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Wynn Walks Away From Philadelphia Urban Wynn

By Chuckmonster on Monday, 11th November 2013 12:05pm
  » filed under Las Vegas  comments: 12

   

Wynn Resorts announced minutes ago that they are stepping away from their proposed "urban Wynn" project in Philadelphia, citing the desire to "pursue business opportunities elsewhere."

The board took a host of factors into consideration, including 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. Consequently, the company will withdraw its licensing applications in Pennsylvania.

With Pennsylvania abandoned and Massachusetts license on the ropes, Steve Wynn's plan to bring back the grand hotel and introduce gaming to urban (or urban adjacent) environments now finds its hopes firmly pinned on New York State's recent approval of up to seven casinos within the Empire state.

This isn't Wynn's first dalliance with New York State, as he previously played footsie to get the license to operate a slot parlor at Aqueduct Raceway, which eventually became Resorts World New York City.

Even if Wynn gets a New York license, it will take the company a looong time before it can procure land, gain local support, design, build and open a property. With Steve Wynn turning 72 in January... and the sands of political time falling ever slower, it is possible that any Wynn New York property wouldn't open until he's nearly 80 years old at the earliest.



Tagged: wynn   philadelphia   





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Comments & Discussion:

Here in MA, Everett voted overwhelmingly (over 80%) in favor of the community host agreement and a Wynn's casino. The question is, does Steve Wynn want to stick around and deal with the MA Gaming Commission? Ceasars bailing out of the Boston Suffolk Downs proposal increases Wynn's chances of getting the sole Eastern MA casino license. The only other contender is Foxwoods who wants to build a casino 40 miles outside of Boston. That community votes on 11/19.

After being in Vegas this past week and again marvelling at the beauty that is Wynncore....Steve, please come home and build another Strip palace!

With all the backroom political dealings that have gone on for 20 years of the "casino movement" in NY, you're right, it could be years more before all the right palms get greased up and down the NY political ladder and ground is broken. Me, I'd love to see a Caesar's in the Catskills, but I just don't see it happening in my lifetime.

The Massachusetts Gaming Commission could be a commission in search of an industry to regulate.

Given the way it showed Caesers Entertainment the door, and killed the Suffolk Downs Project, and likely the track itself, its doubtful they'll approve of Wynn, or Foxwoods, or MGM Resorts International in Springfield--or anybody, maybe..

You might get a slot parlor license in 2014..unless the commission finds something else it wants to study...it likes to study things..

with Resorts World going up, what are the odds Wynn could buy the New Frontier site and expand across the Strip? Has there been any word on that lot since the Resorts World announcement, or will there be just a big dirt patch beside the shiny towers of RW and Wynn?

You said it. If the SW Steakhouse's bartender's aunt's dog walker got a speeding ticket, the esteemed commission will find it and throw it in Wynn's face.

Not a bad move by Wynn. I'd argue the Northeast/Mid-Atlantic casino market is oversaturated. There are now (or will be soon) decent-to-good quality facilities in MA, CT, NY, more NY, PA, Atlantic City, DE, MD, more MD, WV.

Whereas the folks in the Southeast have far fewer options, in part due to those states' political climate. Atlanta, Charlotte, Nashville, Richmond, Raleigh, and Charleston (SC) are served by one casino: Harrah's Cherokee (which I personally like) in western NC.

A couple small WV sites, the Florida casinos and tracks the and "riverboats" on the Ohio and Mississippi rivers and the Atlantic Ocean are the only other nearby options. Few of those options -- aside from West Virginia's Greenbrier and some Tunica (MS) "riverboats" -- are resorts.

Texas (and Hawaii) are similarly underserved, though I'm sure the Louisiana, Arkansas, Tunica and Oklahoma facilities see their fair share of Texans.

Also, I hope that rendered Wynn casino is proposed elsewhere in the States. It has the grace and elegance of the Beau Rivage with a relatively compact (dare I say "urban-friendly") footprint.

With construction costs still cheap (but on the rise), I'd have to agree with jimmybond that the large dirt lot across from Encore looks a lot more valuable to Wynn now that Resorts World plans to finish the Echeclon site.

I'd assume that Steve probably has a good idea of what he would do with the Frontier/Plaza site, and it wouldn't be unrealistic to think that someone at Wynn D&D has already been working on design concepts for the site (either on work time, or personal time). The site would be perfect for a Wynn site plan that would be mashup of everything from Cotai to Boston.

I'd bet money he does something with that land.

@anawas There are casinos all over Mississippi, not just in Tunica. You have casinos on the Gulf Coast as well as places like Natchez and Choctaw. Alabama has a few tribal casinos with some Class III machines (Wind Creek advertises fairly heavy on some of the local stations here in Atlanta.). Louisiana also has them as well, in places like New Orleans, Shreveport, Lake Charles (Landry's just acquired the under construction Ameristar Casino there and will be turning it into a Golden Nugget.).

The South is ripe for the expansion of gaming, as last year here in Georgia, the Republican Party put a non-binding casino resolution on their party's primary ballot and by a narrow margin, "yes" came out the winner. While the current governor is opposed to any further expansion of gambling beyond the lottery, there is growing support for casino gambling as well as parimutuel gambling (The Breeder's Cup people have been dangling a carrot about moving the event to Georgia if parimutuel betting was legalized and someone built a track.). Millions of dollars are lost by Georgians in casinos in North Carolina on a yearly basis. I think that within 5-7 years, casino gambling will be legalized in Georgia, especially if some of the revenue is earmarked for the HOPE Scholarship program that is currently funded by the lottery.

While I think Wynn Resorts will be among the competitors for one of the NY licenses, I would actually expect him to come back to A.C. instead.

After Resorts is done Steve will fill that space across the street from Encore and Wynn as soon as he can.

Vegas still has too many rooms, I'd bet Wynn's concentrating on Japan for now.



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