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The Wynn Resorts Issue in Pennsylvania

Gov. Ed Rendell has been one of the main forces behind casino gaming expansion in Pennsylvania. Wynn Resorts is owned by Steve Wynn, one of the biggest names in gambling all over the world. That seems to make the two individuals a perfect match.

But this past week, Steve Wynn pulled out of talks to take over a postponed Foxwoods casino project in the state of Pennsylvania. The abruptness of Steve Wynn's announced has stunned Gov. Rendell. The governor said that he never even talked to Wynn before the casino magnate made his announcement to back out from the Foxwoods project.

It is not known whether Wynn had a disagreement with gaming regulators or whether he just decided that the price was too big to enter the gambling market in Pennsylvania.

Gaming Analyst Steve Schwartz said on April 10th, 2010 that it looked on the outside that Steve Wynn was a perfect match for Pennsylvania. He said that with the state becoming one of the main gambling providers in the East Coast, it only makes sense that a company as large as Wynn Resorts would be interested to get in the Pennsylvania market.

Steve Wynn has been very busy over the past year with his gambling company. Wynn Resorts' Asian division held an IPO (Initial Public Offering) in Asia and now has a listing on the Hong Kong Stock Exchange. Wynn has also been occupied with several casino gaming projects.

Of all the US-based gambling organizations, Wynn Resorts has the most stable stock price. While other groups have seen their stocks slide down under $20 per share, Wynn has remained more than $60 per share for a majority of the time during the financial crisis.

 

Thursday, April 29 , 2010
Victor Copeland