{"id":2853,"date":"2010-04-08T13:42:48","date_gmt":"2010-04-08T21:42:48","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=2853"},"modified":"2023-03-06T06:33:16","modified_gmt":"2023-03-06T14:33:16","slug":"this-just-in-wynn-jilts-philadelphia","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/this-just-in-wynn-jilts-philadelphia\/","title":{"rendered":"This just in: Wynn jilts Philadelphia"},"content":{"rendered":"

\"57268681MB111_MAXIM_Magazin\"On Monday, Steve Wynn<\/strong> was making nice<\/a> with Philadelphia<\/strong> Mayor Michael Nutter<\/strong> and vowing to glad-hand every civic leader in sight. He had a full set of renderings for how his Wynn Resorts<\/strong> makeover of the mortally wounded Foxwoods<\/strong> project would look. Fast-forward 72 hours and Wynn says, in effect, “Let’s call the whole thing off.”<\/p>\n

Wynn Resorts<\/strong> issued a cryptic statement<\/a>, leaving the field wide open for speculation as to the motive(s) for its sudden volte-face<\/em>. Contrary to Steve Friess’ prediction<\/a>, S&G<\/em> is not “likely to write post-mortems that involve Wynn’s ignorance of the development history of the neighborhood where the casino was to stand<\/em>.”<\/p>\n

Au contraire<\/em>, even without knowing what transpired during Wynn’s latest “show the flag” trip to Philly, I suspect that Friess’ diagnosis (“It’s an internecine political drama<\/em>.”) is right on the money. Wynn Resorts was a wheat kernel ground between various millstones that included Nutter, the Pennsylvania Gaming Control Board<\/strong> — which just extended fines against the Foxwoods-led group — and bluenosed local (in)activists, who carped pointlessly from the sidelines. While the selection process in the Keystone State has been suspiciously tilted toward “george” Democratic Party<\/strong> donors like Don Barden<\/strong> and Neil Bluhm<\/strong>, if as vocal a Republican as Sheldon Adelson<\/strong> could get in, why not Wynn?<\/p>\n

Not to be discounted<\/strong>, either, is the disclosure of numbers that showed Pennsylvania<\/strong> racinos outperforming stand-alone casinos. In other words, prospectively bad news for Wynn, good news for Penn National Gaming<\/strong>, Harrah’s Entertainment<\/strong>, Mohegan Sun<\/strong> and Cannery Casinos Resorts<\/strong>. Looking at figures like those, one had to wonder if even a $600 million expenditure (more, if Wynn amended his plans to include a hotel) was too much exposure, especially when slot revenue is taxed at 55%. With MGM Mirage<\/strong>‘s half of Borgata<\/strong> going for as little as $290 million, it’s a waiting game to see if Wynn’s reported weekend safari to Atlantic City<\/strong> bagged him any bargain purchases.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, Steve Wynn was making nice with Philadelphia Mayor Michael Nutter and vowing to glad-hand every civic leader in sight. He had a full set of renderings for how his Wynn Resorts makeover of the mortally wounded Foxwoods project … 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":[65,23,60,73,28,83,7,11,91,69,95,33,111,25,12,32,31,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2853"}],"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=2853"}],"version-history":[{"count":6,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2853\/revisions"}],"predecessor-version":[{"id":32428,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/2853\/revisions\/32428"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=2853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=2853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=2853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}