Wynn to Invest $240M in Pennsylvania
NEW YORK (
) --
Wynn Resorts
(WYNN) - Get Report
plans to invest $240 million in a new Pennsylvania casino.
The Foxwoods riverfront casino, which is currently under development, is slated to cost about $600 million.
Wynn will own 51% of the project, as decided at a meeting of the Pennsylvania Gaming Control Board last night. Mashantucket Pequot Tribal Nation, will hold a 14% stake and the rest will be owned by local investors.
While the rest of the financing is expected to come from these other investors, if they cannot find the money, Wynn will pony up the rest.
Last week Wynn said it planned to take over the stalled development.
The Foxwoods Casino, meanwhile, is being fined for not meeting deadlines. Pennsylvania regulators have been fining the casino $2,000 a day since December for failing to meet a deadline to submit information including architectural drawings and a project timeline. It will continue to be fined until it submits the information.
-- Reported by Jeanine Poggi in New York.
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