Operate Philadelphia Casino Development
LAS VEGAS, Nevada - Harrah's Entertainment is the latest Las Vegas-based casino operator brought in to try to revive a troubled casino development in Philadelphia. Philadelphia Entertainment and Development Partners struck a deal with Harrahs to Danish Gambling 438 million US dollars casino in South Philadelphia along the Delaware floden.Harrahs spokesman Gary Thompson confirmed Tuesday the company signed a non-binding agreement with a group of local Philadelphia investors who have tried to build the casino since 2006. the casino was originally going to be driven by Foxwoods Development Co., which operates the Foxwoods Casino in Connecticut. Foxwoods is still an investor in the project.
Thompson said the agreement in principle was subject to several conditions, including Philadelphia Development compelling governmental authorities to allow the company to keep the gaming license for the site. "We have had discussions on a number of years with regard to the role that our company can potentially play in the project," Thompson said. Earlier this year signed Wynn Resorts agreement to operate the planned casino, but backed out of the project.
Pennsylvania gaming authorities have threatened to withdraw the project's casino license and is expected to take up the issue at a public hearing today. The project was approved in 2006, one of two casinos available for the city of Philadelphia. The other license went to the Sugar House Casino, which opened last month. According Philadelphia Entertainment, existing creditors, including Citizens Bank and Harrah's, have agreed to restructure their interests.
Developers said they hope to open Casino Bonus would include 1,500 slot machines, over 70 table games and several restaurants, most recently in 2012. Harrah's would invest new capital for a minority stake in the property and would also agree to a management position. "This proposed transaction enables our investor group to move forward with our project in order to open our doors to the public for gaming within about 20 months," Stephen Cozen, an attorney for Philadelphia Entertainment, said in a statement.
Because Harrah's already has a casino in Pennsylvania's Chester racetrack, it would be allowed under Pennsylvania law to own only 33 percent of the project in Philadelphia. Harrah's was taken private in a $ 29 billion private equity buyout in January 2008, recently announced plans to return to the public markets to generate at least $ 500 million in support for multiple udviklingsprojekter.Harrahs planned IPO would accompany a planned sales of 710 million US dollars in stock company registered in August on behalf of the hedge fund billionaire John Paulson, who struck a deal to acquire nearly 10 percent of the company.
Last updated: Thu 28 September 2017