{"id":12046,"date":"2013-11-12T10:48:32","date_gmt":"2013-11-12T18:48:32","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=12046"},"modified":"2022-08-26T06:31:27","modified_gmt":"2022-08-26T14:31:27","slug":"wynn-abandons-philly-again-scramble-at-suffolk","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wynn-abandons-philly-again-scramble-at-suffolk\/","title":{"rendered":"Wynn abandons Philly (again); Scramble at Suffolk"},"content":{"rendered":"

Twice in the past three years, Steve Wynn<\/strong> has pulled out<\/a> of a casino project in Philadelphia<\/strong>. I don’t blame him. It’s a saturated market and trying to recoup the costs of a $926 million project<\/a> in a timely manner would be a long shot. The Philly market is \"\"squishy soft these days, as are other Pennsylvania<\/strong> markets. State Sen. Joseph Scarnati<\/strong> (R) is calling for a study<\/a> “make recommendations regarding possible amendments to Pennsylvania’s laws in order that we maximize profit and enforcement<\/em>.” (Read<\/em>: Lower taxes?)\u00a0A Wynn spokesman said the pullout would not impact Wynn’s casino push in Everett<\/strong>. In Massachusetts<\/strong>*, he’ll have a protected oligopoly and will be sitting on Boston’s back porch. Also, Wynn has a history of being skittish when juggling multiple casino developments at once. Opening Bellagio<\/strong> and Beau Rivage<\/strong> in close succession left him vulnerable to Kirk Kerkorian<\/strong>, and the thought of keeping Wynn Palace<\/strong> in Macao<\/strong>\u00a0Everett and Philadelphia all in the air at one may have been too worrisome for his comfort. Looking further down the road, I don’t think Wynn is serious about investing<\/a> in Chicago<\/strong> (the returns are too low) … but Houston<\/strong> and Dallas<\/strong>? That’s a horse of a different color. As for Philadelphians, they still have five other casino<\/a> projects from which to choose.<\/p>\n

(*–Here is the text of a dazzling oration<\/a> which Wynn gave the Massachusetts Gaming Commission<\/strong>. It’s a real stemwinder.)<\/p>\n

\"suffolk-downs-casino-thumb-520x301-92384jpg-7517a160501587b8\"<\/a>Up in the Boston<\/strong> area, Suffolk Downs<\/strong> is going to have to renegotiate<\/a> its host-community agreement with Revere<\/strong>. The existing HCA reflects a time when the casino portion of the project would have sat in East Boston<\/strong>, whose voters rejected it. It could mean a windfall for Revere<\/a> and Suffolk Downs intends to get it done before year’s end rather than ask for an extenstion. Easties, meanwhile, find themselves on the outside looking in, bereft of even a surrounding-community agreement. Racino opponents hope to scotch Suffolk Downs using this clause from state law: “If a proposed gaming establishment is situated in two or more cities or towns [the applicant must negotiate a hosting deal with each community] and receive a certified and binding vote on a ballot question at an election held in each host community in favor of such a license<\/em>.\u201d Suffolk has to cope with this, redesign the project and find a developer. Right now it’s trying to decide between Hard Rock International<\/strong> and Rush Street Gaming<\/strong>. The latter is licensed in Massachusetts already, so that appears to give it a big leg up.<\/p>\n

Life after Caesars<\/strong>. In the case of Atlantic City<\/strong>‘s venerable Claridge Hotel<\/strong>, it’s reinvention as a family friendly destination<\/a> by the shore. Caesars Entertainment<\/strong> and TJM Properties<\/strong> are still keeping the sale price under wraps, though.<\/p>\n","protected":false},"excerpt":{"rendered":"

Twice in the past three years, Steve Wynn has pulled out of a casino project in Philadelphia. I don’t blame him. It’s a saturated market and trying to recoup the costs of a $926 million project in a timely manner … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,165,7,140,58,62,112,11,91,95,25,32,31,114],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12046"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=12046"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12046\/revisions"}],"predecessor-version":[{"id":31592,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/12046\/revisions\/31592"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=12046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=12046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=12046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}