By Tony Romeo

By Tony Romeo

PHILADELPHIA (CBS) — The number of applicants vying for Philadelphia’s second casino license is down to four now that Penn National Gaming has dropped out of the competition.

Penn National Gaming has formally withdrawn its proposal for a $480 million casino on Packer Avenue in the city’s sports and entertainment district.

In a news release, Penn National says a contributing factor to its decision was the city of Philadelphia’s “vocal support” for a Center City location for the second casino license.

But the release also notes that the market potential in Philadelphia is less today than when Penn National first applied. A spokesman for the Gaming Control Board says the board is reviewing Penn National’s filing and that the gaming board is continuing its discussions relative to the issuance of a second casino license for Philadelphia.

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