Wynn Drops Plans for Philadelphia Casino: Now Looking at New York

(Associated Press) - Las Vegas entrepreneur Steve Wynn will no longer seek a casino license in Philadelphia, now that gambling is on its way to New York.

Wynn had made an elaborate pitch this year to build a casino along the Philadelphia waterfront.

Wynn Resorts says 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.