Written by :
C Costigan
Published on :
The Philadelphia Inquirer is reporting that casino giant Harrah’s could take over the troubled Foxwoods Casino along the Delaware waterfront in South Philadelphia.
Harrah's Entertainment Inc. has written off $52.3 million in debt owed by the local investor group for the 16.5-acre site, according to Jennifer Lin of the Inquirer.
A spokeswoman for Harrah's, Jacqueline Peterson, said in an e-mail that the write-down was "merely an accounting measure" that was "unrelated to anything else." The amount, she added, was an "accounting determination" of the current value of the note.
The local investors, led by Comcast-Spectacor chairman Ed Snider and charitable interests for the families of lawyer Lewis Katz and developer Ron Rubin, were deeded the land by an affiliate of Harrah's. They did not pay for the land, but gave Harrah's a promissory note, payable in 2015, for $67.3 million.
The affiliate - Caesars Entertainment - wanted to develop a casino on the site, but dropped the idea after being acquired by Harrah's.
A lawyer for the Foxwoods group, F. Warren Jacoby, signaled to the Pennsylvania Gaming Control Board at a hearing July 29 that the sides were getting close to an agreement.
He said he expected the investors to sign a "term sheet" by early August, the Inquirer reported.
The Foxwoods Casino project in Philadelphia was originally set 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. It was one of five stand-alone casinos awarded a gaming license on December 20, 2006 by the Pennsylvania Gaming Control Board. There have been numerous protests since the project was first announced.
Gambling911.com Staff
