Steve Wynn Ditches Philly Casino PlanExit Leaves A Handful Of Other Firms In Competition |
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Wynn Resorts, the giant casino firm owned by billionaire Las Vegas mogul Steve Wynn, has backed out of its proposal to build a brand new casino in Philadelphia.
The firm announced Monday in a statement:
“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 reasoning behind the move?
Wynn Resorts said that it “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.”
Earlier this month, voters in the Empire State approved seven Las Vegas-style casinos. Officials there are now tasked with figuring out where they will sprout up.
The Philadelphia move comes despite Wynn once calling a casino in the area “delicious.”
Philadelphia already has one licensed gambling joint, the SugarHouse Casino on the Delaware River. However, Parx Casino and Harrah’s Chester Casino sit just outside the city.
Wynn’s exit leaves a handful of other firms vying for approval to build. Just one of them will get the right to build. The metro area has around six million people.
Pennsylvania has become the nation’s second-most lucrative gambling market behind Nevada. Around a dozen casinos currently operate in the state, and obviously more are in the pipeline. The state recently looked at online gambling, but that is on hold for now.
The Las Vegas-based Wynn is still looking to build a brand new casino near Boston, but there were reports recently that the plan could also soon be out the window.
These days, Wynn, like the other top U.S. casino firms, reaps a huge chunk of its profits from Macau, the world’s top gambling hub. The city sees around $40 billion in gaming revenue annually.
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