Wynn Resorts
Wynn Resorts The state of Pennsylvania is positioning itself to become the top gaming destination in the Northeast US. Wynn Resorts is the top gaming stock on the market, so it seems logical that the company would want a presence in a top gaming market.

That is why Wynn announced Tuesday that they are seeking to be part of a project in the works to bring a casino to the Philadelphia waterfront. The company has signed a deal with Philadelphia Entertainment and Development Partners to become the manager of the casino project. Wynn will most likely take a majority ownership stake in the casino.

After the news of a Pennsylvania presence surfaced, investors were not quick to jump on board. On Wednesday, Wynn stock dropped $.33, or .52%. The stock closed at $63.35, still way ahead of other US-based gaming stocks.

The move into Pennsylvania by Wynn could further hurt the Atlantic City casino industry. Wynn brings a well-known brand to the area, and they have been competing with the likes of MGM Mirage and other developers that own AC casinos for years.

Already, Pennsylvania casinos had higher slot revenue than AC casinos in December, and table games for Pennsylvania casinos were approved by lawmakers in January. With Wynn joining the mix, the road to recovery for the AC casino industry may have just became a lot longer.

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