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Project ‘not appropriate for our company,’ Steve Wynn says
Wynn Resorts Ltd. has abruptly pulled out of a planned Foxwoods Casino project in Philadelphia, leaving backers of the development and government officials there stunned and scratching their heads. In a statement released Thursday afternoon, Wynn chairman and ceo Steve Wynn said, “We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company.”
Earlier this week, Wynn met with several area governmental officials – including Philadelphia Mayor Michael Nutter -- to go over his plans for the project, the Philadelphia Inquirer reports. The mayor said he had "a great meeting" with Wynn that lasted 75 minutes. “I've never seen someone more enthusiastic about a project,” Nutter told the newspaper. “There was not one doubt in my mind after our meeting” that the casino project was moving forward.
It was less than two months ago that Wynn Resorts announced that it had signed a letter of intent for an affiliate to take over managing and developing the Foxwoods gaming complex on the Delaware River in South Philadelphia. Industry observers told the Inquirer that Wynn's announcement to exit the project might be a negotiating ploy to get a better deal from the Foxwoods investor group. Or, they said, it could be a signal that Wynn had decided the project was too hard or too expensive to finish.
If Wynn is indeed done with the proposed development, that could signal its doom. The project been ensnarled in political controversy and financial difficulties since its unveiling in 2006.
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