March 3, 2010 / 10:42 PM / 9 years ago

Wynn to invest $240 mln in Philadelphia casino

LOS ANGELES, March 3 (Reuters) - Wynn Resorts Ltd (WYNN.O) plans to provide about $240 million, or up to 40 percent, of the estimated $600 million planned for building a new casino along the Philadelphia riverfront.

Steve Wynn, the company’s founder, chief executive officer and chairman, detailed the plans on Wednesday at a meeting of the Pennsylvania Gaming Control Board.

Las Vegas-based Wynn Resorts will own 51 percent of the project, while the site’s original casino license holder, the Mashantucket Pequot Tribal Nation, will hold a 14 percent stake, Maureen Garrity, a spokeswoman for the company, said in an emailed statement.

Local Philadelphia investors will hold the remainder.

“They expect to finance the rest with third party lenders. If third party financing is not available for any reason, Wynn will fund the remainder,” Garrity said.

Wynn announced last week that it was taking over the stalled plans to develop the Philadelphia casino located along the Delaware River across from New Jersey.

The three-story high casino will not include a hotel.

Reporting by Deena Beasley; Editing by Richard Chang

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