The Pennsylvania Gaming Control Board today released a redacted copy of Foxwoods casino developers’ request that their license be reinstated.
Philadelphia Entertainment Development Partners and their would-be new partner, Caesars Entertainment (aka Harrahs) promise to build the second phase of the casino if the PGCB changes its mind about revoking the Class 2 gaming license.
The document says Phase IB would be constructed “as soon as reasonably practicable after the opening of Phase 1A … of the project,” and not later than 30 months after the opening of the first phase.
Documents turned over to the board that outline more concrete equity and debt funding and the partnership agreements, and more detail on the charitable contributions that the casino would generate, are all meant to address concerns the board voiced at the December meeting at which they voted to rescind the license. Read early coverage here.
The documents released today state that commitment letters from a bank were provided to the board – but deemed confidential and not released to the public. Ditto for other exhibits provided to the board. The name of the bank has been redacted from the petition, as has the amount of the loan. The document also states that Harrahs/Caesars (The corporate name was recently changed from Harrahs to Caesars. The company operates casinos under both names, and others) will fill in any blanks in equity, or ownership, funding, up to a certain amount. But that amount has also been redacted.
The gaming board has 30 days to decide whether to reconsider the revocation of the PEDP license, which means it will have to happen at their Jan. 27 meeting. If they do not act, the petition is automatically denied.
PEDP has until Jan. 24 to appeal the board’s revocation decision, and if the board does not agree to reconsider by then, or reconsiders and sticks with the decision to revoke, PEDP says it will appeal through the courts.
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