The struggling Foxwoods Casino project in Philadelphia maybe bailed out by the world’s largest casino company, Harrah’s Entertainment.
According to a recent news report, unnamed sources close to negotiations have said that the Connecticut tribe has entered talks with Harrah’s Entertainment to take over where Wynn Resorts left off.
Earlier this year Wynn Resorts agreed to take over the project to develop and operate the casino, however unexpectedly withdrew for reasons unknown.
However according to Pennsylvania law Harrah’s would only be able to acquire 33% of the project, since they already own Harrah’s Chester Pennsylvania Casino and Race Track.
Sources said that the deal with Harrah’s may include a management contract to develop and operate the property, which will secure the $67.3 million promissory note due in 2015 that the tribe and local investors owe Harrah’s for the land.
The tribe won the rights to develop the Philadelphia gambling hall in 2006 but has since been faced with a number of problems including lack of funding, which has led to state gaming regulators filing to revoke the license and heavily fine the group for everyday they fail to provide adequate plans for development.
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