A lawyer for investors in the stalled Foxwoods casino says those investors expect to submit a new “arrangement” to the Pennsylvania Gaming Control Board next week as they try to salvage the project.

KYW’s Tony Romeo reports that the staff of the Gaming Control Board has petitioned the panel to have Foxwoods’ license revoked and an attorney for Foxwoods appeared before the board to appeal for more time for discovery as the revocation process continues.

As he spoke, the attorney told the board that his clients expect to submit a term sheet spelling out a proposed new “arrangement” next week. The attorney would not give details to reporters, but Harrah’s confirms there have been long-running discussions about the project.

Meanwhile, though gaming board Chairman Greg Fajt said the panel will consider a new proposal, he also had this warning for Foxwoods’ lawyers:

“What I see is since December of 2006, now coming on four years, your client has had an asset of this Commonwealth. And that asset is wasting.”