Wynn Says No to Philadelphia Casino Plans
Written by Renee K | Sunday, April 11th, 2010
The chance to improve US online casinos revenue with new laws that allow poker and other table games in Pennsylvania was not enough to convince Wynn Resorts Ltd. to go ahead with plans to take over a casino project in Philadelphia.
In February, it was reported that Steve Wynn had traveled to Philadelphia to check out the riverfront site, with possible plans to inject money into the project and create a mega casino.
However, a statement made by the chairman this week said: “We are fascinated with the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts. This particular project did not, in the end, present an opportunity that was appropriate for our company.”
The original license of the project was awarded to Philadelphia Entertainment and Development Partners, as well as Foxwoods Development Co., owned by the Mashantucket tribe and operators of the Foxwoods Resort Casino. The tribe had originally intended to build the casino but defaulted on $2.5 billion worth of debt and could not continue with the project as a result.
The plan was for Wynn to take control of the license by providing $250 million for the casino to be designed and operated. Wynn stated in February that a further $600 million needed to complete the project would be borrowed. The tribe, as a result, would become “passive investors” and own a 14% share of the project.
While visiting Philadelphia, Wynn proposed a three storey casino that would incorporate 3000 slot machines and well the newly-allowed table games such as poker and blackjack. A letter of intent was signed with licensees in February.
However, this week, an abrupt statement by the group ended plans for any type of investment with the current licensees.
In the meantime, three more casinos in the state have had their license applications approved to expand their current operations to include poker on their casino floors.
Check Out Other Related Articles
· Written by Renee K · Filed Under Poker News · Comments Off
