Steve Wynn has a long list of communities that didn't want him. Maybe it's time for him to pack his bags and leave, along with his lengthy list of shareholders' lawsuits and FCPA investigations.
Can Steve Wynn Beat the Odds in Massachusetts?
By Christopher Palmeri - Apr 26, 2012
Gaming magnate Steve Wynn doesn’t shy away from a fight. In Foxborough, Massachusetts, the founder of Las Vegas-based Wynn Resorts Ltd. (WYNN) has been working hard to get a $1 billion casino built. He’s sent a video pitch, bought full-page newspaper ads, and sent canvassers door-to-door to persuade residents to support the project.
Wynn faces plenty of obstacles, Bloomberg Businessweekreports in its April 30 issue. Civic leaders won’t negotiate with him, an opposition group has attracted 1,200 members, and rival Caesars Entertainment Corp. (CZR) wants to build its own Boston-area casino. On April 16 a supporter of Wynn’s project was arrested for allegedly threatening the life of a town selectman, according to police.
“I don’t think Steve Wynn anticipated the negative feeling in the community,” said Ray Poirier, executive editor of Gaming Today. “He’s got to turn the town around.”
Wynn faces plenty of obstacles, Bloomberg Businessweekreports in its April 30 issue. Civic leaders won’t negotiate with him, an opposition group has attracted 1,200 members, and rival Caesars Entertainment Corp. (CZR) wants to build its own Boston-area casino. On April 16 a supporter of Wynn’s project was arrested for allegedly threatening the life of a town selectman, according to police.
“I don’t think Steve Wynn anticipated the negative feeling in the community,” said Ray Poirier, executive editor of Gaming Today. “He’s got to turn the town around.”
Maybe he needs to accept
"NO!" as he has in other communities that didn't want him!
Massachusetts Governor Deval Patrick signed legislation in November authorizing three casinos and a slot machine parlor in the commonwealth. The law divides the state into three regions, allowing one casino in each.
The winning proposals will be picked by the Massachusetts Gaming Commission based in part on their potential economic contribution to the state. Before the commission can review an application, however, the operator must negotiate an agreement with the host community and win a local referendum. Licenses aren’t expected to be awarded until mid-2013. When Massachusetts residents will be collecting signatures to REPEAL THE CASINO DEAL and allow the public to have a vote!
Massachusetts Governor Deval Patrick signed legislation in November authorizing three casinos and a slot machine parlor in the commonwealth. The law divides the state into three regions, allowing one casino in each.
The winning proposals will be picked by the Massachusetts Gaming Commission based in part on their potential economic contribution to the state. Before the commission can review an application, however, the operator must negotiate an agreement with the host community and win a local referendum. Licenses aren’t expected to be awarded until mid-2013. When Massachusetts residents will be collecting signatures to REPEAL THE CASINO DEAL and allow the public to have a vote!
Boston is The Prize
The prize is the permit for the Boston region. With 4.5 million residents, it’s the 10th-largest metropolitan area in the U.S.
Per capita income in Boston, at $31,856, is 16 percent above the national average. Clyde Barrow, a professor at the University of Massachusetts Dartmouth who studies the New England gambling market, estimates a Boston-area casino could generate as much as $800 million in gaming revenue a year. The state will be entitled to a 25 percent cut.
Per capita income in Boston, at $31,856, is 16 percent above the national average. Clyde Barrow, a professor at the University of Massachusetts Dartmouth who studies the New England gambling market, estimates a Boston-area casino could generate as much as $800 million in gaming revenue a year. The state will be entitled to a 25 percent cut.
If this revenue projection didn't send you to the floor, rolling with laughter, maybe you haven't looked at the income other Slot Barns are sucking from their local economies. And just maybe, the Patron Saint of Gambling has imbibed too much Casino KoolAid.
Wynn identified Foxborough, a town of 17,300 that lies 30 miles south of Boston, as his site of choice last year. He plans to build the casino on land leased from New England Patriots owner Robert Kraft and adjacent to Gillette Stadium. Neither Wynn nor Kraft responded to requests for comment.
Wynn identified Foxborough after being chased out of every other venue he has pursued. No one wants him!
Previous Rejections
The Las Vegas billionaire shouldn’t be surprised that Foxborough’s residents are digging in their heels. The town twice rejected zoning changes that would have allowed gambling, in 2004 and 2011, says Paul Mortenson, a former selectman. In a December letter to government officials and Wynn, the board of selectmen said Foxborough did not want to pursue casino negotiations.
Yet the balance may shift after elections on May 7 in which two of five seats are being contested. Two candidates oppose the casino and two favor negotiating with Wynn, according to Mortenson.
Residents are just as divided. Collin Earnst, a marketer at a software company, says he’s concerned about the effect the project will have on traffic and property values.
“The zoning they applied for is the size of the Statue of Liberty,” said Earnst, who has joined the No Foxboro Casino group.
Real estate agent Millie Cetrone, who supports the casino because it will bring in tax revenue, points out that the neighboring town of Walpole has a prison, “and the [property] values there are a lot higher than Foxborough.”
Yet the balance may shift after elections on May 7 in which two of five seats are being contested. Two candidates oppose the casino and two favor negotiating with Wynn, according to Mortenson.
Residents are just as divided. Collin Earnst, a marketer at a software company, says he’s concerned about the effect the project will have on traffic and property values.
“The zoning they applied for is the size of the Statue of Liberty,” said Earnst, who has joined the No Foxboro Casino group.
Real estate agent Millie Cetrone, who supports the casino because it will bring in tax revenue, points out that the neighboring town of Walpole has a prison, “and the [property] values there are a lot higher than Foxborough.”
‘No-Brainer’
She calls the decision “a no-brainer.”
Wynn has said the casino would create 4,000 permanent jobsand could generate as much as $15 million in revenue for schools and other public services. The billionaire has funded a grass-roots group called Jobs for Foxboro, which has organized three town meetings to drum up support.
Ahhhh....so 'grassroots' suddenly means billionaire funding?
Barrow questions whether Wynn has chosen the right locale. A casino north of Boston would have less competition and keep more dollars in Massachusetts in the event that New Hampshire legalizes gambling, according to the professor.
Barrow questions whether Wynn has chosen the right locale. A casino north of Boston would have less competition and keep more dollars in Massachusetts in the event that New Hampshire legalizes gambling, according to the professor.
Las Vegas-based Caesars, Wynn’s longtime rival, has teamed up with Suffolk Downs, a horse racing track in East Boston, to pursue its competing bid.
On April 12, Boston Mayor Thomas Menino named an advisory panel to pursue a deal with the Caesars/Suffolk Downs group, a move he likened to firing the starting gun for the Boston Marathon.
In a statement, Menino predicted the outcome of the race“could be the largest economic development game changer in Boston’s recent history.”
It could also be the most
colossal mistake by the Mayor!
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