{"id":2823,"date":"2010-04-06T14:49:10","date_gmt":"2010-04-06T22:49:10","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=2823"},"modified":"2023-01-23T06:54:31","modified_gmt":"2023-01-23T14:54:31","slug":"wynn-delivers","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wynn-delivers\/","title":{"rendered":"Wynn delivers"},"content":{"rendered":"

\"wynnphilly\"Surprising as ever, Steve Wynn<\/strong> showed up in Philadelphia yesterday bearing a sheaf of renderings for his proposed casinos — three weeks ahead of schedule. Wynn’s final design looks a mite grander than the one he let Steve Friess<\/strong> photograph, seen at left.<\/p>\n

The new rendering shows what would still be a handsome adornment to the city’s riverfront. Other statements by Wynn, though, indicate some rethinking of earlier positions. Evidently the idea of a downscale “SW<\/strong>” brand played no better with Philadelphians than it did at S&G<\/em> HQ. It’s off the table, with Wynn saying, “We only have one brand. We don’t have a down-market brand<\/em>.”<\/p>\n

He’s also backed away from his no-hotel position to allow for the possibility of buying some nearby buildings for possible hotel conversion. At least that’s what reporter Jennifer Lin’<\/strong>s phrasing implies; Wynn’s proposed budget also wouldn’t allow for starting a hotel from scratch.<\/p>\n

Giving Wynn the benefit of the doubt, he appears to learnt from some early tactical errors, promising to be a low-maintenance operator and to reach out to civic leaders. He started with Mayor Michael Nutter<\/strong>, whose message boiled down to telling Wynn he needed to be more engaged and to understand his role in a “vision of making the waterfront more accessible to the public and integrated into neighborhoods.” (Translation<\/em>: “Please read the Penn-Praxis<\/strong> report, Mr. Wynn.”)<\/p>\n

Now that the mayor’s on board, more or less, it’s a question of whether Wynn can sell the Pennsylvania Gaming Control Board<\/strong> on his vision of a casino, compared to Foxwoods<\/strong>‘ discarded pie-in-the-sky concept. A good thing he’s sticking with the “Wynn” brand because it will be the biggest asset he has. New findings show …<\/p>\n

P<\/strong>ennsylvania racinos are clobbering<\/strong> their stand-alone competitors. Expensive urban slot barns like Rivers Casino<\/strong> in Pittsburgh<\/strong> and Sands Bethlehem<\/strong> were expected to outperform racinos but official estimates have been stood on their head by reality. The practical application of this knowledge may be to sell Pennsylvania regulators on a reduced budget for Wynn Philadelphia<\/strong>.<\/p>\n

It also might have its uses up in Massachusetts<\/strong>, giving Speaker of the House Robert DeLeo<\/strong> a potent, quantitative argument in favor of a racino-heavy proposal that’s moving right along. Gov. Deval Patrick<\/strong> favors scattering a few cost-intensive casino resorts across the Bay State but it’s increasingly clear that he’s lost the battle.<\/p>\n

Isle expands<\/strong>. Getting back to its knitting, Isle of Capri Casinos<\/strong> snapped up the Rainbow<\/em> riverboat from Bally Technologies<\/strong> for a 7X cash flow price of $80 million. That may be merely the wagging tail, though, the dog being a 10-casino contract to install Bally software<\/a> in a fleet of Isle properties. Does the Rainbow<\/em> seem like a throw-in to anybody else? Whatever the case, it wasn’t all good for Bally, which expects to lose $1 million thanks to Gov. Bob Riley<\/strong>‘s jihad<\/em> against electronic bingo in Alabama<\/strong>. Bally took a gamble on a “gray” market and its balance sheet will be singed accordingly.<\/p>\n","protected":false},"excerpt":{"rendered":"

Surprising as ever, Steve Wynn showed up in Philadelphia yesterday bearing a sheaf of renderings for his proposed casinos — three weeks ahead of schedule. Wynn’s final design looks a mite grander than the one he let Steve Friess photograph, … 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":[135,65,77,28,14,85,112,35,91,95,33,111,25,12,32,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2823"}],"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=2823"}],"version-history":[{"count":8,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2823\/revisions"}],"predecessor-version":[{"id":32237,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2823\/revisions\/32237"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=2823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=2823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=2823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}