Wynn Denies Interest In Atlantic City Casino Gambling Industry

Steve Wynn has made his fortune with one of the biggest casino development companies in the world, Wynn Resorts. Earlier this week, the company announced that they were pulling out of negotiations to take over control of the Foxwoods Casino project in Pennsylvania.

On Friday, Wynn was answering to another rumor that began after word of his Pennsylvania decision surfaced. Speculation was that Wynn pulled out of the Pennsylvania project to pursue the stalled Revel project in Atlantic City.

"We typically would not comment on rumors but given the amount of speculation, I can confirm that Wynn has no intention of investment or involvement in any project in Atlantic City," Spokeswoman Jennifer Dunne told The Associated Press.

The Atlantic City casino industry is in desperate need of a jolt, and some executives from rival operations felt Wynn would have been the boost that could lift AC out of its current funk. Don Marrandino, who is the Eastern Division President of Harrah's Entertainment claims that Wynn would have brought a much needed, "bravado."

This past week, regulators announced that AC casinos had revenue drop over five percent in March. That was good news for an industry that has seen double digit revenue decreases for much of the past two years.

The Revel project is a key to any resurgence the city's casino industry is hoping for. Pennsylvania casinos have already passed New Jersey casinos in slot revenue, and lawmakers legalized table games at Pennsylvania casinos earlier this year.

April 10, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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