The chairman of Wynn Resorts Limited has proposed building a 150,000-square-foot casino and 300-room hotel with 900 slot machines and 100 table games on about 60 acres of waterfront, a company spokesperson confirmed Thursday.
Michael Weaver, senior vice president of marketing strategy at Wynn Resorts, said the company will apply for casino permission by Nov. 15. The Las Vegas-based gaming company proposed building a $600 million casino in Philadelphia in the spring of 2010 before withdrawing.
“We are excited about the opportunities that our properties in Philadelphia and on the Delaware Riverbank offer,” said Win, who is also the CEO of his company. “This allows us to introduce Win Brands to luxury hotel complexes and Philadelphia.”
Wynn said his mission is to build a resort that attracts visitors to the city. 바카라
“We hope to create a non-existent level of resorts on the East Coast,” the casino mogul said in a statement. “Our proposed resorts start with hotels, retail esplanades, restaurants, and entertainment and can grow as the market moves forward and builds customers.”
The gaming company operates Win Las Vegas and Encore on the Streep and Win and Encore properties in Macau. Win Resort is also building a $3 billion resort in Macau’s Kotai Streep.
Wynn Resorts will announce the rendering of the Philadelphia project on Tuesday.
“Some may question the move to Philadelphia, but we believe that with limited investment, luxury casinos can further boost their return on capital,” said Brian McGill, analyst at Janney Capital Markets, on Thursday.
Wynn Resorts entered the race to build a second Philadelphia casino by partnering with local developer Bart Blaststein and Cordish and Greenwood Gaming.
Sugar House Casino has been open in Philadelphia since 2010.
McGill said this was positive news that it would be the last license for Philadelphia and Wynn Resorts. He expected Wynn Resorts to grow its market, and “take the share” from Sugarhouse Casino.
Total revenue for 11 casinos in Pennsylvania fell 4.4 percent to $188.4 million in October, compared to $197.2 million in the same period in 2011. The decline, which is also partly attributed to Superstorm Sandy, is only the fourth monthly slot income drop since Pennsylvania’s first casinos opened in 2006.
“Given the fact that Winn left two years ago, it remains to be seen how state officials will react,” McGill said. “We’ll still have to think that Winn will be a candidate for license.”
In 2010, Winn offered to support the now defunct Foxwoods Casino business in New York City, only to withdraw. McGill did not expect Philadelphia’s Winn Resort Casino to drop out of Harrods Casino in Chester or Parks Casino in Ben Salem.
Penn National Gaming Inc. could also submit bids for Philadelphia, he said. Penn National executives were not available for comment Thursday.
McGill told Wynn Resorts that the project is important but “will still be a small part of the entire company because of the size of the property in Macau.”
Wynn Resorts shares closed Thursday with an average volume of $1.78, or 1.6% lower, at $109.25, for the 1.64 million shares traded on the Nasdaq Global Select Market. The company’s stock has traded between a 52-week low of $90.11 and a 52-week high of $138.28.
Cosmopolitan to replace swimming pools with ice rinks for the holidays
From last winter in Venice to Palajo’s winter garden at Atrium Falls and Bellagio’s 42-foot Shasta fir tree decorated with more than 13,500 sparkling white lights, the strip is awash with light and decor for the holiday season.
The Streep will soon become home to another unique holiday tradition. Scheduled to open at The Cosmopolitan of Las Vegas, the ice rink will be the first with a view of the Streep.
Cosmopolitan will transform the boulevard into an original holiday theme with an actual ice rink that is scheduled to open on Nov. 30. The pool will be frozen for skating and covered with a fire pit, picnic table, and a platform surrounded by Adirondack chairs.
“We are constantly reinventing the space,” said Lisa Marchez, the resort’s chief marketing officer. “We’ve never done anything there before. It just felt like we had to create a little winter wonderland.”
Meanwhile, Venice will offer skating at a synthetic ice rink adjacent to the outdoor gondola ride from Sunday to Jan. 6. The ice skating in Venice will be on top of “recycled polymer,” which does not require electricity or refrigeration.
The link will be open from 11 a.m. to 1 p.m. daily. It costs $9.95 for locals and members of the Grange Rewards program, while the general admission is $14.95.
The Cosmopolitan Link will have a full bar featuring warm cocktails and snacks, including smores. Special events include Monday Night’s Date, which shows footage of holiday movies on Cosmopolitan’s 65-foot digital screen.
On Wednesday, disc jockey-based club music will perform retro skating to disco and other music from the ’70s, ’80s and ’90s on Thursday.
