January 10, 2013 |
The departure of Don Marrandino, since 2009 eastern division president for Caesars Entertainment Inc., comes as all five of the company's regional casinos are bleeding revenue. Marrandino resigned on Friday, according to the company, which owns four casinos in Atlantic City and Harrah's Philadelphia in Chester. He had held the job for three years after returning to Atlantic City from Las Vegas, where he ran the Flamingo Casino for Harrah's Entertainment Inc. before Harrah's Entertainment was acquired by Caesars Entertainment in June 2005.
January 13, 2011 |
In a last-ditch effort to restore the Foxwoods Casino gambling license, Harrah's Entertainment has offered to double the money it is willing to lend the venture, according to a petition released Tuesday by the Pennsylvania Gaming Control Board. The petition was filed last Friday by the Foxwoods group, Philadelphia Entertainment and Development Partners (PEDP), but kept confidential until a redacted version could be prepared for the public. The gaming board revoked the Foxwoods license Dec. 16. Commissioners raised concerns about incomplete financial documents and commitments, changes in the charitable nature of the venture, and the scaled-back scope of the project.
November 19, 2010 |
The investors behind a South Philly casino have a new name and three weeks to move the stalled project forward or face the very real possibility of losing their license. The state Gaming Control Board yesterday gave the investors until Dec. 10 to finalize a deal to have Harrah's Entertainment take over the project, which has been known as Foxwoods. The investors' casino license could be revoked at the board's Dec. 16 meeting if they miss that deadline. Harrah's and the local investors, known as Philadelphia Entertainment Development Partners (PEDP)
October 27, 2010 |
For the second time in six months, local investors in the proposed Foxwoods Casino will present state gaming regulators with a new partner and a plan to revive the stalled South Philadelphia project. This time around, they have a deal with Harrah's Entertainment to step in as both investor and operator of the waterfront gambling hall. Because Harrah's already has a casino 15 miles away in Chester, it is allowed by Pennsylvania law to have only a one-third stake in Foxwoods. In an announcement Tuesday, the local investor group - Philadelphia Entertainment and Development Partners (PEDP)
October 22, 2010 |
Harrah's Entertainment is only a flurry of pen strokes away from taking over the troubled Foxwoods Casino project in South Philadelphia, with a final agreement ready for the original partners' signatures, according to people familiar with negotiations. More than a dozen Foxwoods investors, including the Mashantucket Pequot tribe in Connecticut and the charitable interests of the families of local entrepreneurs Lewis Katz, Ron Rubin, and Ed Snider, are expected to approve the deal. Even so, they and Harrah's still must persuade the state not to revoke the project's license, an action to be discussed by the Pennsylvania Gaming Control Board at a hearing Wednesday.
October 1, 2010 |
ATLANTIC CITY - New Jersey moved closer Thursday to allowing smaller casinos in Atlantic City as a way to jump-start the nation's second-largest gambling market. The state Senate approved a bill that would allow for casinos with as few as 200 hotel rooms to be built on the Boardwalk. That's down from the current 500-room minimum, and is one-tenth of the 2,000-room inventory that Atlantic City's most successful casinos have. Sen. Jim Whelan, a former Atlantic City mayor, proposed the change to lower the financial barrier to building in the city.
August 10, 2010 |
In a sign that it might soon take over the troubled Foxwoods Casino project, Harrah's Entertainment Inc. has written off $52.3 million in debt owed by the local investor group for the 16.5-acre site on the Delaware waterfront in South Philadelphia. The disclosure was contained in Harrah's financial results for the second quarter, which ended June 30. According to people familiar with the deal, forgiveness of the debt, incurred in 2005, is part of the negotiations to transfer control of the Foxwoods project to Harrah's.
August 4, 2010
Harrah's Entertainment Inc., the world's biggest casino company, reported a second-quarter net loss of $274 million, compared with a profit of $2.29 billion a year earlier, citing reduced customer spending in all of its U.S. regions and asset writedowns, Bloomberg News reported. Sales fell 2.2 percent to $2.22 billion, the news service said. Harrah's said that, for the quarter ended June 30, it recorded a $52.3 million charge related to an investment in the Foxwoods casino project in Philadelphia, Bloomberg said.
July 14, 2010
The Las Vegas-based Harrah's Entertainment confirmed Tuesday that "discussions have opened up again" over its role in the Foxwoods Casino project in South Philadelphia. In a statement, the company said it was not at liberty "to discuss the substance" of those talks at this time. On Sunday, The Inquirer reported that the gaming giant was in negotiations to become a partner in the struggling Foxwoods project. Harrah's holds a promissory note of $67 million for the 16-acre parcel from a group of local investors, including family foundations for lawyer Lewis Katz and developer Ron Rubin.
July 11, 2010 |
The Foxwoods Casino project could be rescued by a neighbor in nearby Chester - Harrah's Entertainment. The country's largest gaming company is in talks with the Foxwoods group about becoming a new partner, replacing Las Vegas casino titan Steve Wynn as developer and manager of the South Philadelphia gaming hall, according to sources familiar with negotiations. Under Pennsylvania law, Harrah's could acquire only a 33 percent stake in the venture, since it already controls a casino in the state.