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Wynn will invest $250 Million in Philadelphia Casino

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March 4, 2010

PHILADELPHIA - Steve Wynn's casino company, Wynn Resorts Ltd., is seeking to take over the Foxwoods Casino project in Philadelphia with an investment of nearly $250 million. That represents approximately 40 percent of the estimated $600 million cost for the casino.

Wynn told the Pennsylvania Gaming Control Board yesterday that he plans to manage the casino and own 51 percent under an agreement reached with the current license holders. The original investors will now own 49 percent.
The Mashantucket tribe, which owns Foxwoods Resort Casino in Connecticut, will become a 14 percent "passive minority investor" according to Wynn.

"Everyone gets cut in half, a little more than half," Wynn told the board.
The agreement has options for Wynn to buy out the other investors.

The gaming control board must now approve Wynn's involvement plus changes he wants to make to the casino. Wynn wants to build a three-story structure with 3,000 slot machines, table games and a parking garage at the proposed site along the Delaware River. It will feature Italian, steak and Vietnamese restaurants, and it will not include a hotel.

"It's going to be the cutest casino that you've ever seen," Wynn said last week. "It's not going to look like slots in a box."

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