PHILADELPHIA - The State Gaming Control Board granted Foxwoods a 2-year
extension of its casino license and ordered the company to build the casino as
originally proposed at a downtown riverfront site approved in 2006.
Foxwoods Development Company is 30%-owned by the Mashantucket Pequot Tribe,
which owns and operates Foxwoods Resort Casino in Connecticut, and 70%-owned by
local Philadelphia investors.
Since winning their Philadelphia casino license, the Foxwoods partnership
considered two sites at The Gallery at Market East as alternative sites to the
original one along the Delaware River on South Columbus Boulevard.
Under the terms of the license extension, Foxwoods Casino Philadelphia must have
an "interim facility" with 1,500 slot machines up and running by May 29, 2011.
The final facility must have 3,000 machines.
The Mashantucket Pequot Tribe is suffering financial difficulties from the
current recession. They are at risk of defaulting on the terms of a $700 million
credit line and are seeking to restructure a total of $2.3 billion in debt.
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