The Wynn Resorts board has abandoned plans to develop a casino in along the Delaware River in Philadelphia.
Wynn is based on Las Vegas and founder Steve Wynn is from the Philadelphia area. Wynn is viewed as one of the best-managed gaming companies with casino resorts in Las Vegas and Macau. It was the second time Wynn had backed away from a project in the city.
At this time, the board has decided that the best course for the company is to pursue business opportunities elsewhere, according to a statement.
The board took a number of factors into consideration, including the Philadelphia market performance over the past year and the competition which will result from the recent approval of gaming in the State of New York. Consequently, the company will withdraw its licensing applications in Pennsylvania, according to the statement.
Gaming revenues have flattened out in Pennsylvania and declined sharply in neighboring Delaware and New Jersey. Delaware is looking at ways to aid its gaming industry, which is also connected to horse racing, another industry in decline.
The decision also brought speculation that Wynn did not want to wade into what many see as a difficult business environment in the city. Philadelphia has seen a host of waterfront projects fall through in recent decades.
Community groups oppose any plans for a casino. Several companies have proposals for the site including Hollywood Casino and a unit of MarylandLive. Both operate casinos in Maryland.
In Delaware riverfront gaming proposals have surfaced, but a slide in gaming residents has led the state to focus on aiding prospects for the state’s three casinos.
