The Pennsylvania Gaming Control Board has been more than patient with a Foxwoods casino project that was scheduled to deliver a casino in Philadelphia. On
Foxwoods has had several setbacks in trying to get their casino up and running. There has been opposition coming from within the city, partnerships that have gone awry, and a general lack of motivation to complete the project in a timely manner. The slot license cost Foxwoods $50 million, but the overall cost was much higher.
Foxwoods lawyers had argued that their client had spent over $150 million on the project between loans, tribal contributions, and the purchase of the property on which the casino was going to be built. The Gaming Board was unimpressed, instead voting on the premise that the project did not appear anywhere close to moving forward.
The board voted 6-1 in favor of stripping the license, and what happens next is anybody's guess. Pennsylvania is relatively new in the casino gaming industry, and this is the first time that the control board has stripped a developer of a license. Foxwoods could choose to challenge the decision in court.
Another legal challenge could come from other city's that would like to see the license moved out of Philadelphia. Anti-gaming groups in Philadelphia have already applauded the decision by the gaming board on Thursday, and they hope the license will be shifted.
Philadelphia currently has one casino, the SugarHouse, open. The casino has underperformed in terms of revenue, and by not reaching projections, many people have become fed up with the casino's existence. There are lawmakers who believe the revoked license should be auctioned throughout the state.
An auction would likely draw interest from several different groups. Pennsylvania lawmakers legalized table games earlier this year, so the original price of $50 million would likely be exceeded if an auction were to occur. One group looking to save the SS United States have already suggested a casino be built on the aging ocean liner.
December 18, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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