Breaking: Wynn Withdraws Casino Bid
Big news that just hit the Property inbox:
Statement from Wynn Resorts regarding its developments in Pennsylvania
Las Vegas, November 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 the New York. Consequently, the company will withdraw its licensing applications in Pennsylvania.
Here’s how he once felt:
This is a little bit of déjà vu for those who remember Foxwoods, Wynn’s last flirtation with Philadelphia gaming, in 2010. He pulled out of that deal, too. At the time, the company released a statement that said:
We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company.
Here are some renderings of what might have been:
Upon request for comment, the company told us “we are not making any additional public statements beyond this announcement.”
This leave five applicants for the Philadelphia casino license. Given the many givens, I’m guessing it’s down to Market8 vs. the Provence now that Wynn is out.