Say It Ain’t So: Steve Wynn is Back! (Maybe)

By Randy LoBasso
Add Comment Add Comment | Comments: 0 | Posted Apr. 30, 2010

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Part I: From Table Games to Hobo Beans

Without Wynn, the Foxwoods group is screwed. The new-and-improved hedge-fundy Inky is reporting that lawyers for the Pa. Gaming Control Board are trying to revoke Foxwoods Casino’s license as they beg your everyday street hustler and ‘Nova student for an investment into their project.

The seven-man Gaming Control Board’s vote was unanimous in its rejection of a six-month extension. And not just that, but their thinking is, you’ve already got the knife, right? Twist! According to the Inquirer: “The board also continued fines of $2,000 a day on the project and demanded that the group pay $114,000 in the next five days, representing the fines accrued since March 3, when the board last reviewed the Foxwoods situation.” The group was supposed to meet a series of deadlines to begin their projects and old man Snider (too busy with Right Network), as well as developer Ron Rubin and New Jersey lawyer Lewis Katz, all members of the group, didn’t even have the nerve to show up for their hearing on Thursday.

Part II: Steve Wynn Flirts With Disaster

You know that guy was too slick to leave the idea of Philly casinos behind and never return. Steve Wynn had a conference call with a group of stock analysts yesterday, according to Philly Clout, and made it clear that if the Gaming Control Board revokes Foxwoods group’s license, he’d bid for it.

Call it the old bait and switch:

“Wynn told the analysts he likes the tax rate—14 percent—on table games approved by the state General Assembly in January but still finds the rate—53 percent—on slot machines "still a little too high."  Ultimately he said, the deal fell apart here because "it became unattractive to us at the last minute.”  Wynn did not elaborate.”

“We backed out of the deal more than we backed out [of] Philadelphia,” Wynn said. “It was that simple.”

Part III: Secret Hideout in China

This is sort of unrelated, but mysterious! Steve Wynn also wants to move his headquarters to China within the next four years, says the Wall Street Journal. We agree with his decision. The Chinese should have the opportunity to throw away their hard-earned dollars on the belief that a ball is going to fall on a number/color enough times to make you rich—just like the rest of us.

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Steve Wynn to Rescue Philly Foxwoods Casino?
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KYW 1060 reports that casino mogul Steve Wynn is stepping in to help the struggling Foxwoods casino project in Philadelphia: "Wynn Resorts has announced that it has entered into a letter of intent with the investors in the Foxwoods project to have a Wynn affiliate become the manager and managing general partner. At the close of business Tuesday, state Gaming Control Board spokesman Richard McGarvey said the board had not yet gotten formal notification: “At this point, the Gaming Control Board has not received any formal petition for change of ownership or control for the casino in Philadelphia. Once that takes place, certainly there’s an entire process to go through to approve or disapprove something of that nature. But again, at this point we still have yet to receive any formal documentation.” Foxwoods already has been fined for missing a deadline to submit documents to the gaming board and faces a hearing next week at which further sanctions, including the possible loss of its license, are to be considered."...

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