The Wynn Resorts have announced that they will not pursue business opportunities in Philadelphia. The Board of Directors announced this decision today and will withdraw its licensing applications in Pennsylvania.
According to the board, factors that included the Philadelphia market performance over the past year and the recent gaming approval by the state of New York have made Wynn Resorts refocus its development strategy.
Wynn Resorts currently has hotels and casinos in Las Vegas and Macau. They had previously applied to create a five-star gaming resort in the city of Philadelphia. It would have been in the Fishtown neighborhood and overlooked the Delaware River. The estimated cost would have been $925 million.