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Steve Wynn of Wynn Resorts met with the Pennsylvania Gaming Control Board this week to discuss his plans and ability to rescue the financially struggling Mashantucket Pequot Tribal Nation.
However, the board was not easily convinced that he would come up with a viable plan for the stalled Foxwoods Casino project.
Board member Ken Trujillo said the plans were “interesting, but completely lacking and certainly not the clear and convincing evidence this board needs.”
Wynn explained to the board that his company would invest $250 million into the planned $600 million casino and rely on banks to fund the rest.
While the board remained skeptical, they did agree to put off the decision to revoke the projects gaming license and provide Wynn until March 31 to submit financing plans and until April 26 to submit construction and design details.
The board also said that they would continue to enforce the $2,000 per day fine on the group until plans were delivered.
Wynn explained to the board that three conditions must be met in order for him to finalize his end of the non-binding agreement with the tribe and investors, the gaming board must approve him for a license, it must extend the deadline for opening the casino from May 2011 to December 2012, and the city must issue a building permit.
Next week Wynn will apply for a new gaming license with Wynn resorts as the casino operator, while the Foxwoods tribe works on applying for a change in control of the project.
A change of control requires board approval.
Ken Trujillo added that he had “very grave concerns that this change of control can or will ever occur.”
Wynn said he has already hired the Keating Group to develop the casino and construction could begin in six months.
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