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Wynn Resorts Backs Out of the Foxwoods Casino Project

Wynn Resorts has been interested in expanding its presence in the Pennsylvania gambling market and they had been in talks with state officials regarding the Foxwoods Casino project. But on April 8th, 2010, the group announced that they were no longer interested in pursuing the project.

Earlier this year, Pennsylvania legislators approved casino table games for gaming facilities in the state and that has immediately captured the attention of some of the largest gaming development organizations in the United States. Wynn Resorts was one of those groups, but decided to focus their attention in another direction.

The Chairman and CEO of Wynn Resorts, Steve Wynn, said that they are interested by the legislation of full casino gambling in Pennsylvania and intrigue by the opportunity that it presents for their company. Wynn added that in the end, the Foxwoods project did not give an opportunity that was advantageous for their company.

Earlier this week, it appeared that the company had reached a deal to take over the Foxwoods Casino project. Wynn even showed their plans for the facility that he had put together and was waiting approving from the Gaming Control Board of Pennsylvania. But on Thursday, Wynn reversed the group's decision.

When he discussed his casino plans, Wynn suggested that the approval of the board must come before September 2010 in order to have the facility open by December 2011. Now it appears that all those plans have been put on hold. On April 7th, 2010, three more casino facilities were approved by the Gaming Control Board to offer casino table games.

The total number of gaming facilities that have received approval to offer table games now stands at 5. Other gaming establishments in Pennsylvania are waiting their public hearings on casino games expansion with approval expected to come after.

05/02/2010 13:06 PM

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