Casino mogul, Steve Wynn, is making attempts to breathe life into the struggling Foxwoods Philadelphia Casino on the city’s waterfront, spurned on by a change in legislation allowing table games in the state from January.
The casino has been struggling with venture capital problems almost from the beginning, and the recession put an end to all hopes of investors contributing another penny to the project.
Under threat from the Pennsylvania Gaming Control Board that they would be removing the Foxwoods Philadelphia Casino license, the casino investors turned to Wynn, requesting his assistance. As such, this week Philly got a visit by Wynn who arrived with plans to take over the casino and build a $600 million gambling mecca in its place.
Wynn’s opinion is that the move by state Legislature to legalize table games solidified its ability to attract gamblers from all over the country and compete with other states who already offer a legalized poker industry.
“The change in the law has changed everything,” said Wynn on his visit.
Wynn offered his plans to the Gaming Control Board who examined them and would not commit at present to any decision, offering a tone of negativism instead.
“I have very grave concerns about whether a change of control … will ever occur,” said one board member, who also noted that the information that Wynn brought with him was “interesting, but completely lacking and certainly not the clear and convincing evidence this board needs.”
In the meantime, Foxwoods continues to pay a $2000 a day fine for failing to meet a December deadline that called for it to provide information to the board regarding financing and construction.
Problems currently facing the project – over and above the fines that keep mounting and have now reached over $180,000 since January – include local opposition and financial problems of the Connecticut Indian tribes that own the casino.