Sunday, July 5, 2015

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

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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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William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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