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Philadelphia officials were stunned to learn yesterday that Steve Wynn of Wynn Resorts has changed his mind on taking over the stalled Foxwoods Casino project.
The news came to a shock for many, after Steve Wynn submitted architectural plans to the state gaming control board this week, three weeks ahead of schedule and told the Mayor that he has signed a binding agreement with local investors and the Mashantucket Pequot Tribal Nation of Connecticut.
The brief announcement came with no details or explanation, Wynn simply said that he has “terminated all agreements and negotiations” to take over the long-stalled project.
“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 concluded.
Wynn’s last-minute move could spur the revocation of the casinos license.
The Gaming Control Board has been on the verge of revoking the license, issued in 2006 to a group of politically connected investors who partnered with the tribe to win the right to open one of two casinos in the city. Plans for the project have been continually delayed as the group faced financing issues to move the project forward.
Last month Wynn Resorts had said that they were interested in taking over the project and would finance, build and operate the facility in exchange for majority control.
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