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.
Rev up your action with this fully loaded Poker Room and hundreds of casino games!
500 Nations is an independent directory and information service free of any gaming operator's control and not affiliated with any casino.
Warning: You must ensure you meet all age and other regulatory requirements before entering a casino or placing a wager.
There are hundreds of jurisdictions in the world with Internet access and hundreds of different games and gambling opportunities available on the Internet.
Do not assume that Internet gaming sites are in compliance with the rules and regulations of every jurisdiction from which they accept players.
YOU are responsible for determining if it is legal for YOU to play any particular game or place any particular wager under the laws of the jurisdiction where you are located.