Wynn Resorts’ withdrawal of a casino proposal surprised
local competitors and partners alike.
While Philadelphia’s five remaining casino applicants may be
breathing a sigh of relief, the ones who responded publicly on Monday used the
opportunity to tout their own projects.
“While we believe we’ve thrived during the six-way
competitive process, we are nonetheless pleased that Wynn’s departure leaves
PHL Gaming as the bidder with the largest casino footprint and the only one
with the capacity to expand to 5,000 slots,” Bruce Crawley, a spokesman for PHL
Local Gaming LLC and the proposed Casino Revolution, said.
Steve Wynn promised a $900 million casino with what he
described as a “grand hotel” on the Delaware River. But the Penn grad, who
touted his familiarity with Philadelphia when he spoke before the state Gaming
Control Board back in February, will not see the project through.
“Obviously, that’s not happening now. In our view, we were
really well on our way to creating a resort concept that would have been
terrific for Philadelphia and would have revitalized the waterfront,” said Kevin
Feeley, who represents Jim Anderson, owner of the land Wynn Resorts had hoped
to develop. Feeley said Anderson only heard of Wynn’s withdrawal after it had
become public.
“There were a lot of people on the ground doing a lot of
work on this,” he said.
While Steve Wynn seemed to lend superstar status to the
casino battle, throughout the process he had his share of critics — some of
whom cited his inclination to bail out of projects.
In 2010, he first appeared to step in and save the Foxwoods
Casino proposal in South Philadelphia, but later withdrew plans.
Some in Atlantic City are still angry that Steve Wynn pulled
out of there in 1987, selling the Golden Nugget.
In a statement Monday, Wynn Resorts blamed the casino
industry’s performance in Philadelphia over the past year and New York’s
approval of additional casino development.
Two Center City proposals — The Provence and Market8 —
earlier this fall received the endorsement of the city of Philadelphia, saying
they’d foster greater economic development and pose the least threat to
existing casinos in the Philadelphia area.
“As far as we’re concerned, nothing has changed,” Market8
partner Ken Goldenberg said in a statement. “Market8 has always been confident
that we are the best selection for this license ... Steve Wynn is an icon and
he set the bar very high. Both Philadelphia and the commonwealth will benefit
from his involvement to date. And we agree with Wynn’s assessment when he first
evaluated sites in Philadelphia — Market Street is the only viable location for
a casino license.”
At Penn National Gaming, which has proposed the Hollywood
Casino for South Philadelphia, spokeswoman Karen Bailey said that with or
without Wynn, Penn National believed all along it was “the most experienced
regional casino operator” and a frontrunner in the battle for the license.
Bart Blatstein, who has plans for the Provence
casino-and-retail complex on North Broad Street, could not be reached for
comment, nor could representatives from Greenwood Racing/Cordish’s Live! Hotel
and Casino.
With Wynn out of Philadephia, the casino operator is
nonetheless busy with other projects.
Wynn Palace, a $4 billion casino, is expected to open in
Macau, China, in 2016. It will be Wynn’s third resort in Macau.
In Everett, Mass., bordering Boston, Wynn Resorts received
approval last summer to build a $1.3 billion casino.
The Las Vegas Review-Journal had a story in August reporting
that Wynn could be interested in the Atlantic Club in Atlantic City. There was
speculation at the time that Wynn wanted to get a foothold in New Jersey’s
anticipated Internet gaming market.
The Atlantic Club has subsequently filed for bankruptcy
reorganization and is expected to be sold at auction next month.
Source: Philadelphia
Business Journal
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