I wondered in the very beginning, and I still continue to wonder – Why does Wynn want a casino in Massachusetts? Here are some of the reasons for my confusion:
1) Wynn Macau – Wynn Macau stocks rose 4.1 percent & beat analyst estimates for the first quarter of the year, according to Bloomberg. And Wynn is now building the $4 billion Wynn Palace resort to add to its sole casino in the city, has been reallocating gambling tables to serve the so-called premium mass gamblers who bet in cash. They provide higher margins than the high rollers because they don’t require junket operators, who charge casino companies a commission to bring in VIP customers and arrange credits for their gambling trips. Times are good for Steve-o in China
2) According to Emerging Markets, Wynn Resorts LTD stocks rose in Las Vegas in sympathy with the Macau rise. Wynn & Encore – Wynns properties in Las Vegas – influenced a resurgence in the Las Vegas market by other gaming companies, such as MGM, Sands and Boyd. Both properties continue to be considered among the elite Las Vegas, if not the entire USA Casino market.
3) Steve Wynn is an American made self-made success story worth billions. As of March 2012, Wynn is the 491st richest man in the world with a net worth of $2.9 billion.
So, what does he want with Massachusetts?
A recent posting by David McKee in his terrific gambling blog “Stiffs & Georges” implies that Mr. Wynn may be getting resistance on his little Massachusetts project – but to him, it might be like “no-see-ums” at the beach.
Boston City Attorney Thomas Frongillo says that a sale to Wynn Resorts by FBT Everett Realty LLC is troubled due to connections to felon Charles Lightbody Ex-state inspector general Gregory Sullivan calls l’affaire Lightbody “a plaguing, dark problem for the commission … a serious concern.” You see, Mr. Lightbody didn’t want to sell his land to Mr. Wynn. Now, in recent moves, Everett may buy land earmarked for the proposed casino after Lightbody refused to sign a statement required by the Massachusetts Gaming Commission. The move, proposed by Mayor Carlo DeMaria, would place the city between casino mogul Steve Wynn and the current property ownership team, according to The Boston Globe.
Remember, in October of 2013, the casino mogul accused the Massachusetts Gaming Commission of holding licensees to “uninformed standards.” And recently, Steve Wynn criticized and asked for a change on tax law concerning jackpots in Massachusetts.
In February, 2013, Gaming Commission chairman Stephen P. Crosby expressed exasperation at both Boston and Wynn officials saying it was “unbecoming and pointless” that they are refusing to answer each other’s questions and, in effect, making the commission treat them like parents disciplining unruly children
The road for Wynn Massachusetts seems to be getting bumpier – the road less traveled and in better shape for a casino in the Boston area seems to be through Suffolk Downs these days.
Is it really worth all these attacks to have a presence in the casino mecca we know of as “New England?” Seriously, I love the casinos we have, as well as the expansion, but Mr. Wynn……I don’t understand – what’s your deal?
That’s all for now.