Everyone is sending in a very shocked reaction to one of the newest developments in the business world, and for all the right reason! Wynn Resorts has announced, on Thursday, that it would be dropping its bid to rescue the struggling Philadelphia based waterfront casino project. The project has now been termed as "inappropriate" for the firm.

Seems like Steve Wynn does not want to take any new risks after all. Is the recession hurt still lingering? Probably so because his company had been particularly keen about the project up until sometime back. Whatever the reason, it looks like there will be no casino on the Delaware River waterfront now and while this has disappointed many eagerly awaiting people, the industry has been hit as well.

The official statement was about two-paragraphs long and clearly stated that Wynn Resorts had "terminated all agreements and negotiations".

That is all the Steve had to say, but the statement has sent definite ripples everywhere. While Mayor Nutter was "stunned", Governor Rendell was very silent and just said "no comments".

What is more shocking is that less than a week back, everything seemed to be just about alright. Steve was holding meetings everywhere and updating everyone on what has been going on. And now, suddenly everything has fallen apart.

It looks like the lack of money, all thanks to recession, and the inability of people to take risks are having a more profound and lingering effect than initially thought.