Thursday, January 29, 2015

Wynn Will Bid For Foxwoods License If It Is Revoked

Steve Wynn, the casino developer who jilted the group of local investors behind the floundering Foxwoods casino in South Philly three weeks ago, told a group of stock analysts on a telephone conference call today he would bid for the that if it is revoked by the state Gaming Control Board. Wynn spoke a few hours after the board in Harrisburg moved to revoke the Foxwoods license. Wynn added that he finds gaming in Philadelphia "interesting and stimulating."

Wynn Will Bid For Foxwoods License If It Is Revoked

Casino mogul Steve Wynn (inset) presented this artist´s rendering of the Foxwoods casino project to state regulators, only to pull out of the project entirely early this month. Now, he may bid for Foxwoods´ license if it gets revoked.
Casino mogul Steve Wynn (inset) presented this artist's rendering of the Foxwoods casino project to state regulators, only to pull out of the project entirely early this month. Now, he may bid for Foxwoods' license if it gets revoked.

Steve Wynn, the casino developer who jilted the group of local investors behind the floundering Foxwoods casino in South Philly three weeks ago, told a group of stock analysts on a telephone conference call today he would bid for that license if it is revoked by the state Gaming Control Board.  Wynn spoke a few hours after the board in Harrisburg moved to revoke the Foxwoods license.  Wynn added that he finds gaming in Philadelphia "interesting and stimulating." 

The board's Office of Enforcement Counsel filed a complaint today, starting the process to revoke the Foxwoods license because the investors have not been able to meet a series of deadlines to build and open their project.  The investors are seeking a replacement partner to take over for Wynn, who had planned to assume control of the stalled project and build a $600 million casino, putting up 40 percent of the cost and financing the rest.

Wynn told the analysts he likes the tax rate -- 14 percent -- on table games approved by the state General Assembly in January but still finds the rate -- 53 percent -- on slot machines "still a little too high."  Ultimately he said, the deal fell apart here because "it became unattractive to us at the last minute."  Wynn did not elaborate."

"We backed out of the deal more than we backed out Philadelphia," Wynn said. "It was that simple."

More coverage
 
New casino battlefield is an old one
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Wynn, after testifying last month at a board hearing in Harrisburg, said he would bid on the Foxwoods license if it was revoked and put up for grabs.  Details on the revocation process can be found here.  And here's a time-line on the Foxwoods project.

About this blog
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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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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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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