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Steve Wynn to take over Foxwoods Casino Philadelphia

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February 25, 2010

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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