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Thursday, April 8, 2010

Steve Wynn Pulls Out Of Foxwoods Deal In Philadelphia

Steve Wynn, the billionaire casino developer who had planned on taking control of the floundering Foxwoods casino project in Philadelphia just dropped a bombshell: He's pulling out of the deal. Wynn's company just put out a statement saying it has "terminated all agreements and negotiations" in Philadelphia.

"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company, Wynn's statement said.

Just this week, Wynn released a colorful sketch of the casino he said he was planning on the banks of the Delaware River on Columbus Boulevard at Reed Street in South Philly. Wynn and the local investors who won the state casino license in 2006 filed an agreement with the state Gaming Control Board last week, spelling out his plans to assume a financial stake in the venture.

Wynn, testifying in front of the Gaming Control Board last month, said he intended to own 51 percent of the casino. Wynn later said he would bid for the casino license if the board revoked it from Foxwoods.

Posted by Chris Brennan @ 4:43 PM Permalink | 45 comments

Comments

0 like this / 0 don't • Posted 4:58 PM, 04/08/2010

Just another businessman who realizes the futility of attempting to do business in the Philadelphia cesspool.

— ChiefClancyWiggum

0 like this / 0 don't • Posted 5:09 PM, 04/08/2010

I agree with you chief. Wynn is a smart and highly accomplished businessman. He's probably starting to see how the unions and the city are going to leech onto his business and try to drain every ounce of profitability out of it.

— leggy

0 like this / 0 don't • Posted 5:14 PM, 04/08/2010

I GUESS NUTTER HAD NOTHING TO DO WITH THIS????

— BUGGY

0 like this / 0 don't • Posted 5:16 PM, 04/08/2010

Wynn met with the state with renderings, then he met with Nutter. Could the meeting with Nutter have gone that badly?

— CleanupPhilly

0 like this / 0 don't • Posted 5:18 PM, 04/08/2010

Yep, I smell back room Philly politics all over this. Wynn was all-in on Monday when he met with Nutter...what changed? It will be nice when this city drags itself up from third world status and eliminates the waste and corruption that drives well-respected businesses away.

— Tartan69

0 like this / 0 don't • Posted 5:18 PM, 04/08/2010

Yep, chief, that's the size of it..they treated the guy like he was trying to bring the plague to the city instead of a business and he got tired of it...between the nonsense with the fines and all of the games they play with the zoning permits, I can't believe anyone wants to build here. I think it was voted on by the citizens of Philly (Act 71) in 2004, and been delayed by politicians ever since. The locations of the casinos were clearly outlined before the vote, and the vote was an overwhelming YES. Since then the NIMBYs have held up the project for 6 years. I can't believe they're actually building the Sugarhouse one, they should have pulled out years ago.

— drbob1

0 like this / 0 don't • Posted 5:22 PM, 04/08/2010

You do not think Nutter treated this like the SEPTA negotiations?

— PaulDeon

0 like this / 0 don't • Posted 5:28 PM, 04/08/2010

i agree with Chief. I agree with all of you. He was the handwriting on the wall with Philly's petty politics, including the unions. What now I wonder.

— citigirl

0 like this / 0 don't • Posted 5:34 PM, 04/08/2010

I mean since this casino directly threatened the HUGE illegal gaming going on in and around South Philly by organized crime, I really hope the mayor is not complicit in preserving illegal gaming at the expense of legalized gambling at this site. The site still retains its state license; it is a hugely valuable parcel. The explanation for this sure feels like it's dirty. Fumo shook down Ikea and those property owners involved in that deal and look where it got him -- a suite in club fed.

— CleanupPhilly

0 like this / 0 don't • Posted 5:35 PM, 04/08/2010

I'm starting to worry that Nutter is old school dirty.

— CleanupPhilly

0 like this / 0 don't • Posted 5:49 PM, 04/08/2010

Good for Wynn. He saw right through the BS and got out....

— Domenic

0 like this / 0 don't • Posted 5:58 PM, 04/08/2010

If unions are involved, what should take months to build will take years and quadruple the cost.

— dogman5

0 like this / 0 don't • Posted 6:04 PM, 04/08/2010

Later Wynn! I live in Pennsport where this NO CASINO battle has been going on for to long. Traffic is already bad on Columbus Blvd. and our tax dollars (in the millions) would have gone to supporting Foxwoods with Police, traffic control, off ramps, etc.. These were the dollars that the Casinos wouldn't talk to you about. Let's just make it a waterfront park that everyone can enjoy.

— lcisreading

0 like this / 0 don't • Posted 6:10 PM, 04/08/2010

Re: drbob1 above .... the citizens of Phila did NOT vote for casinos in Act 71. In fact, no citizen in the entire state of PA ever voted for casinos. Act 71 was passed in the dead of night (literally!) on July 3, 2004. What was once a 1 page act re: horse racing, was replaced with 143 page (or, so) of what's now the gaming act. There was never any public discussion on any aspect of the Act. We all just woke up one day and discovered we had casino gambling in the state -- and, in our city.

— sjcpausa

0 like this / 0 don't • Posted 6:10 PM, 04/08/2010

The last to build a new stadium in the state and the last to build a new casino. You want to cry the blues about no money try making it easy for the business men who know what they are doing to come into town

— Burbs Bound

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About The Philly Clout Team

Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns.

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David Gambacorta spent a small eternity writing about cops, drug dealers and serial killers. Now he’s writing about power and politics – which sometimes reminds him of the old crime beat. He joined the Daily News in 2005. And yes, he knows you’re not quite sure how to pronounce his last name. E-mail tips to gambacd@phillynews.com

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Catherine Lucey joined the Daily News in 2002 and has written about murderous drug gangs, political protesters and Harry Potter. After covering the 2007 mayoral election, she moved over to the City Hall bureau where she has been reporting on the Nutter administration.

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Jan Ransom, a native New Yorker, joined the Daily News in 2010 after graduating from Howard University. She has since written about the difficulty of filing police complaints, tax deadbeats and life after violent home invasions. She joined the Daily News City Hall Bureau in 2011 and has plunged headfirst into reporting on administration budget battles and City Council shenanigans.

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