Wednesday, March 4, 2015

Steve Wynn drops bid for Philly casino license

Wynn Resorts, the company run by casino developer Steve Wynn, just announced that it is withdrawing its application for a casino license in Philadelphia. Wynn had proposed building a massive casino entertainment complex on 60 acres along the Delaware River in Fishtown.

Steve Wynn drops bid for Philly casino license

Casino mogul Steve Wynn is dropping his bid for a Philadelphia casino license.
Casino mogul Steve Wynn is dropping his bid for a Philadelphia casino license.

Wynn Resorts, the company run by casino developer Steve Wynn, just announced that it is withdrawing its application for a casino license in Philadelphia.  Wynn had proposed building a massive casino entertainment complex on 60 acres along the Delaware River in Fishtown.

A statement released by Wynn Resorts today said the company's board of directors "met to carefully examine the feasibility and opportunities associated with the company's domestic development in Philadelphia."  They decided to look elsewhere for business opportunities.

Among the factors considered were the Philadelphia casino performance over the past year.  The regional market currently has casinos in Fishtown, Chester, Bensalem and King of Prussia.  The company also considered that New York recently approved the development of casinos in that state.

This is the second time Wynn has bailed out of a Philadelphia casino project.  He was hailed in 2010 as a savior for the long-stalled Foxwoods casino project on Columbus Boulevard at Reed Street in South Philly. 

Wynn abruptly left that project and the state Gaming Control Board soon revoked the Foxwoods license.  Wynn had said he would bid for the city's second casino license if that happened.

About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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