Wynn Will Bid For Foxwoods License If It Is Revoked
Steve Wynn, the casino developer who jilted the group of local investors behind the floundering Foxwoods casino in South Philly three weeks ago, told a group of stock analysts on a telephone conference call today he would bid for the that if it is revoked by the state Gaming Control Board. Wynn spoke a few hours after the board in Harrisburg moved to revoke the Foxwoods license. Wynn added that he finds gaming in Philadelphia "interesting and stimulating."
Wynn Will Bid For Foxwoods License If It Is Revoked
Chris Brennan
Steve Wynn, the casino developer who jilted the group of local investors behind the floundering Foxwoods casino in South Philly three weeks ago, told a group of stock analysts on a telephone conference call today he would bid for that license if it is revoked by the state Gaming Control Board. Wynn spoke a few hours after the board in Harrisburg moved to revoke the Foxwoods license. Wynn added that he finds gaming in Philadelphia "interesting and stimulating."
The board's Office of Enforcement Counsel filed a complaint today, starting the process to revoke the Foxwoods license because the investors have not been able to meet a series of deadlines to build and open their project. The investors are seeking a replacement partner to take over for Wynn, who had planned to assume control of the stalled project and build a $600 million casino, putting up 40 percent of the cost and financing the rest.
Wynn told the analysts he likes the tax rate -- 14 percent -- on table games approved by the state General Assembly in January but still finds the rate -- 53 percent -- on slot machines "still a little too high." Ultimately he said, the deal fell apart here because "it became unattractive to us at the last minute." Wynn did not elaborate."
"We backed out of the deal more than we backed out Philadelphia," Wynn said. "It was that simple."
Wynn, after testifying last month at a board hearing in Harrisburg, said he would bid on the Foxwoods license if it was revoked and put up for grabs. Details on the revocation process can be found here. And here's a time-line on the Foxwoods project.
My guess is that Wynn drove down to the Foxwoods site & got stuck in traffic. It's absolutely the most stupid location imaginable. You may remember he came to town, presented his plan, & right after he came home he dropped out.
Comment removed.
he has the money to make it work. but i can respect him but 53 percent on slot machine's i would back out back out of it to the only person who would benifit is mayor nutter- Wants 100% control. I don't blame him. He knows more about the casino business than any of the current license holders. He will easily win the bid once it is revoked. The project will get done.— Drew777
- Hey "NotADoneDeal"...Credibility? Are you serious? You obviously have never been to Vegas. From Wynn biography: "He is credited with spearheading the dramatic resurgence and expansion of the Las Vegas Strip in the 1990s. His companies refurbished or built some of the most currently widely recognized resorts in Las Vegas such as the Golden Nugget, The Mirage, Treasure Island, Bellagio, Wynn, and Encore."— aisaac
- This is hilarious. The local big shots thought they could just throw money at the deal and get rich. All they needed was some wonder boy (who knew something about casinos) they could give a few sheckles to and he'd work for them, in essence. Steve Wynn came full of smiles and got all the inside dope on the deal. He goes away and calls back (now that I have all the details)and tells them, ah, I've decided this deal isn't for me (but after you suckers drop out I'm gonna be the man in Philly gambling.). In the meantime he talked w/ the commission and now they know he's right behind the curtain. Result: so far the local moneymen have been out maneuvered and a final loss could be embarrassing and painful. Yuk yuk yuk.— stoneman
- "Why should he have to share with Snider, Katz and Rubin - they don't know anything about gaming. Wynn is a shrewd businessman." BINGO! The local Philly business leaders are mostly corrupt and incompetent. Snider, Katz, and Rubin? Are you serious? Who would want to go into business with those 3 stooges? Wynn is an international businessman - not some local flunky!— sbdons1982
- but am wondering why every single story dealing with the sale of the newspapers does not allow any comments. BINGO BINGO - that is because everyone would comment on how Tierney destroyed this paper. So glad he is gone.— sbdons1982
- Wynn didn't like getting a small piece of the pie ....Now maybe he'll build a decent size casino & hotel...67% of his holdings are in Macau...33% in Vegas....Makes sense to build in Philly....town is bigger than AC & there will be only 2 casinos.....Those Foxwoods boys are screwed!....lolololol— MYSTERYMAN
- Looks like our local boys got played by the master. He joined their team for just long enough to lull them past their deadline, then pulled out when they had no chance to save their bid. He'll save a bundle buying the license at auction rather than taking on the existing debt of the Foxwoods group.— norefuge
Follow Chris on Twitter
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
Follow Dave on Twitter.
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. E-mail tips to ransomj@phillynews.com
Follow Jan on Twitter
Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
Follow Sean on Twitter
