A group of investors behind the Foxwoods Philadelphia casino project was granted a two week extension on July 30, after revealing that they were hopeful they would be able to present a term sheet to the Gaming Control Board outlining plans to revive the stalled project.
With only a week left of that extension, and the casinos license on the line a plan has still not surfaced, however during Harrah’s Entertainment’s conference call this week to discuss quarterly financials the world’s largest casino operator confirmed that they have resumed talks with the investors and the Mashantucket Pequot Indian tribe of Connecticut.
In 2005 Harrah’s acquired a $67 million promissory note from Caesars Entertainment that was issued by the group of investors in exchange for the use of the land. Over the years Harrah’s has been in on and off discussion with the group.
The investors are not obligated to pay the note, if the casino is not built, which now puts Harrah’s Entertainment in the position to lose millions if the Board votes to revoke the license.
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