Foxwoods Casino Gets One Last Chance

November 19, 2010 – In The News
Philadelphia Inquirer

According to Pennsylvania’s Gaming Control Board, the investor group behind Foxwoods Casino has until Dec. 10 to finalize its deal to turn over control of the project to Harrah’s Entertainment. The investor group and Harrah’s gave commissioners a proposed rendering of the future of the casino. “We’re going to drive to get a deal wrapped up,” said William Downey, an attorney for Harrah’s.

Downey said the facility could be built by the summer of 2012, but the second phase of the project, which includes implementing a four-story parking garage and an additional 20,000 square feet of casino space, has a “floating” timeline. According to Downey, the group needs to raise $200 million to build the casino in addition to $75 million needed in equity from existing or new partners. The Las Vegas casino company had “two highly confident letters” from financial institutions willing to lend some of that money. “We’re aware of parties out there who are interested in getting involved in the Philadelphia market,” said Downey.

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