Wednesday, August 27, 2014
Inquirer Daily News

Steve Wynn Pulls Out Of Foxwoods Deal In Philadelphia

Steve Wynn, the billionaire casino developer who had planned on taking control of the floundering Foxwoods casino project in Philadelphia just dropped a bombshell: He's pulling out of the deal. Wynn's company just put out a statement saying it has "terminated all agreements and negotiations" in Philadelphia.

Steve Wynn Pulls Out Of Foxwoods Deal In Philadelphia

Steve Wynn, the billionaire casino developer who had planned on taking control of the floundering Foxwoods casino project in Philadelphia just dropped a bombshell:  He's pulling out of the deal.  Wynn's company just put out a statement saying it has "terminated all agreements and negotiations" in Philadelphia.

"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company, Wynn's statement said.

Just this week, Wynn released a colorful sketch of the casino he said he was planning on the banks of the Delaware River on Columbus Boulevard at Reed Street in South Philly.  Wynn and the local investors who won the state casino license in 2006 filed an agreement with the state Gaming Control Board last week, spelling out his plans to assume a financial stake in the venture.

Wynn, testifying in front of the Gaming Control Board last month, said  he intended to own 51 percent of the casino. Wynn later said he would bid for the casino license if the board revoked it from Foxwoods.

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Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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