PHILADELPHIA - Steve Wynn of Las Vegas fame has tentatively agreed to take over
the stalled Foxwoods Casino project in South Philadelphia. His company, Wynn
Resorts, has signed a non-binding agreement to assume control of the project
from the Mashantucket Pequot tribe and local investors, which would still
maintain a stake in the casino.
While the terms and conditions have not been made public, sources say that Wynn
Resorts is expected to manage the casino and control more than 51 percent of the
investment. Under the original plan, local investors owned a 70% stake in the
project and the Mashantucket Pequot tribe controlled the rest.
The deal is coming at a critical time for the casino, which is struggling for
financing and is at risk of losing its license. At a hearing last January 27,
the Gaming Control Board gave the Foxwoods partners until March
3 to come up with new financing and a new design. The Mashantucket Pequot tribe
originally planned to develop, finance and manage the casino, but the tribe has
found itself in too much debt from the economic downturn and can no longer
provide financing and management for the project.
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