Casino mogul Steve Wynn who has not run a casino in Atlantic City since he sold the Golden Nugget in the late 1980s has been spotted around the city in recent weeks, fueling rumors that he might be looking to return to the city to open a new casino.
According to a story in The Daily Journal, Wynn was in town to meet with New Jersey Governor Jon Corzine in September and, after the meeting, Corzine said, “He’s interested in investing here.”
Wynn has long been known for going after a location where he can get the most payoff for his investment and Atlantic City, which is experiencing a gaming rebirth thanks to a number of projects currently under construction or on the drawing board, is hot once again.
The casino mogul always thinks big, so it should come as no surprise that he is looking at the now-closed Bader Field as a potential site for a new resort — though he can expect resistance from other casino owners who fear that a mega-resort on the site will draw people out of the city.
The story details several other options for Wynn:
Morgan Stanley site -- Morgan Stanley Gaming Cos. Holdings Inc. purchased 20 acres of boardwalk frontage in the South Inlet earlier this year with an eye toward partnering with a gaming company to operate a casino resort in the $1 billion range. No deal is imminent, said Michael Garrity, director of MS Gaming, but one front-runner is believed to be former Trump president Kevin DeSanctis. He left his position as head of Penn National to create a company to develop his own property. Penn National and Hard Rock are two other potential suitors Wynn would compete against. Also, the site doesn't provide easy access from the Atlantic City Expressway.
Renaissance Pointe -- When Wynn proposed his field of dreams in the Marina more than a decade ago, plans called for three casino resorts in an area now housing one. But MGM Mirage, the company that bought Wynn out, has its own designs for a massive City Center mixed-use development on the remaining 55 acres. Wynn would have to pry away some of the land. The one sticking point -- and it's a long shot, analysts say -- revolves around the Division of Gaming Enforcement investigation of MGM's partnership with Pansy Ho to develop a resort in Macau. In a worst-case scenario concerning Ho's alleged ties to organized crime, MGM could be forced to divest itself of its local holdings, opening the door for Wynn.
Trump Marina -- MGM could elect to sell 14 acres it owns adjacent to Trump Marina regardless of the investigation. But to truly work for Wynn, he would need to wrest Trump Marina from his one-time nemesis, Donald Trump. With Trump Entertainment still struggling, the sale of one of its properties could bring in much-needed cash, which could be pumped into the two boardwalk properties. Penn National tried to buy the site, but MGM wasn't interested in selling, Gros said.
