NJ Working To Bring Wynn Back to AC
The proposed resort could potentially replace the aging Trump Plaza, but be so large it could require a bigger piece of land. Only problem is, the property adjacent to the Plaza is Atlantic City’s historic Boardwalk Hall.
The near 80 year old hall is renowned as the host to scores of Ms. America pageants, a Beatles concert and the 1964 Democratic National Convention.
Now New Jersey state senator Bill Gormley is proposing gutting the famed facility to become a major element in the yet to be named mega resort. Boardwalk Hall could be used as retail mall and connect to the new resort, he believes.
Last weekend Gromley said he still wants to preserve the building’s façade and thinks changing the facility’s purpose will help boost the economy.
"You could use the building as a catalyst for economic revival without turning our back on history," Gormley said. "If you can replicate the original mission of the building, to be a catalyst for Atlantic City, but at the same time maintain the historical significance that's a unique circumstance.”
In 2001, the Hall underwent a massive $90 million renovation to turn it into a modern 14,000-seat sports and convention center. It is currently owned by the New Jersey Sports and Exposition Authority.
One of the worst kept secrets in the casino gaming business, the likelihood of a potential deal between Wynn and Trump has been gaining traction during the last couple of months. It’s been widely reported that Wynn is itching to get back into the nation’s second biggest casino gaming market now that it’s gone more upscale. Previously Wynn owned the Golden Nugget, which he sold in the late 1980s as he was developing the Mirage, which kicks started modern Las Vegas by creating the mega-resort.
A long standing Las Vegas tradition of imploding old casinos and replacing them with new pillars of gaming is now coming to Atlantic City to create those more upscale and profitable properties. The Sands Hotel and Casino closed last month and is set for an appointment with the wrecking ball during the next year. More new casino resorts are also on the drawing board, but have yet to be officially announced.
If the deal goes through, it’s rumored that Wynn will give up some land in Las Vegas to Trump, who has been working hard to expand his casino holdings beyond the east coast. Trump is also looking to get into markets such as Mississippi but has so far been thwarted in Pennsylvania and Rhode Island.
The extra cash in Trump’s coffers will make it easier for the financially strapped company to make deals in other markets. The company has only got out of Chapter 11 bankruptcy in May 2005 and is saddled with more than $1 billion in debt.
Wynn had planned to return much earlier to the market when he was Chairman and CEO of Mirage Resorts. His plan then was to build a trio of resorts in the Marina district. However, he sold out of the company. A portion of the empty land eventually was used -for the Borgata. Now speculation is current owner of the vacant parcel, MGM-Mirage Corp, is planning to build a scaled down version of its now under construction $7.5 billion Project City Center in Las Vegas.
New Jersey Governor Jon Corzine is in favor of finding a way to bring Wynn back to Atlantic City. He recently said bringing Wynn back would help Atlantic City reach "the absolute pinnacle in the industry."
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