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Morgan Stanley had announced last week that they would be looking to sell the stalled Atlantic City Revel casino project at a loss, which prompted rumors that Wynn Resorts would be interested.
Last week Wynn surprised Philadelphia by pulling out of a deal to bail out the stalled Foxwoods Casino project saying only that the deal “did not, in the end, present an opportunity that was appropriate for our company.”
However a spokeswoman for the gaming company commented on Friday that while, “We typically would not comment on rumors but given the amount of speculation, I can confirm that Wynn has no intention of investment or involvement in any project in Atlantic City”.
Morgan Stanley assumed more than 94% of the Revel project when developers ran out of money in early 2009. The bank has since sunk an additional $1.2 billion into the project and is seeking financing from a Chinese bank for the remaining $1 billion need to complete the project.
Atlantic City had hoped that the Revel casino would help position the failing gambling market to compete with Pennsylvania casinos that would be adding table games to their slot parlor this summer.
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