Steve Wynn announced Thursday his company is backing out of a deal to take over the South Philaelphia casino project once thought to be with Foxwoods Casino. Wynn Resorts had drawn up plans for the casino that was to be built at Columbus Boulevard and Reed Streets in South Philadelphia. Wynn had also just met with Mayor Nutter on Monday and shared his plans with members of City Council. He also sent his project plans to the state gaming control board for approval.
Mayor Nutter was stunned at Wynn’s decision to back out of the deal after meeting with Wynn Monday. As of now the site’s future remains in the hands of the gaming board. Meanwhile, Foxwoods and the Philadelphia project investors are still paying a $2,000 a day fine for failure to submit project plans on-time. The fine was extended Wednesday even though Wynn submitted plans earlier than expected.
The project got off to a rough start early in the planning stages as it was met with community opposition and financial problems. Mayor Nutter would not speculate on the future of a South Philadelphia casino after the two recent failures in finalizing a plan. Some are speculating that Wynn may be headed south to Atlantic City instead to find a casino project to latch on to.
(Photo Courtesy of Associated Press)
By Andrew Wagner and Josh Buzi, Group 39, Spot News
Mayor Nutter was stunned at Wynn’s decision to back out of the deal after meeting with Wynn Monday. As of now the site’s future remains in the hands of the gaming board. Meanwhile, Foxwoods and the Philadelphia project investors are still paying a $2,000 a day fine for failure to submit project plans on-time. The fine was extended Wednesday even though Wynn submitted plans earlier than expected.
The project got off to a rough start early in the planning stages as it was met with community opposition and financial problems. Mayor Nutter would not speculate on the future of a South Philadelphia casino after the two recent failures in finalizing a plan. Some are speculating that Wynn may be headed south to Atlantic City instead to find a casino project to latch on to.
(Photo Courtesy of Associated Press)
By Andrew Wagner and Josh Buzi, Group 39, Spot News
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