussia.
New York voters
last week approved a measure to build up to seven casinos in the state. The tax
rate in New York will be 37 percent to 45 percent on slot machines, depending on
the region, and 10 percent on table games.
The Pennsylvania
tax rate is 55 percent for slot machines and 16 percent for table games to
start, dropping to 14 percent after two full years of operation.
"Wynn
presented a competitive and substantial proposal which now will not be among
those for the Board's consideration," Gaming Control Board spokesman Doug
Harbach said in an emailed statement. "The Board will move forward with
its hearings and consideration of the remaining five proposals to determine the
best overall proposal for the last casino in the city."
Wynn is competing
in Massachusetts for a sole Boston-area casino license to build a project just
north of that city.
As in
Philadelphia, he brings a rock-star stature in the casino business and the
bragging rights of having $2 billion in the bank, enough to build a project
with cash while other developers need to secure bank financing.
Wynn Resorts,
which operates casinos in Las Vegas and Macau, told the U.S. Securities and
Exchange Commission in August that about half of that $2 billion is held
overseas and would be subject to a 50 percent tax if brought into the United
States.
Source: Philly.com
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