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Las Vegas entrepreneur plans East Coast return
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Las Vegas impresario Stephen Wynn is stepping up to salvage the stalled Foxwoods Casino project in Philadelphia, which is in jeopardy of losing its license, the Philadelphia Inquirer reports. Wynn Resorts Ltd. announced it has signed a letter of intent for an affiliate to take over managing and developing a gaming hall on the Delaware River in South Philadelphia.
The project's original investor group, Philadelphia Entertainment & Development Partners, would still have a stake in the casino, but the Wynn organization would control at least 51 percent of the business, sources familiar with the deal told the Inquirer. The project will also bear the Wynn name, the paper reported.
Wynn Resorts said the agreement is conditioned on approval from the Pennsylvania Gaming Control Board. "I am thrilled to be returning to the East Coast," Wynn said in the statement, "in particular to the city in which I was privileged to have gained my college education."
Wynn, 67, graduated in 1963 from the University of Pennsylvania with a bachelor of arts degree in English. He also served as a Penn trustee for 10 years.
Wynn was also one of the early operators in Atlantic City, N.J., where he opened the Golden Nugget in 1980. He left New Jersey in 1987 and headed to Vegas, where he built the Mirage, Bellagio, and Treasure Island resorts. He sold those and started Wynn Resorts, a publicly traded corporation, in 2002. In recent years he has opened billion-dollar properties bearing his name in Las Vegas and the Chinese city of Macau.
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