Wynn downplays Joliet buyout rumors

Friday, Aug. 4, 2000 | 10:41 a.m.

Desert Inn owner Steve Wynn is downplaying a report that he may be interested in acquiring the Empress Casino in Joliet, Ill., despite a recent visit to the Horseshoe Gaming property.

Crain's Chicago Business, citing a source close to Horseshoe owner Jack Binion, reported that Wynn was among the parties interested in acquiring the highly profitable riverboat casino.

Wynn confirmed he did visit the casino recently, but said he was there simply to visit Binion, whom he characterized as a friend of more than 30 years.

Speculation has risen a buyout of the Empress may be in the cards following Illinois gaming regulators' vote to deny Binion a gaming license in that state. Binion is currently appealing this vote, a process that could take several years.

If Binion fails to overturn the Illinois decision and must sell the casino, there wouldn't be a lack of interested buyers, said gaming analyst David Anders.

"Most major gaming companies would like a significant presence in the Chicagoland area," Anders said. "That property in particular would be attractive."

Most likely to bid on the property, Anders said, would be Park Place Entertainment Corp. and MGM MIRAGE. Park Place has expressed interest in expansion into major metropolitan markets, Anders said, while MGM MIRAGE's appetite for Chicago-area expansion may have been whetted by the success of its new Detroit casino.