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A deadline imposed by the Pennsylvania Gaming Control Board has been met by the developers of the stalled Philadelphia Foxwoods Casino to keep the project moving forward.
Last month gaming regulators grew tired of delays and financial issues of the Mashantucket Pequot tribe of southeastern Connecticut and developers formally known as Philadelphia Entertainment and Development Partners (PEDP) and considered revoking the partnerships license.
Wynn Resorts of Las Vegas came to the rescue and agreed to finance, develop and control the property in exchange for majority ownership.
Today the board received “definitive financing documents” showing how Wynn Resorts would finance the project.
Neither Foxwoods, Wynn Resorts nor the gaming board released Wednesday’s filing.
On April 26, the new group must present detailed drawings of the project. In March, Wynn said that the design will be similar to its Encore Casino in Macau.
A public hearing is also scheduled for April 29, when the board will determine if the revised project can move forward or if they will take the necessary steps to revoke the Foxwoods license.
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