Wynn Resorts, the company run by casino developer Steve Wynn, just announced that it is withdrawing its application for a casino license in Philadelphia. Wynn had proposed building a massive casino entertainment complex on 60 acres along the Delaware River in Fishtown.
A statement released by Wynn Resorts today said the company's board of directors "met to carefully examine the feasibility and opportunities associated with the company's domestic development in Philadelphia." They decided to look elsewhere for business opportunities.
Among the factors considered were the Philadelphia casino performance over the past year. The regional market currently has casinos in Fishtown, Chester, Bensalem and King of Prussia. The company also considered that New York recently approved the development of casinos in that state.
This is the second time Wynn has bailed out of a Philadelphia casino project. He was hailed in 2010 as a savior for the long-stalled Foxwoods casino project on Columbus Boulevard at Reed Street in South Philly.
Wynn abruptly left that project and the state Gaming Control Board soon revoked the Foxwoods license. Wynn had said he would bid for the city's second casino license if that happened.