Big-time Las Vegas investor Steve Wynn is stepping up to save the Foxwood Casino project in South Philadelphia. The project has been delayed for the past three years due to political and neighborhood opposition.

Wynn Resorts Ltd. announced Tuesday that it had signed a letter of intent, outlining the terms and conditions of the deal and indicating its role as an affiliate responsible for managing and developing the project.

The deal comes at a vital point in the Foxwoods project.

The original investor, Philadelphia Entertainment & Development Partners (PEDP), is at risk of losing its license and needs to find a new partner who can bring both financing and leadership to the deal.

At a hearing last Jan. 27, the Pennsylvania Gaming Control Board gave the PEDP until March 3, 2010, to come up with a new platform and financing.

Steve Wynn has opened several luxury casino resorts in Las Vegas, including the Mirage, Bellagio, and Treasure Island Resorts. He sold those companies and launched Wynn Resorts in 2002.

Wynn Resorts currently operates two casinos resorts in Las Vegas and another in Macau.

 “I am thrilled to be returning to the East Coast,” Wynn said in the statement, “in particular to the city in which I was privileged to have gained my college education.”

Wynn’s role in the project now awaits approval from the Pennsylvania Gaming Control Board.

Miss B says: The Wynn name holds much prestige within itself. There is no doubt in my mind that the Wynn establishment will be able to add the needed leadership and finances to the Foxwood project. What’s your take? Is this a good or bad thing?