February 24, 2010
“Wynn to Assume Control of Philadelphia Casino Project “
Wynn, stationed in Las Vegas, has decided to take control over a casino project in Philadelphia. The casino should be developed in premier location at the waterfront in Pennsylvania’s city scene. T he project previously had the name Foxwoods Casino Philadelphia and has been tangled in financial distress since the project was erected in 2006. In January, the casino was forced to present new plans or prepare to receive a penalty of $2,00 a day and had till March 3 or lose their casino license completely. The Foxwoods were unable to pay the high bill so Wynn has stepped forward as the new owner of the property. Though Wynn has not released their plans for the space it is believed that they will not be following the Foxwoods’ plan, but rather creating a casino that reflects the Wynn brand. More importantly it is showcasing the shift in the casino market and that revenues in Atlantic City have been prospering, in addition more casinos are to be built in Pennsylvania this year.
I took a personal interest in this article for two reasons: one I am going to Las Vegas for spring break (to do some field research of course) and Wynn was a top contender for hotels, secondly the proximity from UD to Philadelphia sparked my interest. The gambling and casino atmosphere draws in people from numerous backgrounds, it is especially common in the Mid-Atlantic region as Las Vegas has been developed and become a destination in itself, hence why I am traveling there. It makes fiscal sense to start developing more casinos on the East coast, as it can promote tourism to our area, and the money that I am spending in Vegas could be spent closer to home, benefitting our local economy. It will be interesting to see how large the draw of consumers will be to Philadelphia, but with Atlantic City’s recent success I assume the shift of casinos may be beneficial to Wynn.
Wall Street Journal
No comments:
Post a Comment