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Feb. 24, 2010 / 1:57 PM

Wynn Resorts to take control of Foxwoods

American casino resort developer Steve Wynn attends the Sons of Italy 20th anniversary gala in Washington on May 22, 2008. Wynn is credited with revamping expansion of the Las Vegas, Nevada, Strip in the 1990s. (UPI Photo/Alexis C. Glenn)

American casino resort developer Steve Wynn attends the Sons of Italy 20th anniversary gala in Washington on May 22, 2008. Wynn is credited with revamping expansion of the Las Vegas, Nevada, Strip in the 1990s. (UPI Photo/Alexis C. Glenn) | License Photo

PHILADELPHIA, Feb. 24 (UPI) -- Wynn Resorts Ltd. said it had reached a conditional agreement to take control of the Foxwoods Casino project, which is under way in South Philadelphia.

The Las Vegas investment group said it had signed a letter of intent with Philadelphia Entertainment and Development Partners LP to assume management responsibilities of the project, which requires approval of the Pennsylvania Gaming Board.

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In a statement released Tuesday, Chairman and Chief Executive Officer Stephen Wynn, a graduate of the University of Pennsylvania, said he was "thrilled to be returning to the east coast and in particular to the city in which I was privileged to my college education."

Wynn attended the university for four years and served as a Trustee for 10 years, the statement said.

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