STEVE WYNN'S decision to drop his bid for a Philadelphia
casino license wipes out a potential major payday for state Sen. Mike Stack III
and his family.
Stack, a Democratic candidate for lieutenant
governor next year, his mother, Philadelphia Municipal Judge Felice Rowley
Stack, and his four siblings own about one-fifth of the 60 acres Wynn had
optioned in Fishtown to build the casino project.
Wynn in June calculated that the Stack family
could get $20 million to $30 million if that option, which traded 1 million
shares of Wynn Resorts stock for the 60 acres, was exercised then.
Wynn Resorts stock was trading around $165 per
share yesterday, which would have put the Stack payday at $33 million.
Source: Philly.com
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