Casino News Roundup: Wynn Terms, Greece, South Korea Resorts

It was mostly a week of positive casino news as both Greece and South Korea have announced that they’re going to be building new billion-dollar casinos. However, we’ll start this week’s recap of the news with an update on the Steve Wynn saga, which is coming to a conclusion.

No Severance Pay For Wynn As Part Of Termination

You’ve probably heard by now that Steve Wynn has resigned as CEO of Wynn Resorts due to allegations of sexual misconduct. There continues to be a ripple effect throughout his resorts and the latest news is that the former casino magnate will not receive any money from his termination agreement. Furthermore, he can’t be involved with any other gambling companies for two years going forward.

Wynn is still fighting the allegations, which he charges were sparked by his ex-wife Elaine. It doesn’t seem to matter who started it because many experts believe that this is only the beginning of a long line of trouble for the 76-year-old Wynn. He is now being investigated by betting regulatory bodies in Nevada and Massachusetts, and the latter is intriguing because Wynn Resorts is in the midst of building a $2.4-billion casino there. Macau is also looking into these allegations as Wynn has two casinos there and had been looking to do more business. We’ll have to see if his resignation is enough to appease those gambling bodies to avoid any further punishments.

Greece Eyeing Integrated Casino Resort

Greece’s government is going forward with a plan for an integrated resort casino. It’s looking to generate revenues in any way possible and this is one shrewd solution. The idea is for the casino-resort to be built in the area of the former Ellinikon airport in Athens.

Remember that Greece was bailed out by a number of different entities and those powers are pushing for Greece to move forward with this plan. They feel like this is one good way for Greece to make some money, which will help it pay back investors. If Greece decides to go against building this casino, it would risk a funding cut-off from the other European nations.

To show good faith about this project moving forward, a group was formed that includes Fosun Group of China (they’re behind Club Med), Eagle Hills Properties from Abu Dhabi and Greece’s own Lamda. They’re going to be spearheading the development, which will be a facility that will cost around $10 billion. It will feature a casino, of course, along with hotels, residences and a marina where people could park their yachts while they’re enjoying themselves. The project has had problems from the start, but now it looks to be on the right track.

South Korea Moves Ahead With Casino

Fresh off hosting the Winter Olympics, South Korea is looking to create another attraction that will attract millions of visitors. Similar to Greece, it is looking into an integrated casino resort. South Korea has three that are already being developed but now LongRunn International Group is looking to build a fourth: a $4-billion casino resort on Yeongjong Island. This facility, tentatively named Diamond City, is going to be for foreigners only. The idea is to land it right next to the Seoul Incheon International Airport, which will provide easy access. The property was purchased for $81.5 million, and now LongRunn is going to put roughly $4.2 billion into it as the South Korean government wants to make Yeongjong a destination for visitors.