Friday, April 30, 2010

Pennsylvania Gaming Board To Consider Revoking Gaming License For Foxwoods Philadelphia Group

Feather News

A petition to revoke the gaming license for the Foxwoods Philadelphia group was presented to the Pennsylvania Gaming Control Board yesterday.

The Philadelphia Daily News summed up yesterday's events, "Moments after the seven-member gaming commission unanimously voted down (Foxwoods Philadelphia's) request for a 180-day extension on its time limit to submit new plans for development of the controversial Columbus Boulevard and Reed Street site, Cyrus Pitre, the gaming board's chief legal counsel, announced he had authorized a petition asking for the revocation of Foxwoods' license."

The state gaming board also gave the Foxwoods Philadelphia group five days to pay $114,000 in fines that are a result of about two months' worth of daily fines of $2,000 a day for not meeting key deadlines.

Wynn Resorts recently said it was not interested in financing the casino, dealing the Foxwoods Philadelphia group a blow in its efforts to find a source of money to build the casino. Steve Wynn, the CEO of Wynn Resorts, said yesterday in a conference call with analysts that it remains interested in the Philadelphia market but not the Foxwoods Philadelphia deal.

The petition to revoke the license of the Foxwoods Philadelphia group could take years by some accounts should the group fail to find the financial means to build the Philadelphia casino.