Friday, November 19, 2010

Foxwoods Philadelphia Casino Plan To Become Harrah's Philadelphia Project In Three Weeks

Feather News

Pennsylvania's gaming regulatory body, the Pennsylvania Gaming Control Board, gave investors in the stalled Foxwoods Philadelphia casino project a three-week deadline, possibly their last chance, to show that a deal has been inked with Harrah's Entertainment and that financing will be available to make the casino a reality.

The investors that hope to keep the gaming license, called the Philadelphia Entertainment and Development Partners, includes Foxwoods and high-profile Philadelphians with close ties to Pennsylvania Gov. Ed Rendell, whose term as governor ends in January.

The December 10 deadline was given to the investors at a gaming board meeting yesterday. The PEDP group showed the state gaming board new illustrations of what the South Philly casino would look like under their tentative plans. The first phase, projected to cost $275 million and open for business in the summer of 2012, would include 1,500 slot, 80 table games and three restaurants.

Should the investors produce the required documents to meet the December 10 deadline, the group still would require gaming board approvals for a change in ownership, financing, design modifications and a gaming license extension.