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.