Pennsylvania officials to hold January hearings on Wynn Philadelphia, five other resorts
By: Chris Sieroty (Las Vegas Review Journal) October 2013
Steve Wynn should know early next year if his Wynn Philadelphia project will be built.
William H. Ryan Jr., chairman of the Pennsylvania Gaming Control Board, has indicated the winning applicant for Philadelphia’s second casino license could be selected in March or early April.
In January, public hearings will be held to determine suitability for the six applicants, according to a research note by Bill Lerner, a principal with Las Vegas-based Union Gaming Research.
“The hearings will give applicants a chance to present to the board and make their case for why they should be awarded the license,” Lerner wrote. “It is possible losing bidders could appeal the board’s decision to the state Supreme Court, which could take roughly six months.”
The chairman of Wynn Resorts Ltd. proposes to build a 150,000-square-foot casino with 900 slot machines and 100 table games along with a 300-room hotel on about 60 acres of waterfront property.
Wynn Resorts has joined Tower Entertainment LLC, Market East Associates, PHL Local Gaming LLC, PA Gaming Ventures LLC and Stadium Casino LLC in the competition to build a second Philadelphia casino. The SugarHouse casino has been open in Philadelphia since 2010.
In the spring of 2010, the Las Vegas-based gaming company proposed building a $600 million casino in Philadelphia before pulling out.
Wynn Resorts also is building a $4 billion resort on the Cotai Strip in Macau. The company also proposes to build a $1.5 billion casino-resort at a former industrial site on the Mystic River in Massachusetts.
David Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas, said the Pennsylvania gaming market has definitely “tightened up.”
Gross revenue last month from slot machines at 12 casinos in Pennsylvania was $187.8 million, 6.3 percent lower than the $200.4 million in September 2012. As of Wednesday, the control board had not released table game revenue figures for September.
“After six years of really blockbuster growth, now it seems to have leveled off,” Schwartz said. “Remember, it went from zero to $3 billion. It could be because it’s a $3 billion industry.”
Schwartz said there is a “definite possibility” that a Wynn Resorts casino or another resort could expand the market. He said there was a similar feeling the Las Vegas market had leveled off in 1989, 1993 and 1998.
Wynn Resorts operates Wynn Las Vegas and Encore on the Strip and Wynn and Encore properties in Macau.
Categories
- Benefits Resources
- Bonding
- BOP
- Business Insurance
- Commercial Auto
- Commercial Property
- Company News
- Construction
- Crime Insurance
- Cyber Insurance
- Directors & Officers
- Employee Benefits
- Employment Practice Liability Insurance
- Entertainment
- General Liability
- Health Insurance
- Healthcare
- Healthcare Reform
- Homeowners Insurance
- Hospitality
- Manufacturing
- Medical Malpractice
- Mining & Energy
- Nightclubs
- Personal Auto
- Personal Insurance
- Professional
- Restaurants
- Retail & Wholesale
- Risk Management Resources
- Safety Topics
- SBA Bonds
- Security
- Seminars
- Technology
- Tourism
- Transportation
- Uncategorized
- Workers Compensation
Archives
- May 2021
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- November 2018
- September 2018
- August 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- February 2013
- November 2011
- October 2011
- September 2011
- July 2011
- June 2011
- March 2011
- November 2010
- October 2010
- September 2010
- April 2010
- February 2010
- November 2009
- October 2009
- November 2008
- August 2008