Wynn had made an elaborate pitch this year to build a casino along the Philadelphia waterfront.
Wynn Resorts says Monday it will drop its bid because of the looming competition in New York, where voters last week approved a measure to license seven casinos.
Wynn also cites concerns about recent industry results in Philadelphia. The city has one casino up and running.
A second license is up for grabs after a Foxwoods project fell through. Wynn had been one of six applicants for that license.
The Wynn company says it will focus on other business opportunities.
