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Published Friday, April 9, 2010 | 12:55 p.m.
Updated Friday, April 9, 2010 | 3:12 p.m.
Las Vegas casino mogul Steve Wynn said Friday that he's not interested in Atlantic City's stalled Revel casino project -- or anything else there, either.
Wynn stunned Philadelphia this week by pulling out of a deal to build a casino on the Delaware River. That immediately touched off speculation that he was instead interested in Revel, which Wall Street giant Morgan Stanley abandoned last week.
But Wynn Resorts Ltd. spokeswoman Jennifer Dunne told The Associated Press the company is not interested in Revel, or any other project in the nation's second-largest gambling market.
"We typically would not comment on rumors but given the amount of speculation, I can confirm that Wynn has no intention of investment or involvement in any project in Atlantic City," she said Friday.
Morgan Stanley owns more than 94 percent of the half-finished Revel, and is prepared to take "a substantial loss" on a project it has already sunk $1.2 billion into.
Wynn said in a statement he was "fascinated" by the legalization of table games in Pennsylvania, but said the proposed Foxwoods Philadelphia deal "did not, in the end, present an opportunity that was appropriate for our company."
The long-stalled Foxwoods Philadelphia project along the Delaware River has faced financial difficulties and neighborhood opposition since winning one of two state casino licenses set aside for the city in 2006.
Revel is considered Atlantic City's best hope to compete with slots parlors -- and soon, full-fledged casinos -- in Pennsylvania and Delaware.
Don Marrandino, eastern division president of Harrah's Entertainment Inc., which owns four casinos in Atlantic City, said Wynn would have brought some sizzle to the shore.
"Every time he's made a move, he made the tide rise for everyone," said Marrandino, who knows Wynn from his own years running casinos in Las Vegas. "He's got the bravado and the sexiness. It would be helpful to have a guy like that in the market."
Revel Entertainment had no immediate comment.
The company says it still expects the casino to get built and is pursuing the last $1 billion or more that it will take to complete the project from China's Export-Import Bank.
The project got under way in 2007, when lenders still weren't questioning even $2 billion deals too much. But it ran out of money in early 2009 after the recession hit and credit markets dried up. That forced a halt to work on everything but the exterior of the project.
Shares of Wynn Resorts rose 68 cents to $86.91 in afternoon trading.
STEVE WYNN... VIVA LAKE LAS VEGAS!!!!!!!!
Amen David64!!!
I HOPE HE HEARS US!!!
Atlantic City is Trumps town.
Trump is a horse's ass. His casinos are constantly in bankruptcy.
You don't need another Casino at A.C. You have too many as is! The place is made up of people who come there by buses or stay for 1 day. As for Wynn he is as phony as his teeth that he smiles with! As soon as he realized what he was getting into at PA he opted out.
But I thought Steve Wynn loved PA? Why he even said that it felt like his true home to him. Gee what happened?
Foxwoods, what a joke! Building it bigger doesn't mean that it's going to be better, nor more profitable. From what I've seen, if I were going to invest in gaming stocks, it would be Native American casinos all the way. The advertising is better, their demographic is more profitable, the promotions and entertainment are more appealing...They're just better over all.
Route 66 Casino and Dancing Eagle are bringing in Country Singers and giving away trucks and motorcycles: things people WANT. Major Resorts in Vegas, A.C., and elsewhere just can't compete when they offer no major gambling promotions, and keep showcasing parties for no-name, "famous for being famous" trendsetters that people with real money don't care about. Travis Tritt shows up @ Route 66, Merle Haggard performs @ Buffalo Bills, and by comparison Tao @ Venetian showcased the "Pants on the Ground" guy from American Idol tryouts.
And Vegas Resorts wonder why their occupancy rates and profits are plummeting...
I think the casino industry has finally come to the realization that they've massively overbuilt, and that proliferating casino-hotels nationwide has sucked the profitability out of a once "recession-proof" industry. Next, it will be the states, who have padded their revenue streams with gambling taxes, who will realize it. Wynn is just realizing it first because he's the smartest player in the game. Personally, I miss the days when your only US gambling options were destination resorts like Vegas and, to a lesser extent, Atlantic City. It made both places special. Vegas will always be special, because of both the magnitude and concentration of what has been built there, as well as the incredible sense of place that comes from being in the middle of the desert, the scenery, the desert sky & air, the true 24-hour nature and vibe of the town, etc. Atlantic City could've gone that way, but the corporate greed-heads and corrupt government never got it through their heads that they had to redevelop the whole city, not just built a bunch of billion-dollar concrete bunkers on the ocean surrounded by crack houses. Unfortunately, the Jersey Shore doesn't have the same cachet and sense of place that Vegas does, and I really fear that it is going to go into a long-term period of serious decay and decline akin to what happened to the grand old resorts that were there before gambling, in the period from WWII until the 1970's...Unfortunately, the corporations and state governments of this country cloned the golden goose, and it watered down the value of the golden eggs, and unfortunately, it will be the people of Atlantic City, and to a lesser extent Vegas, who will suffer and pay the price for some time to come...
" Steve Wynn Says He's Not Interested in Atlantic City " ... and soon neither will anyone else be.
The NJ Casino Control Commission has created a very unfriendly environment to do business in. Research the history ... it's all there ; the latest being the MGM/Borgata/Pansy Ho fallout.
I'd be surprised if funding is secured from China's Import/Export Bank to complete the Revel construction.
The NJ-CCC will eventually run this town into the ground.
And maybe, along with Las Vegas and Atalantic City losing their specialness due to the proliferation of gambling, the ubiquity of slots and table games will make the whole idea of gambling less special. Gambling is no longer the aluring, sexy "forbidden fruit" offered exlusively in Sin Citiy by the the exotic state of Nevada, the Great and Powerful Keeper of Chance, but now is becoming the mundane oranges and banans that any street vendor will offer. Grapes anyone?
The real reason gambling suffers is because there is no competition to make it special anymore. MGM Grand and Harrahs own everything and have watered down the odds on table games, and tightened their slot machines so much that even the most inexperienced players sense this and are holding on to their money. No offer of value is extended by these corporate entities and they are only interested in the money grab for every red cent they can withhold from people on their properties.
environprotector:
Just wait!! It will get worse...
THERE MOST LIKELY WILL BE LESS COMPETITION!!
Pretty Soon, Wynn and LV Sands will be bought... and be taken over by MGM MIRAGE or Harrah's....
Boyd (Echelon), Fontainebleau, and TI will also be bought as well... Their location is desirable.... no doubt about it!!
Basically... Harrah's and MGM Mirage.. will probobly be the only two last standing....
Macau is where the money is. Why waste the time and effort in dumptowns like Philly and AC?
Well, Wynn isn't going anywhere until Steve Wynn dies, anyway. I've often wondered what will happend both to the brand, and the company, when that day finally comes, since he is such an icon, and so much of the company is built around his persona and reputation. Given that he's getting up in years, going blind, and (at least sounds like) he's been smoking for 50 years, it's probably not as far off as people think. Don't get me wrong, I'm not wishing the man ill, I think he's great and a visionary and the last of the great casino operators, but I really do wonder what will happen to his company and brand once he's gone...
I doubt if Steve Wynn smokes. I think he's too smart for that.
All you geniuses will eat your words when he takes over Revel and revives AC the same way he revived LV in the '90s with the Mirage.
Steve Wynn's not interested in AC for the same reason that no one else is either. It's a dump....dirty boardwalk, polyester liesure suits as far as the eye can see, there's not legit growth in that market and he knows it.
Not to mention the NJ Gaming Commish....they're as corrupt as the people they claim they won't give gaming licences to. Leave the NJ hotels and casino's to the Real Housewives of NJ and those trashy Jersey Shore kids. Wynn is classier than Jersey, baby.
Agree with Karina, AC is a dump. That's why everyone takes a day trip there. Visit one casino and go home.
He probably found out how many who's you have to pay off the books to operate back there.
KarinaP
Where do you think Steve Wynn came from.He started in Atlantic City and a dog always finds his way back home.What is probably stopping him right now is his ties in Maccau.MGM is selling out in Atlantic city because of their ties in Maccau so Mr.Wynn does not want the boat rocked right now and he will sell his intrest in Maccau just at the right time the watch what he does.
Rodtig - Just because ole' Steve got his feet wet with the Golden Nugget in AC doesn't mean he'll ever need to go back. Atlantic City itself doesn't have the appeal or the lure of Vegas. A 6 hour bus ride from NY with a bunch of retirees, only to see 4 casino/hotels on a dirty boardwalk does not a gambling meca make. But I do agree as well that the interests in Maccau are a factor too. So much more money to be made there and in Vegas than AC.
I've been to AC once, and was so dissapointed - it was cheap, dirty and even the allure of the Taj didn't do it for me. Never, will we go back. I'll save my money for the slots in Vegas, thanks...
mr wynn wanted to build a cheap, mainly slot casino where he could suck money out of the down and out phily tri state area with little investment(600mil i think--pennies in todays money) When the locals questioned him a little about it he got pissed that anyone would dare question the great steven weinberg.
who ever hasn't seen the great Mr W at his true arrogant self should view this video link pronto.
http://dmckee.lvablog.com/?p=2502
NEWS FROM AC
Dont know if anyone here is interested but,in the Trump bankruptcy bondholders won control,Icann was defeated ,The Donald was given 10% for the use of his name. Thats the gist of it anyway as far as I could tell from reading the article.
Why would anyone be interested in spending any time in that smelly arm pit of a city? And then, you receive a rash of sh*@ from the locals...? Huh? I'd be kicking myself in the head for spending my free time and G4 Jet Feul on the wasted trips.