Wynn Will Bid For Foxwoods License If It Is Revoked

040810_wynnrendering_400
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."

Poll

Are you glad to hear Steve Wynn would bid on the Foxwoods license?

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

Wynn, after testifying last month at a board hearing in Harrisburg, said he would bid on the Foxwoods license if it was revoked and put up for grabs.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.

Continue Reading