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Wednesday, November 04, 2009

Wynn Loses

Steve Wynn is out of the Aqueduct sweepstakes.

Officials close to Wynn declined to say why the casino executive dropped out.

“We are confident that the state of New York will find a qualified operator to meet its needs at Aqueduct," a Wynn spokesman said. “We would like to thank our associates and community leaders for all their assistance in crafting our proposal." []
I don't believe it's because of the latest money grab by the state considering that they were bragging about all the extra cash they raised in a recent IPO in Macau. State officials were reported to be put off by a statement he recently made about the dire state of the casino industry; but the company later reiterated its belief in the Queens site. Perhaps they didn't really mean it.


Anonymous said...

Or.... perhaps Wynn reappears at a later date? remember how many times he was in and out of the racing franchise bid, sometimes with Excelsior, sometimes on his own. he's a Belmont fan anyhow.

Anonymous said...

My guess is a lot of Wynn's cash is "restricted" and meant to be kept on deposit to pay debt service and bond interest.

Alan, has the odds board changed?

Anonymous said...

Mr. Wynn, one of six bidders vying for the license at Aqueduct, had become frustrated by the extensive review process and the lack of clear rules, according to an executive who spoke with him recently.

- In Surprise Move, Casino Magnate Abandons Bid for Aqueduct Racetrack, New York Times, November 5, 2009

Anonymous said...

All of a sudden, MGM/Peebles believe they are in as a top contender? R. Donahue Pebbles has never done anything of this magnitude, anywhere. On the Yank's radio satellite broadcast last night, MGM/Foxwoods in CT, had an add going nearly every inning urging New Yorkers to go to this location.

MGM would never comply with the New York promoting for New York only rules with casinos in both CT and big $$$$ investments in Atlantic City, NJ. It would be in their finacial interest to get NY patrons to go to the higher margin locations out of state.

i guess in this deal, anybody can say anything they want and see what sticks.

Anonymous said...

Wynn's Macao cash would also be subject to US Taxation the second it entered the country.

So while he has the cash, it will be expensive for him to use it for this project.

Anonymous said...

so Penn National is in the hunt? how thin can they stretch themselves? Big deal in Kansas, (2) casinos coming in Ohio, the Fountainbleu (sp) in Vegas, they even had a shot at Lone star Park in Texas. That cash can only go so far. Regional to national may break their bank and the companies ability to control its businesses as well. I can only hope Aqueduct doesn't become a Penn National in PA or a Charlestown in WVA. Wake up NY!

Anonymous said...

If you have ever stayed at the Wynn Resort in Vegas you will know that Aqueduct is losing a serious contender.
Is it by chance that the powers in Macau invited Mr.Wynn to build a casino?
I don't think so!!!