BREAKING: State Revokes Foxwoods Casino License

PHILADLEPHIA BUSINESS JOURNAL:  The controversy over the planned Foxwoods Philadelphia Casino is apparently over. According to multiple reports, state regulators voted 6-1 Thursday to deny an extension sought by the development group, effectively ending a four-year effort to build a slots parlor in South Philadelphia. MORE

NEWSWORKS: In the meantime, the city of Philadelphia will have to deal with an $11 million a year budget gap because the casino.  Mayor Michael Nutter said the money was expected beginning in 2014. “In terms of our five-year plan, in fiscal years ’13, ’14 and ’15, there is an impact, obviously we’re currently in fiscal year ’11 so there isn’t a near-term impact,” he said. “But if that entity, or some other entity, isn’t up and running by that point and time we will have to make adjustments.” Like DiCicco, the mayor said he likes the possibility of the SS United States to house a casino. But, he said,  that will require a developer who has the money to build a facility and state approval of such a plan. MORE

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