Wynn Has Less Than 8 Weeks To Woo PA
The Pennsylvania Gaming Control Board was not sold on the vague plans provided by Steve Wynn Chairman of Wynn Resorts (WYNN: 87.87 0.00%) to rescue the financially troubled Mashantucket Pequot Tribal Nation.
However they have agreed to temporarily put off the decision to revoke the gaming license for the Foxwoods Casino until Wynn could formalize plans to build the $600 million casino in Philadelphia.
The board gave Wynn until March 31 to submit plans to finance the casino, which he said would include a $250 million investment from Wynn Resorts with banks providing the rest in the form of a mortgage.
Wynn was also given until April 26 to submit construction and design details which he earlier described would be “the cutest casino you have ever seen”.
Next week, Wynn said he would apply for a gaming license with Wynn Resorts as the casino operator, while the Foxwood tribe applied for a change in control of the project.
The Board also said they would continue to impose a $2,000 a day fine until plans are delivered.
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