Wynn's out, and that's bad news for Stack
Wynns withdrawal from the bidding for a second casino license in Philly deprives state Sen. Mike Stacks family of a big payday.
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.
- Chris Brennan