Update: Penn National Gaming has been tipped as a potential buyer for disqualified Plainridge Racecourse. The city has already scheduled a Sept. 10 vote on a slot parlor, so Penn would have less than three weeks to negotiate the essential host-community agreement. As town administrator Joseph Fernandes says, “It has been a pretty intense roller coaster.”
Steve Wynn just can’t get over Atlantic City. He’s been in (Golden Nugget), out, in again (the abortive Le Jardin), out again and even made a courtesy call a few years ago, presumably sussing out properties in A.C. Now he wants a New Jersey online-gaming license, which necessitates one of two things. Either he partners with an existing casino or he buys one. The down-at-heels Atlantic Club (the former Golden Nugget) is on the market and who knows how Revel Resort would respond to a purchase offer … although it would seem a little rich for Wynn’s blood, especially when he’s committing close to a billion dollars to the Philadelphia market. No, more likely is that Wynn Interactive simply partners with one of the two, although Revel would be an affiliation more in keeping with the Wynn brand.
Cordish Cos. came a step closer to having a slot parlor in Leominster, Massachusetts. It was cleared for a special zoning permit, which paves the way for a Sept. 24 up-or-down vote on the casino. The $200 million project is banking on its distance from the state’s three other casino regions to put its proposal over the top with the Massachusetts Gaming Commission. The latter finds itself in a pickle regarding Tewskbury. Voters there rejected the zoning change requested by Penn National Gaming, 39% to 61% … but still may have to vote on the casino itself next Sept. 21.
Trouble is, nobody foresaw this scenario to the extent of writing into state law how a special election should be canceled. Penn, quickly striking its tent, supports scrapping the plebiscite and the MGC would like to do it, too. For now, it looks as though Tewksbury burghers will have to go through with an utterly meaningless vote. And if Penn turns its sites toward southeastern Massachusetts, it has until Sept. 30 to strike a host-community agreement, will be able to build a much bigger facility and faces no competition worth mentioning. It sure beats trying to hammer out a new slot-parlor HCA in a new town inside of week.
After dithering for years, the legislature in Florida finally got around to outlawing Internet cafe-casinos. Now, unfortunately, the gray market that sprung up prior to the state’s action may have precedents that open a loophole and further sap the viability of brick-and-mortar casinos in the Sunshine State.
Yeah, Wynn is always on and off; hot and cold on AC. The city should have gave him Bader Field much like they did the H Tract. Too many idiots with their hands held out have kept that city from accomplishing amazing things.
Regardless, this is interesting. Imagine if he bought Revel? Now that would undoubtedly be interesting!
Wynn still owns a waterfront home in Ventnor. I do not see Wynn working with Colony Capital, who now owns the former Nugget. I am not sure if he has any business ties to the hedge fund that owns Revel. With the purchase price of the Atlantic Club at about $20 million, Steve may think that the low cost of entry, the favorable tax rate, having two properties on the Philadelphia area, and not having to partner with anyone may be too good (cheap) to pass up. This might also help him be better positioned should an opportunity come up in New York. He also has the Massachusetts projects, so he may think if he gets critical mass he can put a guy to run the region in like Caesars does for the East Coast. I can imagine Don Marrandino running Wynn Eastern division.