Local Senator Could Reap Millions in Casino Land Deal

Friday, Jun 14, 2013  |  Updated 12:01 PM EDT
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Local Senator Could Reap Millions in Casino Land Deal

SenatorStack.com

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A state senator from Philadelphia and his family could make millions from a land deal if casino magnate Steve Wynn gets state approval to put a casino on the shores of the Delaware River in the city's Fishtown neighborhood.

The Philadelphia Daily News reported Friday that Sen. Mike Stack, his mother and his siblings own about one-fifth of the 60 acres covered by an option that Wynn holds.

The paper says they could yield roughly $20 million to $30 million if Wynn exercises the option.

Wynn says the deal would exchange a million shares in Wynn Resorts for the former shipbuilding site, an option that expires at the end of 2015.

The Democratic state senator tells the paper he's considering putting company stock in a blind trust or selling it.
 

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