Foxwoods Casino Update
The Pennsylvania Gaming Control Board is deciding whether to give Foxwoods another chance on their proposed South Philly casino project. The Foxwoods investors are about to sign a deal with Harrah’s Entertainment for casino operation, and Apollo Management for financing.
The largest obstacle with this new deal is settling the amount that Citizens Bank will get back from a $60 million credit it extended back in 2007.
Another problem is that under state gaming law, if a deal is approved the casino would have to have 1,500 slots up and running by December of 2012. This would likely be a difficult task. They still need state and federal approvals regarding riparian rights and water/sewer systems before it can even apply for city building permits.
More on this story at philly.com
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