Wynn Resorts said on Monday it is withdrawing its gaming licensing application for a Philadelphia casino to pursue business opportunities in other markets partly because of potential competitors from nearby New York state.

In a statement, the casino operator said its board had considered the Philadelphia market performance over the past year and competition that could come from the recent approval of gaming in New York state.

Philadelphia was the sixth-largest U.S. casino market last year, according to the American Gaming Association. New York earlier this year legalized new resort-style casinos in an effort to revive a stagnant economy north of New York City.