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Wynn Resorts has signed a non-binding agreement with local investors and the Mashantucket Pequot tribe to assume control of the delayed Foxwoods Casino project in South Philadelphia at a critical time for the project.
Last month the Pennsylvania Gaming Control Board extended Foxwoods timeline for submitting design and financing plans until March 3 or face losing their gaming license.
After financing issues arose preventing the tribe and investors from moving forward with the original plan to develop, finance and manage the casino, they told the board they were negotiating with an unnamed partner to bring both financing and leadership to the project.
The plans outlined in the agreement will be presented to the Board this Wednesday.
While those plans have not been released to the public and Stephen A. Cozen, a lawyer for the Foxwoods project, declined to comment on the status of the casino, other sources say that if approved, Wynn Resorts would manage the casino and control more than 51% of the investment.
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