Wynn Backs Out of Pennsylvania

Wynn Resorts is terminating negotiations to invest in Foxwoods Casino in Philadelphia.
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NEW YORK (

TheStreet

) --

Wynn Resorts

(WYNN) - Get Report

is backing out of plans to operate a casino project in Pennsylvania.

The casino said on Thursday that it is terminating discussions and negotiations as they relate to investing in Foxwoods Casino in Philadelphia.

"We are fascinated by the legalization of full gaming in Pennsylvania and stimulated by the opportunity that it presents for Wynn Resorts, but this particular project did not, in the end, present an opportunity that was appropriate for our company," CEO Stephen Wynn said in a statement.

Shares of Wynn ended the day up 5.6% to $86.44. Earlier today UBS upped its price target on the stock to $95 and maintained its buy rating.

-- Reported by Jeanine Poggi in New York.

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