Market East Associates is one of six applicants for the license.
Mohegan Sun, owned by the Mohegan Tribal Gaming Authority, operates a flagship casino in Uncasville, Conn., and a racetrack casino in Wilkes-Barre.
Applicants for the license are to present their plans for public review in February, with public hearings scheduled in April.
A group that originally earned the city's second license in 2006 lost it after repeated delays and community opposition scuttled the project.
Casinos already operating in the region are SugarHouse on Penn's Landing, Harrah's Philadelphia in Chester, Parx in Bensalem and Valley Forge Casino Resort in King of Prussia.