Penn National withdraws bid for Philadelphia gaming license

"A contributing factor in our decision to withdraw our proposal was Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the City's education and pension fund liabilities," says Penn National (PENN -0.4%) CEO Timothy Wilmott, also noting the market potential today isn't what it was when the company first applied for a license in November 2012.

He notes PENN continues to have a deep development pipeline.

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