February 23, 2010 / 11:31 PM / 9 years ago

Wynn Resorts signs deal for Philadelphia casino

LOS ANGELES, Feb 23 (Reuters) - Wynn Resorts Ltd (WYNN.O) announced plans on Tuesday to partner with the Native American tribe that operates the Foxwoods casino in Connecticut to develop a new casino located on the Philadelphia waterfront.

The Las Vegas-based company, run by casino mogul Steve Wynn, said it entered into a letter of intent with Philadelphia Entertainment and Development Partners, an investor group made up of the Mashantucket Pequot Tribal Nation and local Pennsylvania investors.

The agreement is subject to the satisfaction of certain conditions, including the approval of the Pennsylvania Gaming Board, Wynn said in a statement. (Reporting by Deena Beasley; editing by Andre Grenon)

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