Steve Wynn Fights For Philly Casino Project
Filed under: Real Estate Developments
When Steve Wynn decided to take over the Foxwoods Philadelphia casino project he was hoping it would be a simple matter of a nod and a wave to get the Pennsylvania Gaming Control Board to let him proceed with the plans. But it looks like its going to be a bit of an involved process. While the gaming board decided not to pull the license from the project they aren't willing to hand it over to Wynn just yet. Philly.com reports on Wynn's appearance before the board where he tried to convince them that he had the money and ability to complete the $600 million casino in South Philadelphia. What he mostly provided where pretty words rather than concrete plans and so the board has decided that Wynn must provide detailed financing information, architectural drawings and a construction timetable within the next two months. On April 29 the board will take another look at the proposal. Meanwhile the board continues to fine the Foxwoods group $2,000 a day until a successful project plan has been agreed upon. Local sentiment on the project is mixed, some hope the project will bring jobs to the region while others are protesting the idea of having a casino in the area.
Steve Wynn has had great success in Las Vegas and Macau but will his brand of casino luxury play in Philadelphia? Wynn Resorts has announced that it entered into a letter of intent with Philadelphia Entertainment and Development Partners, LP to take over the PDEP casino project planned for the Philadelphia waterfront. The PDEP is a group of investors who joined with the Mashantucket Pequot Tribal Nation to win a casino license in 2006. The tribe runs two Foxwoods casinos in Connecticut but ran into financial trouble last year. The agreement is subject to the approval of the Pennsylvania Gaming Board. Wynn attended the University of Pennsylvania and stated in a release that "Philadelphia has always felt like home to me." 
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