U.S. Rep. Bob Brady's dream of a Philadelphia casino to help fund the city's public schools and municipal pensions is dead.

Penn National Gaming today announced that it is pulling the plug on an application to build a $480 million casino at Seventh Street and Packer Avenue in South Philly.

"A contributing factor in our decision to withdraw our proposal was the City of 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," Timothy J. Wilmott, President and CEO of Penn National Gaming, said in a company news release.

Brady had struggled to win Mayor Nutter's support for the project, which he considered a "slam dunk" for two areas in constant need of city funding.

"Why isn't that a slam dunk that we shouldn't be pushing as hard as we can for that?," Brady asked today. "Tell me what the bad side of this was? I don't understand it. I just don't understand it."