Wynn abandons Philadelphia casino plan

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April 08, 2010

Steve Wynn has decided not to continue with his plans to build the Riverfront Casino in Philadelphia. In a statement by Wynn "This particular project did not, in the end, present an opportunity that was appropriate for our company".

The project was estimated at costing $600 million. The company was to provide $250 million and borrow the rest.

A spokes woman, Maureen Garrity, and Wynn's lawyer Frank DiGiacomo both declined comment after the statement was given.

Two casinos have been licensed in Philadelphia. Slot only casinos have also been allowed to add table games.

The 15 acre Riverfront Casino was to be located near the Delaware River. It was also to have table games, and 3,000 slot machines.

Originally it was the Mashantucket tribe that was to build the casino. The tribe is also the owners of the Foxwoods Resort Casino in Connecticut. Last year the tribe defaulted on part of their $2.5 billion debt. Currently there is a forbearance with lenders to restructure the borrowings until April 30th.

The tribe would have become a minor investor under Wynn's now terminated plan.

Return to Pennsylvania Casinos.