LAS VEGAS, Feb 23, 2010 (BUSINESS WIRE) -- Wynn Resorts, Limited (NASDAQ: WYNN) announced today that it had entered into a letter of intent with Philadelphia Entertainment and Development Partners, LP (PEDP), providing that an affiliate of Wynn will become the manager and managing general partner in the PDEP casino project slated for the Philadelphia waterfront. The agreement is subject to the satisfaction of certain conditions including the approval of the Pennsylvania Gaming Board.

"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 ten years, Philadelphia has always felt like home to me," commented Stephen A. Wynn, Chairman and Chief Executive Officer.