Foxwoods Casino Update

By
Real Estate Agent with Keller Williams

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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Rainmaker
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The Atacan Group Philadelphia Real Estate

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