In a surprising announcement on Monday morning, the board of directors of Wynn Resorts Ltd. (WYNN) announced it was abandoning its plans for a billion-dollar gaming/entertainment project in Philadelphia, Pennsylvania.
The announcement said the board had met recently to “carefully examine” the feasibility opportunities associated with the company’s domestic development in Philadelphia.
“At this time,” the announcement read, “the Board has decided that the best course for the company is to pursue business opportunities elsewhere.”
It was explained that the board took a host of factors into consideration, including the Philadelphia market performance over the past year and the competition that will result from the recent approval of gaming in the State of New York.
“Consequently,” the statement read, “the company will withdraw its license applications in Pennsylvania.”
Dropping Pennsylvania leaves Wynn Resorts with only one pending casino license application. That is in the Commonwealth of Massachusetts.
Under development is a multi-billion dollar project on the Cotai Strip in Macau. The project is expected to be completed in 2016.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].