Steve Wynn Pulls Out of Planned Philadelphia Casino

This planned South Philly casino may never come to pass.

Billionaire casino developer Steve Wynn, the man behind the Mirage, Treasure Island, Bellagio and Wynn casinos in Las Vegas, has decided against expanded his gambling empire to the City of Brotherly Love.

Wynn pulled out of a deal with local Philadelphia investors yesterday, taking with him the $240 million he had planned to put toward construction of the planned $600 million casino project, which would have included a substantial live poker room. “We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company,” Wynn said in a statement.

The move came as a surprise to many, including Philadelphia Mayor Michael Nutter and the local investors with whom Wynn was to partner on the project. Those investors are now in danger of losing their license, which cost $50 million in addition to the nearly $65 million they paid for the 16-acre site of the proposed casino in South Philadelphia. “We are shocked and amazed,” said an attorney for the investors. “We’re trying to find out what is behind it and what if anything can be done about it.”

The casino project has been a bumpy ride from the beginning, when the local investors teamed up with the Mashantucket Pequot Tribal Nation of Connecticut in a plan to use its Foxwoods brand. Since being awarded the license from the state, the project has had two proposed locations and has been handed more than $260,000 in fines for a failure to provide information on its progress to the Pennsylvania Gaming Control Board. 

With Steve Wynn out of the picture, the near future looks gloomy for the casino – the investors will meet with the Gaming Control Board on April 21 to argue why their license shouldn’t be revoked. However, Wynn told the board last month that he would bid for the project’s gaming license if it were revoked – so this story may not be finished just yet.