Company faces revocation of its gaming license with multiple setbacks and missed deadlines
The partners in Philadelphia’s Foxwoods casino project are asking the Pennsylvania Gaming Control Board for more time to line up an investor and operator.
The group, Philadelphia Entertainment and Development Partners, told regulators that they were talking to five prospective investors and had received "term sheets" from each of them, according to a report this week in The Philadelphia Inquirer.
PEDP "is working on an accelerated schedule in an effort to narrow this group down and reach an agreement in principle with one of the investors," the group said in a motion for more time to work out a deal.
Foxwoods is facing revocation of its gaming license, having suffered multiple setbacks and missed deadlines imposed by the board. The project needs financial and managerial help to move forward with plans to build the casino on the waterfront in South Philadelphia.
Foxwoods said the project's current predicament was "due solely" to the "unilateral termination" of a deal with Las Vegas casino tycoon Steve Wynn. Wynn pulled out of a deal to develop the casino on April 8, just three days after trying to sell Mayor Michael Nutter on his vision for the project during a City Hall meeting.
Foxwoods also wants the board to reconsider an extension of time, as well as relief from fines. Since Dec. 1, 2009, the partners have been fined $2,000 a day and have paid some $300,000 to the gaming board.
Foxwoods asks Pa. regulators for more time
June 2, 2010