Wynn Resorts Ltd. signed a letter of intent Wednesday for an affiliate to take over as managing partner in the project, which has been stalled for the last three years by political and neighborhood opposition.
Wynn has opened several luxury casino resorts in Las Vegas, including the Mirage, Bellagio and Treasure Island Resorts. He sold those companies and started Wynn Resorts in 2002.
Wynn Resorts currently operates two casinos in Las Vegas and another in Macau.
Philadelphia Mayor Michael Nutter says Wynn's history indicate a high level of commitment to the project.
A lawyer for the original investors, Philadelphia Entertainment and Development Partners, declined comment.
Wynn's role is contingent on approval by the state's gaming board.
