Tuesday, September 2, 2014
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Wynn Philadelphia

Wynn Philadelphia is Steve Wynn's proposal for Philly's second casino license. Check out the plans for the Fishtown waterfront casino-hotel.

Fishtown Wynn Philadelphia

Steve Wynn has one of the biggest names globally in gaming, so it’s no surprise his proposal for a casino and hotel complex in Fishtown overlooking the Delaware River is on a grand scale. By far, it would be the costliest project of the six proposed.

Name

Wynn Philadelphia - Wynn PA

Location

2001 Richmond Street, in Fishtown, a 57-acre site along the Delaware River that owner Steve Wynn calls “delicious.” The site is a former U.S. Navy shipyard at the interchange of I-95 and Girard Avenue, a mile north of the current SugarHouse Casino. The property is currently owned by builder James Anderson.

Estimated cost

$925 million

Gaming

2,500 slot machines, 100 table games and poker room.

Project size

Not available at this time, Wynn says

Theme

Wynn plans to create a destination hotel-casino that takes advantage of “exceptional” views of the Delaware River. It would include a park-like, five-star gaming resort – modeled after Wynn Macau - that “will not only be the premier casino in Pennsylvania, but along the entire eastern seaboard,” says Wynn.

The Details

Wynn plans a 307-room luxury grand hotel with attached casino - “a mini-Bellaggio.” Project plans call for “romanticized” five-star restaurants overlooking landscaped gardens, the Delaware River and the Ben Franklin Bridge. Wynn wants large hotel suites, a minimum of 900 square feet in size, and each with a 160 square foot bathroom.

Wynn hopes to take advantage of I-95, including $750 million in improvements by PennDOT currently underway on the interstate near the Girard Avenue interchange which will exit almost directly at the front door of the casino project. The plan also anticipates the ease of access from the Ben Franklin and Betsy Ross bridges.

Among the plans:

  • A 2,000-space parking garage.

  • Patrons would enter a “casino resort like none other east of Las Vegas” and would enter through a large atrium filled with natural light.

  • The first floor would contain retail shops, a casino floor with 2,500 slot machines and 100 table games, as well as two restaurants, a “multi-purpose” entertainment facility and a nightclub all facing the Delaware River.

  • A “faceted” hotel tower would rise above, modeled after the Encore at Wynn, Macau.

  • Grounds around the resort resembling a “park-like setting with lush landscaping, well-illuminated walkways and inviting surroundings that will transform this waterfront location into a destination spot.”

  • A promenade would line the river and would be open to non-patrons.

  • The site ultimately could include a water taxi service to link to Camden.

Impact

Wynn Philadelphia projects it will generate at least 2,500 direct construction jobs and 1,100 indirect construction jobs.  It will employ 2,200 to 2,500. It has not yet supplied tax revenue projections.

Principals

Wynn PA Inc. is owned by Wynn Resorts, Ltd., a publicly traded company.

Large stockholders include institutional investor Waddell & Reed Financial (16.4% of stock), casino magnate Stephen A. Wynn (10%), Wynn’s ex-wife, Elaine P. Wynn (7.9%) and institutional investor Marsico Capital Management (7%).

Steve Wynn, a Penn grad and one of the world’s wealthiest men, is a proven casino developer who inherited his father’s bingo parlors and built them into a gaming empire that has dominated Las Vegas. In the last decade, he also opened two lavish casinos in Macau, a third is under construction. In late June, Wynn won approval to build a $1.2 billion casino on the Mystic River in Massachusetts.

Other Wynn PA, Inc. principals include Wynn Resorts senior V.P. and attorney Kim Sinatra; former Nevada governor and Wynn Resorts board member Robert J. Miller;  Wynn Resorts V.P. and attorney Kevin Tourek; Wynn Resorts COO and Wynn Resorts director Marc D. Schorr; real estate developer and Wynn Resorts director D. Boone Wayson;  Wynn Resorts CFO and treasurer Matthew O. Maddox;  former First Boston chairman, Wharton grad and Wynn Resorts director Alvin Shoemaker; poker player and Wynn Resorts executive V.P. John Strzemp.

Financing 

Wynn Resorts has more than $2 billion cash on hand, a spokeswoman said, and is able to fully finance the project.

Source: Pennsylvania Gaming Control Board

Click here for complete coverage of the bid for a gaming license in downtown Philadelphia.