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Wynn pulls out of Pennsylvania

Discussion in 'Casino Industry & Development' started by chitownjohn, Nov 11, 2013.

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  1. chitownjohn

    chitownjohn High-Roller

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    As states increase their own gaming presence it seems like the last frontier for gaming without hefty competition is the international market.

    Press release …

    LAS VEGAS--(BUSINESS WIRE)--Nov. 11, 2013-- The Wynn Resorts Board of Directors recently met to carefully examine the feasibility and opportunities associated with the company's domestic development in Philadelphia, Pennsylvania. At this time, the Board has decided that the best course for the company is to pursue business opportunities elsewhere.

    The board took a host of factors into consideration, including the Philadelphia market performance over the past year and the competition which will result from the recent approval of gaming in the State of New York. Consequently, the company will withdraw its licensing applications in Pennsylvania.
     
  2. sco5123

    sco5123 VIP Whale

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    WOW! I was so excited to see Wynn come to Philly.

    But it would be even BETTER if he came to New York!!!

    If so, I can not wait!!!
     
  3. chitownjohn

    chitownjohn High-Roller

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    It sounds like something is coming to NY, do you really want a Wynn property that caters to high end players? If the choice was yours, which gaming company would you choose?
     
  4. sco5123

    sco5123 VIP Whale

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    well I like luxury. It makes me feel warm. So even though they cater to high end players (and I am a super low roller), the opportunity to play while surrounded by that ambiance is very fun to me. I find Wynn properties captivating, as I usually say. Also, for all of that to be in New York would be great.

    When you say "something" is coming to NY, do you think its Wynn?
     
  5. Someone

    Someone High-Roller

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    the casino business and gambling.....so "played out" that now they do not even get past licensing before they pull out of a market

    so much for all those construction jobs you can always point to when you look at empty boarded up and failing or soon to fail casinos

    but hey I guess overpaid state regulator jobs to regulate businesses that never open and that do not produce any revenues for the state other than application fees are also "jobs" too :rolleyes2:
     
  6. chitownjohn

    chitownjohn High-Roller

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    NY is a classy city so I can't see anything other that Wynn.
     
  7. sco5123

    sco5123 VIP Whale

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    Is any gambling market in the US actually doing well? And isn't internet gambling doing dandy? Do you think internet gambling will make brick and mortar casinos invalid in the near future?
     
  8. hammie

    hammie VIP Whale

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    That is really too bad for Philly, I thought the Wynn project was the best of the bunch. The recently approved gaming in NY means he will get a faster return on his investment there instead of Philly. Plus, if he gets a license in NY, it means he can flip the bird once again to Atlantic City, like when he convinced them to build the tunnel to the Marina.
     
  9. Kickin

    Kickin Flea

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    The casinos aren't going to be anywhere near the city. All four of the proposed licenses are for upstate NY. It's specifically aimed at upstate NY development. The Catskills one might draw a decent amount of visitors from the city, but the others like Albany and stuff might as well be in Ohio in terms of drawing visitors all the way from the NYC.
     
  10. chitownjohn

    chitownjohn High-Roller

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    You are correct, the initial 4 licenses are upstate NY, but they have additional licenses to dole out.

    Quotes from a an LVRJ article ...
    New York City is the key market in the referendum, according to Moody’s. It is expected to attract interest from most of the major casino operators.

    “For the U.S. gaming industry, the Big Apple is the Holy Grail,” Foley said. “New York City’s status as a major global tourist destination and the metropolitan area’s high population density make it extremely attractive for gaming.
     
  11. Kickin

    Kickin Flea

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    Yeah the option for the 3 additional licenses in the referendum is 7 years away and from what I understand Genting is the one that lobbied powerfully for that protection to their market. Plus there's much weaker public support for casinos in the city than there is for upstate. I'm a gambler and even I'm not in favor of any big casinos here.

    But who knows what will happen... If it is anyone I hope it would be Wynn. At least you know it'll be nice.
     
  12. Busyman

    Busyman VIP Whale

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    There should be approval for the gambling license in my area soon.

    This is a great spot for a casino. Traffic will be shit tho'.



    It's in Maryland on the water, across the bridge from Virginia, down I-295 from DC and right off the DC beltway and tourists already go there.

    [​IMG]
     
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