Steve Wynn Wants to Glamorize Casinos in Non-Gambling Cities
Steve Wynn is not only a legend in the world of casino gambling, he practically built the world of casino gambling. At least, Steve Wynn can be credited with introducing the country to the modern-day glitzy casino resort, often with over-the-top themes and decor, that largely have replaced the old dim, dank stereotypical gambling halls of old.
Wynn, whose innovative casino resorts began to open in Nevada decades ago, is today probably best known for his ultra luxurious showpiece Las Vegas properties Wynn Las Vegas and its sister tower, Encore. Alas, he has had a hand in many of the Strip’s most famous properties, including the Bellagio, the Mirage, Treasure Island, as well as the Golden Nugget.
Now, Wynn wants to bring his particular brand of luxury gambling to the east coast of the United States. Wynn is vying for licenses to construct two new casino resorts, one in the greater Boston area and the other to be located in the Fishtown neighborhood of Philadelphia.
Not surprisingly, competition for the coveted operating licenses is fierce, though the legendary Wynn has won admiration from at least one of his competitors, local Philadelphia developer and Pennsylvania native, Bart Blatstein. Blatstein, in partnership with the Isle of Capri, is one of six outfits hoping to best Wynn and be granted the license to operate the newest Philadelphia casino.
Blatstein, who requested a private meeting with Wynn after a hearing yesterday in which each of the six candidates was granted an hour to speak before the Pennsylvania Gaming Control Board, spoke admirably of his opponent, saying that Wynn’s contribution to the industry over his long career has “changed the paradigm of what a casino should be.”
For his part, Wynn expressed admiration for Blatstein’s impressive resume and sterling reputation, but was dismissive of existing casinos located outside of major gambling cities like Las Vegas as being “homely”, calling properties such as local Philadelphia casino SugarHouse, which is not far from the site of Wynn’s proposed development, “slots joints that cater to neighborhood people.”
Clearly Wynn, in typical fashion, has a grander vision for casino development in Philadelphia as well as in Boston, where he has promised to spend $1 billion constructing a luxurious hotel property with stunning views of the city skyline. The property would feature world class amenities, including a spa, dining, and conference space.
Said Frank Fantini, who publishes Fantini’s Gaming and Lodging Reports, “Everybody knows if Steve Wynn’s name is on a project, it’s going to be first class.”
“We also know he operates at the top end. He doesn’t deal with your stereotypical little old lady playing 25-cent slot machines. To me, that’s his big advantage: If you want a signature development in Boston, he’s going to provide that.”
The expansion of land-based casinos in states like Massachusetts and Pennsylvania is a recurring theme all over the country. Indiana, Illinois, and a handful of other states are looking into allowing for new casino properties to be built as a means of competing with neighboring states for much-needed tax revenue.
That being said, the fact that states are actively looking to lure gamblers across state lines should factor into the decision making process. With a world class developer like Steve Wynn, who, despite being legally blind personally combs over every detail of his casinos, requesting small changes like the relocation of plants and drapery, the reputation his properties enjoy can be a big boon to tourism.
That, and Wynn is flush with cash. At Tuesday’s hearing, Wynn said the company has over $2 billion cash on hand.
“We write our own check to build our building,” Wynn said.
