Las Vegas casino mogul, Steve Wynn states he is not interested in Atlantic City’s stalled Revel casino project. For More information regarding Steve Wynn, or Wynn Resorts (NASDAQ:WYNN), make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Las Vegas casino mogul, Steve Wynn states he is not interested in Atlantic City’s stalled Revel casino project. Wynn recently stunned many industry insiders when he pulled out of a deal to build a casino on the Delaware River. Morgan Stanley (NYSE:MS) owns more than 94% of the Revel project and is ready to take a significant loss to exit the project. To date the estimates already sunk into the project is $1.2 billion.
The Revel project started in 2007. The project ran out of funding in 2009 when the recession hit and lenders/credit markets dried up.
Shares of Wynn Resorts (NASDAQ:WYNN) rose $1.02 today to $87.92
About Wynn Resorts:
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts. The company owns and operates Wynn Las Vegas casino resort in Las Vegas, which includes 22 food and beverage outlets comprising 6 dining restaurants, 2 nightclubs, 1 spa and salon, 1 Ferrari and Maserati automobile dealership, wedding chapels, an 18-hole golf course, meeting space, and foot retail promenade featuring boutiques. As of December 31, 2009, Wynn Las Vegas casino resort featured 135 table games, 1 baccarat salon, private VIP gaming rooms, 1 poker room, 1,920 slot machines, and 1 race and sports book. It also owns and operates an Encore at Wynn Las Vegas resort, a destination casino resort located adjacent to Wynn Las Vegas; and Wynn Macau casino resort located in the Macau Special Administrative Region of the Peoples Republic of China. Wynn Macau casino resort featured 390 table games, 1,200 slot machines, 6 restaurants, 1 spa and salon, lounges, meeting facilities, and retail space featuring boutiques. Encore at Wynn Las Vegas operated 90 table games, 1 baccarat salon, private VIP gaming rooms, 790 slot machines, and 1 sports book. The company was founded in 2002 and is based in Las Vegas, Nevada.
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