Wynn Throws Hat in Ring for Philly Casino
Steve Wynn officially threw his hat in the ring last week to bring one of his casinos to the City of Brotherly Love, meeting the November 15th submission deadline along with five others who hope to obtain the city’s currently unclaimed casino license.
This isn’t the first time Wynn has had his eye on Philly (and it’s no surprise considering he’s a graduate of UPenn). Back in April of 2010, he agreed to salvage the Foxwoods casino on Columbus Boulevard, but pulled out of the deal a week later because the deal was, in his words, “so screwed up.” Due to a lack of other interested investors, Foxwoods eventually lost its gaming license, which instantly made Philly a top bachelor in the casino world. And, given that his dream of building a casino in Massachusetts' Foxborough have been blown to bits, it's back to the Pennsylvania drawing board.
What’s at stake? The $50 million license permits a casino to operate with up to 5,000 slot machines and 250 table games. To put that in perspective, the new Revel in nearby Atlantic City, New Jersey, opened with 2,439 slot machines and 97 table games. These high limits set by the city would give a new Wynn – or whatever – the opportunity to compete in both size and grandeur with Atlantic City if it so chooses (something we’re sure is no coincidence).
While a new casino in the city wouldn’t exactly be ground breaking for residents (there are currently 11 casinos in Pennsylvania, four in the Philadelphia area, not to mention Atlantic City), there are some sections of the city that could benefit from the hype and business that a new one would bring. The location of the new casino/hotel will depend solely on who wins the project as the proposals target different neighborhoods.
Wynn wants to plant his property in Fishtown, and envisions a 300-room (all suites) hotel with about 100 table games and 150,000 square feet of casino. A local investor wants to break ground with a 125-room hotel at the former headquarters of the The Philadelphia Inquirer and Philadelphia Daily News. Three of the other bidders would build in South Philly near the city’s professional sports’ complex, and one other proposes to put the casino near the Delaware River in South Philly.
Location, it seems, will be a large part of the public discussion to come. We will certainly keep you up to date on this story as details become available. In the meantime, let us know who you voting for? Are you Wynn all the way?
[Photo: Politico.com and WynnLasVegas.com]