Steve Wynn drops bid for Philadelphia casino

PHILADELPHIA - November 11, 2013

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.

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