Discussion: 10 comments so far...

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1. By GunslingerA10 (Ramon Hernandez)

   March 4, 2010

   12:07 p.m.

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   Nice, 250 mil investment for a 51 percent holding.

   Which he can then sell 25 percent in four years for a heafty 250 mil return by divesting his inital investment, and still retaining a 25 percent stake in that casino.

   That is a 25 percent rate of return, year on year. Better than bonds I think.

   It takes money to make money.

2. By burnemandturnem

   March 4, 2010

   12:56 p.m.

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   Saw a clip of him testifying at (I think) the Penn. gaming commission hearings. He looked a touch frail physically (at least to my eyes) but was as mentally sharp and feisty as he ever was. He'll do great there, both for himself and for the region.

   He's really a smart, classy guy. Yeah, he screwed up on the toke sharing (should have instituted it before hirng anyone and opening up) but, overall, he's the best the industry has to offer.

3. By environprotector

   March 4, 2010

   1:36 p.m.

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   billionaire Steve Wynn screwed up on the toke sharing for sure. It's really only the major problem I have with him because I believe that it's morally wrong. The only other thing I was unhappy with him for doing was tearing down the Desert Inn and golf course community. Otherwise, best of luck to him in P.A.

4. By perry161492

   March 5, 2010

   5:30 a.m.

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   and he talks about obama he the one who stabbing las vegas in the back. if hes opening a casino in pennsylvania why would any1 travel to las vegas

5. By asleepatawheel (Johnny Rico)

   March 6, 2010

   7:42 a.m.

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   Hey Steve-O why dont you invest those millions into something more profitable,,, like education... Hmmmmmmm...

6. By perry161492

   March 6, 2010

   8:34 a.m.

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   i am sure when hawaii make gambling legal he will be there

7. By benighse

   March 6, 2010

   11:25 a.m.

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   Check out the earlier Sun article on what the gambling tax rates are in Pennsylvania from February 24, 2010:

   "In Nevada, Wynn and his fellow casino owners pay a tax of 6.75 percent on the money they win from gamblers.

   The Philadelphia casino that Wynn will manage will pay at least 55 percent in taxes on its slot machine winnings and 16 percent on its winnings from table games."

   So he can make a considerable additional "profit" on an eventual $600 million casino at "55% and 16%" gross taxes from Pennsylvania gamblers, but the UP TO 6.75% in Nevada is a casino buster to be cried over and nothing could be offered during the past Special Session for Nevada education or the current tax fix. It shows just how much casinos OWN the Governor and Legislators to keep the general population fooled.

   For even further comparisons how other States tax their gambling sinners, also take a look at:

   http://www.americangaming.org/Industry/s...

   You'll find that not only are the tax rates at 55% and 16% in Pennsylvania, but they have the additional "license fees" in the millions, and they require the licensed gaming establishments to pay the ENTIRE gaming regulation agency costs EVERY year---not just $4 million of a $32 million cost like here in Nevada, but the FULL $32 million.

   Take a look at the REAL comparisons and see how other States would collect and have collected 55% on $10 Billion, and Nevada collects/collected less that $908 million on over $11 Billion last year. So that gives the casinos an extra $4 Billion, Pennsylvania would have had for that same amount, to buy Nevada government rather than vice-versa. Who says money can't buy you freedom from fair taxes.

   Just one person's opinion who believes Nevada Gaming could go from 6.75% to only 10% and still brag to the rest of the country that they STILL have the lowest gambling taxes in the world, and help Nevada's budget, education and pay for full State Agency regulation.

8. By jazzy13 (Mick Davis)

   March 7, 2010

   11:43 a.m.

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   smart move... Philadelphia is bound to come back sooner than LV. Why invest all your money in a sinking ship.

9. By irishfighter

   March 7, 2010

   6:11 p.m.

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   The state of nevada politicians should be ashamed of themselves for allowing the low tax rate in our state compared to other states. It was Vegas money that built them all and now we have the highest unemployment rate in the country and the CEO's are laughing all the way to the bank as they withold money for education so they can continue to have slave labor.

10. By pooorpeddler

    March 8, 2010

    3:44 a.m.

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    Is it possible Wynn had $250 Million laying around because of the generous tax breaks supplied by the NV Governor? Tell me is it not possible we are closing cancer hospitals so Wynn can bail out PA casinos with NV deferred tax money. It does sound familiar! Didn't Rudy Giuliani do the identical switch in NYC?