This Tuesday, Wynn resorts announced its plan to acquire the casino project in Philadelphia. It entered into a letter of intent with Philadelphia Entertainment and Development Partners.

Though, the terms will be announced only after they are approved by Pennsylvania casino regulators.

The project has been named "Foxwoods Casino Philadelphia". It will be sited on the waterfront in Philadelphia, though it has been facing political and financial troubles after it got approved in 2006.

Gaming Control Board in Pennsylvania warned the casino and told them that they might lose their license to build it if they were not able to submit the new plan by the 3rd of March.

The project will be redesigned again to show the new Wynn ownership. The new development will be taken care of by Mr. Wynn. Pennsylvania also lately accepted adding table games in place of slot parlors.