Wynn not to invest in Pennsylvania
Posted by Carl Barnett on 23 Apr 2010 at 09:04
Steve Wynn, the millionaire investor who has made a fortune in buying out casinos and other businesses, has pulled out of a major deal in Pennsylvania.
The Foxwoods Casino in Pennsylvania was to be the latest in a long line of casino investments made with his Wynn Resorts company, but the company has pulled out at the last minute.
As soon as Wynn announced the backtrack manoeuvre, speculation began as to why he would make such a decision.
Some analysts speculated that he was focusing his efforts on another casino venture in the United States, namely the Revel project in Atlantic City.
Jennifer Dunne, a spokeswoman for Wynn, answered to this speculation when speaking to Associated Press: ‘We typically would not comment on rumours but given the amount of speculation, I can confirm that Wynn has no intention of investment or involvement in any project in Atlantic City.’
The Atlantic City area has some issues as regards to revenue to its land based casino industry.
The land based casino industry is seeing some rise in revenue overall, but the rise has some way to go before it can reach the dynamic growth the online gambling industry is currently witnessing.
