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Post by Deleted on Jan 23, 2014 15:31:35 GMT -5
...the Massachusetts Gaming Commission.
Below is the video that was part of their presentation. Let's hope that another historic American race track can be saved.
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Post by Deleted on Jan 23, 2014 15:54:28 GMT -5
Correction - the presentation was made yesterday, along with the arrogant Steve Wynn's presentation. Looks like Wynn spent more time putting down the Suffolk Downs proposal than touting his own. Here is an article from "The Day" about the hearing yesterday: Mohegan Sun pitches Suffolk Downs casino to Mass. gaming regulators By Brian Hallenbeck Publication: theday.com Published 01/22/2014 12:00 AM Updated 01/23/2014 12:07 AM Mohegan Sun executives told gaming regulators Wednesday that they could build a Greater Boston casino faster than their competition could erect one, immediately tap a database of millions of New England gamers and save the Suffolk Downs racetrack and the 1,400 jobs it sustains. In a 90-minute presentation timed to the second, the Mohegan Sun Massachusetts team touted its $1.4 billion proposal for the city of Revere, where the plan is subject to a Feb. 25 referendum vote. Mohegan Sun speakers referred only in passing to “the other applicant” for the one Greater Boston license the Massachusetts Gaming Commission is expected to award this spring. Later, gaming magnate Steve Wynn, the other applicant, scoffed at what he repeatedly referred to as “Suffolk Downs,” telling the commission his properties in Las Vegas and Macau, China, are recognized as the gaming industry’s best and vowing to duplicate their quality in the city of Everett, where he’s proposed a $1.6 billion casino. He derided the low-slung design of Mohegan Sun’s project and stressed his company’s financial strength and experience. “Our credentials are what’s important,” Wynn said near the end of a presentation that lasted slightly less than an hour. Commission members asked no questions of the applicants. Mitchell Etess, the Mohegan Tribal Gaming Authority’s chief executive officer, led Mohegan Sun’s presentation, which featured several video segments. Afterward, he said he thought the pitch went well. “We feel really good about it,” he said. “We really were able to convey the breadth of the project, the culture of the company and the idea that we’re good neighbors. We made all the critical points. “The response of the live audience was great.” An overflow crowd spilled from a meeting room at the Boston Convention and Exhibition Center during Mohegan Sun’s presentation, erupting in applause at the end. A smaller audience attended Wynn Resorts’ presentation and also clapped. Mohegan Sun is leasing its Revere site from Suffolk Downs, the venerable thoroughbred track that straddles Revere and the Boston neighborhood of East Boston. Suffolk Downs officials have committed to maintaining the racetrack operation for at least 15 years if, and only if, Mohegan Sun is granted the casino license. Mohegan Sun’s lease payments for the casino site would provide Suffolk Downs with the revenue it needs to keep operating the track, Suffolk Downs officials have said. Etess, during Wednesday’s presentation, said Mohegan Sun could get a Revere casino “up and running” more quickly than Wynn Resorts could build its project because the Everett casino site, formerly occupied by a Monsanto chemical plant, must first be cleaned of contamination. Etess said Mohegan Sun Massachusetts could be built in 30 months, meaning it could open by the end of 2016. Wynn Resorts, Etess said, has indicated its project would take 36 months to complete. Etess also said the “New England know-how” Mohegan Sun has developed in operating Mohegan Sun in Uncasville would serve it well in Massachusetts. He said one of every six adults living within 60 miles of Revere already belongs to Mohegan Sun’s Player’s Club loyalty program. Those members, he said, could redeem Player’s Club points at more than 100 Revere-area businesses with which Mohegan Sun has struck deals. The New Haven-born Wynn, who said much of his family hails from Revere, took a jab at Mohegan Sun’s presentation, saying he was “ashamed to admit I have no video.” Then, joking that his team had “whipped up a video as a defense mechanism,” he screened footage of one of his Las Vegas casinos, during which Frank Sinatra and Dean Martin could be heard crooning. Wynn took offense to a suggestion that the Wynn high-rise proposed for Everett represented a “cookie-cutter” design. He said the “horizontality” of Mohegan Sun’s Revere project ran counter to established casino architecture. “We learned long ago, that we wanted to make people walk less, not more,” Wynn said. He also said Wynn Resorts has plenty of cash to finance its Everett project, saying he understood Mohegan Sun Massachusetts would be owned by “a hedge fund,” a reference to Mohegan Sun’s financial partner, Brigade Capital Management. www.theday.com/article/20140122/BIZ02/140129884/1017
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Post by Deleted on Jan 23, 2014 16:42:43 GMT -5
I'm ALL for Steve Wynn, his Hotel/Casinos are 5-Stars. He doesn't cut corners. Hopefully the regulators don't get blinded by the Mohegan's Bullshit.
It's a WIN, WYNN for the area...
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Post by Evelyn on Jan 23, 2014 21:03:04 GMT -5
But it would not be a win for racing. He doesn't care about the track, just the casino license. Mohegan Sun is already in New England. Their casino in CT is nice. I think Mohegan would go all out to make this successful, Wynn, not so much.
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Post by Deleted on Jan 23, 2014 21:20:48 GMT -5
Evelyn, not only that but they've proven that they can properly conduct horse racing in tandem with a casino. What they've done with Pocono Downs in nothing short of spectacular - they have their casino AND they have a really nice racetrack and during the summer months put on one of the best harness racing programs in the country.
It's not a threat, but a reality. If they don't get a casino in Revere then Suffolk Downs will disappear in no time.
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Post by Deleted on Jan 23, 2014 21:27:27 GMT -5
Steve Wynn is a businessman and he realizes running Suffolk is a losing proposition. Mohegan is "using" Suffolk as a crutch to attempt to appeal to the Racetrack for its support. Hopefully the regulators allow Wynn to build his 5-Star plan and if the Track has to go then so be it. The local people will stil win in the long run.....
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Post by Evelyn on Jan 23, 2014 21:36:25 GMT -5
Wynn doesn't need another casino! MA needs to save Suffolk!
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Post by Deleted on Jan 23, 2014 21:41:11 GMT -5
If Wynn does get lucky and somehow gets the license, I hope he does a better job of it than he did in Philadelphia.
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Post by Deleted on Jan 23, 2014 21:52:05 GMT -5
The stock looks very solid, Wynn is a First Class operation...
Wynn Resorts Ltd. (WYNN) -NasdaqGS 205.26 3.53(1.69%) 4:00PM EST|After Hours : 206.90 1.64 (0.80%) 7:21PM EST
Add to Portfolio Prev Close: 208.79 Open: 206.50 Bid: 204.21 x 200 Ask: 206.88 x 100 1y Target Est: 207.75 Beta: 1.73 Earnings Date: Jan 27 - Jan 31 (Est.) Day's Range: 203.72 - 206.90 52wk Range: 113.39 - 216.99 Volume: 1,758,477 Avg Vol (3m): 1,335,360 Market Cap: 20.67B P/E (ttm): 33.22 EPS (ttm): 6.18 Div & Yield: 4.00 (1.90%)
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Post by Deleted on Jan 23, 2014 22:14:07 GMT -5
Wynn doesn't need another casino! MA needs to save Suffolk!
according to who? im sure the local community and those in need of jobs at reliable, money making establishments would disagree with you. trying to save another unnecessary, money pit just so a few people can remember the old days is not necessarily what is good for the majority.
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Post by Deleted on Jan 23, 2014 22:34:28 GMT -5
Unfortunately all the local people in the Everett area, except for the citizens of Everett itself, are up in arms about the Wynn proposal. Not only that, but there have been some pretty shady things going on with the ownership of the land that Wynn is hoping to build on. Turns out that part of the land proposed is in Boston, and Boston has voted down the casino, which is why Suffolk Downs has moved their casino plans to Revere. There are a couple of questionable individuals involved with the ownership of that land, too. On top of that, there are serious environmental issues, too - Wynn's land was the site of a huge Monsanto chemical plant with all kinds of contamination that needs to be remediated, and it's on the banks of the environmentally sensitive Mystic River. There are going to be lots of approvals required to get that development going.
On the other hand, the land where the Suffolk Downs development is proposed is already owned by Suffolk Downs. There are no environmental issues, no questionable people involved, and the people in the area are happy to have the casino. And, it's only 2 miles from the terminals at Logan Airport (TOURISM!!!!)
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Post by Deleted on Jan 23, 2014 23:26:28 GMT -5
I know nothing about all of that. all I know is steve wynn is successful with just about everything he does and his casinos make money and stay in business, therefore employing many people. that's more then I can say for most race tracks these days, especially the ones whose prime were 30 years ago or longer and who need people to bend over backwards to keep them in business.
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Jon
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Post by Jon on Jan 24, 2014 0:21:11 GMT -5
Wiz - They would still have a casino for employment. Just think Mohegan would do a better job. MA ain't Vegas! "Bend over backwards"? Without the track, there is no casino!
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Post by Deleted on Jan 24, 2014 2:31:42 GMT -5
im referring to all the tracks out there that need supplemental revenue from other sources to survive. as I have said before, downsizing is the only way to solve the problems that have been caused by simulcasting and ADW's. it was a mistake when that crap started, but there is no going back now. the days of the small venue tracks are over and if a track cant at least survive without being aided by casino revenue then it is time for that track to go. that way the ones that are left will be more successful when that casino money is added. plus, less tracks, more horses to make big fields at the remaining tracks.
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Post by Evelyn on Jan 24, 2014 9:21:44 GMT -5
Wiz - Spoken like a true CA racing fan! It's not just about the betting. It's about the horse racing industry and the thousands employed because of it. Why are you so against saving tracks? Is it because places without casinos, like CA, are no longer really competitive? I think casinos are going to be facing some tough times - there are simply too many being built.
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Post by Deleted on Jan 24, 2014 14:13:37 GMT -5
listen to yourself for a minute. it is abouit the industry. and the industry is dead without happy and content bettors. that's a fact. there is no industry without the gambler, whether you like that fact or not. the way to save the industry is to make the gambler happy and want to bet on the races being carded. right now, they don't, and that is because there are too many days of racing at too many different tracks, and not enough horses to fill the fields at those tracks. it would be great to save those tracks............ if they were relevant or necessary. but most of these tracks that are closing or are on the verge of closing are not. there are usually plenty of other tracks in the same region or within driving distance, what do you consider competitive ev? all the trash talking in the world doesn't change the fact that whether it is del mar or santa anita, either one will be in the top two in the nation in handle everytime they run a meet there. that's not competitive? and yes, that is without casino money keeping them afloat. if or when they ever do get that boost, they will once again own the sport. but these other tracks that you want to bend over backwards to save can barely make it with that extra income. the "industry" needs to cut the dead weight and move on. they will be better off in the long run. and I find it hilarious in your last line how you say there are too many casinos being built, which are almost all successful. but yet you want to save every track on the verge of closure, most of which are money pits, and actually employ less people then the casinos do.
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Jon
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Post by Jon on Jan 24, 2014 21:24:34 GMT -5
What other major track is in Hew England? There are many racing employees who don't work at the tracks. There are too many casinos being built in NYS!
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Post by Deleted on Jan 24, 2014 21:45:30 GMT -5
Jon:
Suffolk Downs has been losing money for years now, the only reason it's been kept afloat was for the Casino license. Wynn will get a license and the vast majority of People will care less if Suffolk Downs goes away... The State make NO real tax dollars from the track. From the Casinos, BIG money... It's a real easy decision....
Bye-bye Suffolk...hello Steve Wynn....
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Post by Deleted on Jan 24, 2014 22:31:52 GMT -5
What other major track is in Hew England? There are many racing employees who don't work at the tracks. There are too many casinos being built in NYS! but there aren't too many racetracks? the problem with arguing with many of the people on here is many of you aren't realists. you see things from a longtime fan of horse racings standpoint. the majority of people don't feel the way you do about old, rickety, run down racetracks past their glory days. you say too many casinos are being built, but the common everyday person would say a casino is much more relevant and wanted in todays society then a racetrack. yes having a few around to keep the sport alive is obviously necessary, but casinos are going to get much more foot traffic and much more daily handle on total gambling action per day then a minor level track. this is 2014, not 1984.
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Post by Deleted on Jan 24, 2014 22:50:59 GMT -5
There are TOO many Racetracks in NY:
AQU Belmont Saratoga Vernon Downs Yonkers Saratoga Harness Finger Lakes Tioga Downs Buffalo Raceway
Yet there will be too many Casinos......
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