Wynn Pulls Out Of Foxwoods Pennsylvania Casino Project

by Deidre Woollard (RSS feed)
Apr 8th 2010 at 11:01PM

A big shocker out of Las Vegas today. Wynn Resorts has announced that they are pulling out of any potential plans to go forward with investing in the Foxwoods Casino project in Philadelphia, Pennsylvania. A statement released by Wynn Resorts quotes Steve Wynn as saying: "We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company."

The news is surprising because earlier this week Wynn submitted sketches for his plans to finish the Foxwoods project and turn it into a luxury casino. He delivered the drawings to the state's Gaming Control Board weeks ahead of the proposal deadline of April 29. Designs showed a limestone building with red canopies, a fountain and lavish landscaping. It all seemed a done deal.

But then on Wednesday, the gaming board extended a $2,000-a-day fine on the Foxwoods Casino project even though Wynn had submitted both the design plans and financial info the regulators had requested. Perhaps Wynn became frustrated at that point. Certainly with Wynn out of the deal the Foxwoods project is in real danger of never being completed. Foxwoods does not have the money to continue the construction and there is a strong likelihood that the gaming license extended to the project may end up being pulled. Local sentiment on the project in South Philadephia has been mixed, some welcomed the jobs and potential tourism that it could bring while others worried over the local impact of having a casino nearby.

Tags: foxwoods, foxwoods philadelphia project, FoxwoodsResortCasino, steve wynn

Filed under: Wealth

Subscribe to these comments

Reader Comments (Page 1 of 1)

juliefpc Apr 11th 2010 2:55PM

Mr. Wynn probably realized Foxwoods wanted to hire Isle of Capri to manage the property. Anyone who has anything to do with Isle of Capri knows only too well why they are referred to as the Isle of Crap. If the Foxwoods team had been smart, they would have lined up "real" casino management rather than a fly by night, can't do anything right, let's rip off the stockholders company like the Isle of Crap.

Linda Apr 11th 2010 3:11PM

Thank God. how do we get away with casinos anyway? they bring trouble to every place they are. prostitute, drinking - mob involvment, most of all ruin famlies. I don't know of anyone that wants them - Gettysburg? Our most sacred ground in our country - is fighting the casino's trying to get in. It is by their own kind - a man born and raised in Gettysburg. This is truly very upsetting - we can't smoke in restaurants ect; but we can gamble like crazy - this is bull - GET AND KEEP CASINO'S OUT OF OUR COUNTRY WE DON'T WANT THEM

Keyo Apr 11th 2010 4:36PM

thank GOD they don't let people smoke in public places anymore. I hated smelling like that crap when I got home from a night out.

thomasshunter Apr 11th 2010 6:23PM

Linda, if you don;t like casinos, I have two words for you honey. DON'T GO. Simple. Isn't this a FREE country? What right do YOU have to tell ME how I spend my time and money??? If I want to play a little poker, are you so superior you are going to try and impose your own twisted sense of morality on me and 60 million people who enjoy gambling, poker, and betting on sports? Furthermore, casinos are not the cause of problems. People are. When a new shopping mall is built, CRIME GOES UP. When a stadium us built, CRIME GOES UP. Anytime there is a concentration of people, thngs like crime, drinking, and associated ills increase. If a WAL MART is built in your neightborhood, CRIME GOES UP. You have no idea what youa re talking about when it comes to casinos and the only thing that is clear from your post is you want to try and impose your narrow, close-minded Neanderthal opinions on the rest of us. Two more words for you: STAY HOME.

bob Apr 11th 2010 3:36PM

If anyone could have pulled this off, it is Steve Wynn. He may have visited St. Louis MO where their one casino is overrun with rap artists.

Fred Worfe Apr 11th 2010 4:22PM

Casinos are in trouble for one reason. Incredibly enough, people are getting smarter about casino gambling, which is not "gambling" at all. It's simply giving your money away for the privilege of spending a bit of time in a smoke-filled, noisy palace. Hey, Americans, aren't we a whole lot smarter than that.

milty420 Apr 13th 2010 1:32AM

I play regularly at Ballys in Atlantic City

$1.00--$1.00 No Limit Texas Hold Um. The table is always

packed with aspiring (((RAP ARTISTS))).

They may be great rappers but they are terrible poker players!!

Fred Worfe Apr 11th 2010 4:25PM

Casinos are in trouble for one reason. Incredibly enough, people are
getting smarter about casino gambling, which is not "gambling" at all.
It's simply giving your money away for the privilege of spending a
bit of time in a smoke-filled, noisy palace. Hey, Americans, aren't
we a whole lot smarter than that.

Keyo Apr 11th 2010 4:36PM

Good point ... but Vegas is a ton of fun. But then again I don't gamble

Keyo Apr 11th 2010 4:36PM

I'm not surprised one bit nothing can EVER get done here. If you took away the sports team this world be a boring FN town.... Oh wait it already is.

STEVE Apr 11th 2010 4:48PM

they are morons in Philly politics do they realize the amount of jobs and labor jobs and taxes and all the other monies that they could reap from this casino........dumb leadership and even dumber church group led residnets. we can to 60 miles to Atlantic City and gamble why not keep it here DFUH....BIG DUH get rid of the moron mayor and governor and let the city make some money without payoffs and the like reminds me of Chicago

chililuver Apr 11th 2010 5:02PM

Steve...you are the moron, babe. People don't want this casino because it is located to close to homes, and on a street that is already jammed. I live six blocks away, and travel this street daily, so I KNOW what I'm talking about. This mayor is a good one...unlike the slick governor that had granted the Foxwoods license to his buddies, who helped fund his election. I think that another casino in an area that would not be negatively impacted by it's presence, is a wonderful idea. Steve, before you spout your mouth again, make sure you know what you are talking about!!!!

DICK JENSEN Apr 11th 2010 5:56PM

Wynn probably realized that the board is looking for more then a plan. What would you guess knowing the location? An envelop maybe? I have visited casinos all over the country. Foxwoods in Conn. was one of the best. Now they have gone to pot. You use to get a fair shake and great service. Now you get neither. Las Vegas is still the best. Don't waste your money on going to anyplace but Vegas. Vegas is still class. Most casinos today run like Bingo parlors.

anonymous Apr 11th 2010 6:01PM

MAYBE Steve Wynn doesn't want his casino in the SAME state where the GAMING CONTROL BOARD, STATE POLICE, WASHINGTON COUNTY DISTRICT ATTORNEY and many others threw 3 INNOCENT people in jail and charged them with 698 felonies for winning at the MEADOWS CASINO---look up the story if you don't believe me-----the casino is calling it theft, but if you look at ALL the facts, they beat the casino at their own game that was approved and put out on the floor.

6 months and no trial date set----doesn't that make you go hmmmmmmmmmmmm??????

Jimmy Wang Apr 11th 2010 7:44PM

I don't blame him. In this tough economic climate, many casino in the US have catastrophic operating losses yet the expectation is so high from the customers who demands more services for free. Wynn Palace in LV lost close to $400-$600 Millions last year and there is no end in sight. The only thing that saved him was the operations in Macao China which is reaping with hugh sum of profits to finance our losses in the US. I work at the casino and saw my tip dropped 75% last year where I am close to facing foreclosure and many of my colleagues are suffering the same fate. We need to scale back our operation significantly and rethink our come back strategies which is also a monumental task that many casino workers and exectives are scratching their head to find solutions. Start small and let it grow. Some native American casino are doing it right..Sandia in Albuquerque is one of them since they have paid for their expansion in cash so they can muster tough economic time without that much of a hit. Be reasonable..Or the casino can be bankrupt just like the airlines.

andy Apr 11th 2010 7:49PM

nothing towards mr wynn but this is Indian Gaming, and unlike con, cal, Nevada, the ownership and the money needs to go back to the Indian people, not the cities, states, nor big outside corporations, and the Indians need to get their act together, they need to pool their resources limit the sizes of the casinos and centralize a couple of big ones in Nevada, and a few on the east coast , and distribute the earnings proportionally to all the tribes. Particularly in education, and small business outside of gaming.