New Investors Attempt To Revive Foxwoods Casino
New Investors Attempt To Revive Foxwoods Casino
Philadelphia Real Estate Blog – Foxwoods Casino RenderingAccording to Philly.com a new investor team is attempting to revive the Foxwood Casino project however gaming regulators in Pennsylvania claim they don’t have the authority or desire to reinstate Foxwood’s revoked casino license. Foxwoods lost its license last December and they are now trying to extend their appeal in Pennsylvania Commonwealth Court. The Pennsylvania Gaming Control Board opposes a delay as they believe this appeal is simply the latest attempt to prolong the inevitable – no reinstatement of the gaming license. One member of the new investment management team is insurance broker Manuel Stamatakis. Foxwoods was one of two casinos selected by the gaming board to open casinos in Philadelphia from among five original applicants. Foxwoods, on Columbus Boulevard in South Philadelphia, faced repeated delays and costly detours, which led to its license being revoked. The core people steering the project were three high-profile friends of former Gov. Ed Rendell: Lewis Katz, a New Jersey entrepreneur and Democratic fund-raiser; Center City developer Ron Rubin; and Comcast-Spectacor chairman Ed Snider. The new group of investors are made up of high-profile Republican contributors, including Snider, Stamatakis, and Blue Bell developer Peter DePaul.
Here’s what Wikipedia has to say about the history of Foxwoods Casino:
Foxwoods Casino Philadelphia was a proposed casino to be located first along the Delaware River, then under pressure from local residents attempted to move to the The Gallery at Market East in Center City in Philadelphia, PA. It was one of five stand-alone casinos awarded a gaming license on December 20, 2006 by the Pennsylvania Gaming Control Board. The Philadelphia Inquirer states that Stephen Wynn (Graduate and former Trustee of University of Pennsylvania) and Wynn Resorts have signed a non-binding deal to take over the long delayed Foxwoods Casino in Philadelphia. On October 26, 2010 it was announced that Harrah’s Entertainment (pending signing final agreement) would buy a one-third stake and be in charge of operations in the casino. Harrah’s Provided artist rendition of what the project would looking like to the Pennsylvania Gaming Control Board, that featured Horseshoe as the Casino brand on November 18, 2010. These plans show a two-story, 57,463-square-foot (5,338.5 m2) casino located at Columbus Boulevard and Reed Street. The casino will sit back about 300 feet (91 m) from Columbus Blvd. Plans include an Asian gaming room, a noodle bar, and a riverfront sports bar under a steakhouse. Parking will be in surface lots with 1,376 spaces. The casino is expected to cost $438-million and will include 1,500 slots and 70 table games. The second phase will include a 2,250-space parking garage located at Columbus Blvd. and Tasker Ave. Harrah’s Entertainment failed to meet the deadline and the license was revoked on December 16, 2010.
Foxwoods Timeline
- Originally, it was planned to be located along the Delaware River in South Philadelphia. It was to be built on a 16.5-acre (67,000 m2) site between Tasker and Reed Streets that was to include 3,000 Slot machines, an 1,800 seat showroom, a 4,500 space parking garage, and future expansion to a casino with 5,000 slot machines and a 500-room hotel.
- In September 2008, residents opposed to the development forced the developers of the Foxwoods Casino to move proposal to The Gallery at Market East. This proposal was endorsed by both Mayor Michael Nutter and Governor Ed Rendell but was opposed by local residents. The original proposal for the Foxwoods Casino at The Gallery at Market East was for a 3,000 slot machine casino on two floors currently occupied by Burlington Coat Factory, forcing that store to relocate.
- On February 26, 2009, it was announced that the developers were looking into locating their new casino onto three floors of the former Strawbridge’s flagship store, which is currently vacant and owned by the Pennsylvania Real Estate Investment Trust, the owners of The Gallery.
- In April 2009, Comcast exec and Foxwoods investor Ed Snider was forced to return campaign contributions to then-Governor Ed Rendell, which was barred by campaign finance laws.
- In June 2009, the Center City site began to unravel in the face of opposition from the owner of the buildings top 15 floors. The difficulties Foxwoods has faced in Philadelphia also highlight the challenges of building an urban casino. Casino companies, for the most part, have avoided such plays in the US, sticking to less controversial rural, suburban or riverboat locations, industry observers say. Casino developers almost always face complaints about traffic and the impact on nearby residential areas wherever they build, but such concerns become particularly intense amid densely packed city neighborhoods.
- In February 2010, Steve Wynn was brought in as the managing partner of the project. The location was returned to its original Waterfront site, and Wynn said that there would be no hotel built on the location. Steve Wynn views Philadelphia as a major feeder market to his Las Vegas resort. The casino will be about 3 miles (4.8 km) from the SugarHouse Casino which is also on the riverfront just north of downtown.
- On April 8, 2010, Wynn announced that his company was withdrawing from the project, three days after presenting plans for the Foxwoods site to the Pennsylvania Gaming Control Board.
- On December 16, 2010, the Gaming Control Board voted to revoke the casino’s license after the venture failed to secure funding.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
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