Steve Wynn Versus Bart Blatstein For Philly Casino?Two Are Warhorses In Their Respective, But Overlapping, Industries |
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Philadelphia, one of America’s most populous cities, has a special place in the hearts of six firms vying for a license to construct the town’s second casino. However, could the battle come down to just two men who arguably have the most clout in the whole fight?
Local real-estate titan Bart Blatstein and Las Vegas-based casino mogul Steve Wynn both want a piece of the Philly action. Could Wynn encroach on Blatstein’s turf?
Blatstein has been flexing his muscles in the area for more than two decades. He serves as the president and CEO of Tower Investments, Inc — a local firm that has been credited with some pleasant enhancements for those who can both work and play. Though, according to the Philadelphia Inquirer, the city’s median household income in 2011 ranked second-worst — ahead of just Detroit — among the country’s 25 largest cities.
The company’s residence in cyberspace boats about its 57-year-old fearless leader: “In every sense of the word, Mr. Blatstein is a Philadelphian, with passion and vision for the city, its neighborhoods, and its bright future.”
Blatstein recently told Philadelphia Magazine, in the publication’s in-depth attempt at “deconstructing” the man, that he’s “just a kid from Northeast Philly who got lucky.”
If the dice fall his way this time around, Blatstein will turn the former home of the Philadelphia Inquirer (he at one point was daring enough to bid for buying the paper itself) into a massive $700 million “rooftop village,” connected by sky bridges, near the heart of the city. The plan is to construct an extravagant setting for socializing and shopping above the casino.
He told Philadelphia Magazine that he needs the casino to pay for the rest of the project.
While Blatstein perhaps views gambling as a means to an end, Wynn has been a pioneer in legitimizing the business around the world. Exploiting edges on gamblers, however large or small, has made Wynn one of the wealthiest men in the country. Forbes pegs his net worth at about $2.5 billion. It’s unknown how much Blatstein — at the helm of a private firm unlike the publicly traded Wynn Resorts Ltd. — is valued at on paper.
For Wynn, the proposal isn’t his first crack at a casino in the town where he earned his bachelor’s degree. In 2010, he backed out of a similar project citing financing problems. The casino plan, which Wynn had taken over from other developers, was also met with some opposition from residents. It’s unclear what kind of public resistance will come this time around for a Wynn-backed construction — or for what Blatstein desires.
The Connecticut native was recently quoted as saying the site for his casino is “delicious.” He calls his proposed property a “destination resort.”
Wynn, 70, is a byproduct of Las Vegas’ checkered and dramatic past, emerging from decades in the business as one of Sin City’s most influential characters ever. He is largely credited with the mushrooming of The Strip and helping make Macau a rocket ship for growth in the industry. However, his recent expansion outside Las Vegas has not been met without criticism. A respected Las Vegas Reveiw-Journal columnist blasted him in 2010, after Wynn made comments regarding the attractiveness of Macau over Nevada.
As Southern Nevada still looks for traction in a recovery, other markets around the country are opening up. Wynn was also eying projects in New England and South Florida.
Regardless of how his techniques are received, Wynn has the pull to give Blatstein a run for his money. In 2007, Forbes named Wynn one of its “Captains of Capitalism.”
Despite their respective power, only one will snag a license to begin building. The gambling operation will be the second within Philadelphia’s city limits. Wynn’s dream would arise from the soil on the Delaware River about a half a mile away from the SugarHouse Casino. Fears of that property’s business suffering are mitigated when one thinks of the Las Vegas Strip, loaded with dozens of casinos all within walking distance of one another.
Local gamblers also have Parx Casino and Harrah’s Chester Casino just outside the city. Altogether, there are currently 11 full-scale casinos sprinkled throughout Pennsylvania.
Based on the media coverage, one would guess Blatstein’s three-block French-style fantasy land to be the favorite. An October blog from City Paper Philadelphia even went as far to say, “Let’s get Blatstein that license.” So, it could be his to lose.
Of course there are other groups vying for the second casino, but none seem to be turbocharged by men with reputations comparable to Wynn and Blatstein. According to the Associated Press, it could take a year for gaming regulators to make a decision.
Follow Brian Pempus on Twitter — @brianpempus
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