by Michael J. Shapiro | April 14, 2010

Wynn Resorts and its subsidiaries on Thursday officially terminated involvement in the Philadelphia waterfront casino project it had recently agreed to develop and run. The casino development, which was slated to be managed by the Mashantucket Pequot Tribal Nation (the same tribe that runs Foxwoods casinos), has suffered major delays and currently is being fined daily by the Pennsylvania Gaming Commission due to missed deadlines. Wynn became involved in the troubled project in February, and chairman and CEO Steve Wynn had recently delivered more detailed financial plans and sketches for the casino, as requested by the Gaming Commission. Thursday's announcement offered no explanation for Wynn's withdrawal. "We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts," said Steve Wynn in a statement, "but this particular project did not, in the end, present an opportunity that was appropriate for our company."