Steve Wynn to Rescue Philly Foxwoods Casino?

By PW Staff
Add Comment Add Comment | Comments: 0 | Posted Feb. 24, 2010

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KYW 1060 reports that casino mogul Steve Wynn is stepping in to help the struggling Foxwoods casino project in Philadelphia: "Wynn Resorts has announced that it has entered into a letter of intent with the investors in the Foxwoods project to have a Wynn affiliate become the manager and managing general partner.  At the close of business Tuesday, state Gaming Control Board spokesman Richard McGarvey said the board had not yet gotten formal notification: “At this point, the Gaming Control Board has not received any formal petition for change of ownership or control for the casino in Philadelphia. Once that takes place, certainly there’s an entire process to go through to approve or disapprove something of that nature. But again, at this point we still have yet to receive any formal documentation.” Foxwoods already has been fined for missing a deadline to submit documents to the gaming board and faces a hearing next week at which further sanctions, including the possible loss of its license, are to be considered."

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