Developer Threatens To Walk From Casino Project In Pittsburgh
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The casino that is planned for the North Shore in Pittsburgh, Pennsylvania is becoming one big mess. The project has been on the shelf for a while now, and if a decision on a change of ownership is not approved soon it could be a long time before the project is complete.
Developer Don Barden won the rights to the license for the casino last year, but has since failed to secure the necessary financing to finish building the casino. Enter Neil Bluhm.
The billionaire has agreed to take over control and ownership of the casino from Barden. Before that can happen, the state must approve the change of ownership. As of now, they have not.
Bluhm was testifying before the state’s Senate community and has voiced his displeasure that he has not already been approved. He claims if there is no approval by Wednesday, that the cost of finishing the project could rise dramatically.
He also has now stated that if he is not approved soon, he may simply walk away from the whole project. “I’m doing this, because I think it makes sense. It’s a good investment, and I also think it’s a good thing for the Commonwealth and the city.
Macau Casino Helps Wynn Resorts Triple Second Quarter Earnings
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Who says that casino gambling is being affected by the economy? Someone had better let Wynn Resorts in on that little bit of information. The company reported its earnings for the second quarter on Thursday.
Rejoice was the word from Wynn Resorts Ltd. on Thursday. The company announced their earnings for the second quarter and they were far higher than in the same quarter last year.
The company more than tripled their earnings from last year with $272 million. That is $2.42 per share. Last year their earnings were only at $.82 per share with a total of $89.6 million.
The companies Macau property was a major reason for the increase in revenue. The Wynn Macau saw a rise of fifty percent in earnings from the previous year.
The news was not all good for Wynn. The Wynn Las Vegas revenue dropped twenty four percent. That is following a very disturbing trend for casino operators in Sin City. It also shows that the economy is having some effect on casinos.
It had long been thought that casinos were immune to the problems of the economy. That is proving not to be the case this year. Many casinos have their revenue numbers way down from in past years.