Wynn Resorts Pulls Plug on Philadelphia Casino Plans

by Christopher Freeburn | November 12, 2013 10:23 am

Casino stocks[1]There is one less company applying to open a casino in Pennsylvania’s largest city[2].

Wynn Resorts (WYNN[3]) has withdrawn its proposal to build a $926 million hotel and casino in Philadelphia. The company cited economic conditions in the city and a recent move to expand legalized gaming in neighboring New York state as contributing to its decision, Bloomberg noted.

Pennsylvania is now the nation’s second-ranked state for the casino industry, after Nevada. It surpassed New Jersey last year. Wynn was one of six companies seeking the 13th casino license in Philadelphia.

However, the expansion of casino business in nearby states, including New York and Massachusetts, is pressuring Pennsylvania, which saw casino revenues slip 1.5% to $2.37 billion during the first nine months of 2013, compared to last year.

Earlier this year, Wynn announced that it will build a $4 billion, 2,000-room luxury hotel and casino in Macau[4], its second casino in the popular Asian gaming center.

Shares of Wynn Resorts rose almost 1% in Tuesday morning trading.

  1. [Image]: https://investorplace.com/wp-content/uploads/2011/09/Casino.jpg
  2. to open a casino in Pennsylvania’s largest city: http://www.businessweek.com/news/2013-11-11/wynn-resorts-drops-proposed-philadelphia-casino-project-1
  3. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  4. will build a $4 billion, 2,000-room luxury hotel and casino in Macau: https://investorplace.com/2012/06/wynns-next-macau-casino-to-cost-4-billion/#.UoJGkpG1Kf0

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