Though all the details aren't clear yet, one thing is for sure: Wynn Philly, Steve Wynn's proposed waterfront Philadelphia casino, won't become a reality in this round of casino shenanigans. Yes, Wynn Resorts has withdrawn their licensing applications, and the field of casino contenders has just gotten smaller.
According to the press release put out by Wynn Resorts, the decision has to do with recent approvals for casinos in New York, among other factors:
The Wynn Resorts Board of Directors recently met to carefully examine the feasibility and opportunities associated with the company's domestic development in Philadelphia, Pennsylvania. At this time, the Board has decided that the best course for the company is to pursue business opportunities elsewhere.
The board took a host 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 the New York. Consequently, the company will withdraw its licensing applications in Pennsylvania. Though it's far from a sure bet, this makes it even more likely that either the Provence or Market 8 will be awarded Philly's second casino license, especially in light of the financial report released by the city about the potential impact of all six casino applicants which presented Wynn as one of three front runners for the second license.
· All Wynn Philadelphia Posts [Curbed Philly]