Tuesday, Feb. 23, 2010 | 1:52 p.m.
Wynn Resorts Ltd. of Las Vegas today said it reached a partnership and management agreement for a casino on the Philadelphia waterfront.
Wynn entered into a letter of intent with Philadelphia Entertainment and Development Partners LP providing that an affiliate of Wynn will become the manager and managing general partner in the PDEP casino project.
The agreement is subject to the satisfaction of certain conditions, including the approval of the Pennsylvania Gaming Board.
The Philadelphia Inquirer described the PDEP as the delayed Foxwoods Casino project proposed for South Philadelphia.
Wynn Resorts would assume control of the project from local investors and the Mashantucket Pequot tribe, the Inquirer reported.
"I am thrilled to be returning to the East Coast and in particular to the city in which I was privileged to have gained my college education. Having attended the University of Pennsylvania for four years and served as a trustee for an additional 10 years, Philadelphia has always felt like home to me," Wynn Resorts Chairman and Chief Executive Officer Steve Wynn said in a statement.