Thursday, December 16, 2010

Flash: ABC News Reports That PA.Gaming Board Revokes Foxwoods Philly Casino License

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ABC News just reported that the Pennsylvania Gaming Control Board revoked the Foxwoods Philly group's casino license.

According to the media outlet, "The [state gaming] board seemed to focus on three reasons in questioning the investors today: They submitted incomplete documents on the deal going forward, they changed the way charities would benefit from casino profits and the project as designed today is notably different than the project approved in December 2006." The gaming board voted 6-1 for the license revocation.

In other news, shares of Wynn stock rose over 5 percent by early afternoon.