Foxwoods says it is "working feverishly" and expects to find a 55 percent equity partner in the four days left before Milford votes on its casino proposal.
"We're working feverishly. We're very close. Hopefully, we'll have something within the next 24 hours," said Scott Butera, Foxwoods' president and CEO, speaking a day after investigators for the state's Gaming Commission said the "glaring issue" with Foxwoods was its failure to secure financing.
But one gaming analyst said he was doubtful.
"Because $1 billion is a lot of money, the return an investor would generate is much riskier. That's where Foxwoods is running into some problems," said Chad Beynon, an analyst with Macquarie Capital, which has worked with Caesars Entertainment, the company that recently dropped out as Suffolk Downs' gaming partner.
On Wednesday, Butera told the Gaming Commission one of the potential partners the company was eyeing was a private equity firm, and the other was a casino company.
"If that holds true, that would significantly help the situation," Beynon said. "But if the potential equity partners do not follow through ... that would put Foxwoods in dire straits."
The commission had hoped to decide Foxwoods' suitability before Tuesday's referendum, however. Doing so would normally require any of the company's partners to be vetted by the commission's investigators — something that could prove impossible to do in so little time.
Both Milford selectmen, who voted in favor of the host community agreement they negotiated, said they plan to vote for the project, despite the problems the investigators uncovered.
"It would create between 3,000 and 3,500 jobs that in today's economic picture are very, very important," said Selectman Brian Murray.
The project would also generate at least $25 million annually in taxes and another $5 million in mitigation fees, Murray said.
But Bill Buckley, the sole selectman to vote against the host community agreement, said he distrusts Foxwoods because of its financial troubles.
"Our finances are strong already," Buckley said. "We didn't need saving."
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