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,” commented Stephen A. Wynn, Chairman and Chief Executive Officer.
“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," added Steve Wynn.