Wynn assesses his hopes for new domain
Posted by Carl Barnett on 11 Mar 2010 at 10:03
Steve Wynn, the casino mogul, visited Pennsylvania recently to assess the progress of his plans to revitalise the state’s casino offerings.
The Pennsylvania Gaming Control Board has temporarily offered relief as regards their plans to remove the licence from the Foxwoods Philadelphia Casino, giving Wynn an opportunity to detail his plans to take it over.
Wynn plans to build another casino in place of the Foxwoods development; one that he expects will cost $600 million.
The investors at Foxwoods casino sought the support of Wynn after the recession took its toll on their revenue, making it another casino complex that has been hit badly by financial problems.
Some of the Board members are not entirely positive about the agreement made with Foxwoods however, and doubt Wynn’s abilities.
Ken Trujillo, a member of the Board, told Businessweek.com: ‘I have very grave concerns whether a change of control...will ever occur.’
Trujillo commented on the proposals the Board had received from Wynn, stating: ‘it was interesting, but completely lacking and certainly not the clear and convincing evidence this board needs.’
While the recession has affected the profits of many land based casinos, online casinos continue to do well.
