Wynn Resorts Withdraws Casino License Bid in NYC

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A visualization of the proposed casino site that is no longer being developed by Wynn Resorts due to community opposition.

News Summary

Wynn Resorts Ltd. has officially withdrawn its bid for a casino license in New York City due to local opposition and a challenging rezoning process. Initially partnering with Related Companies for a Hudson Yards casino resort, the company faced significant community pushback which led to its decision to focus on more profitable investments. This move follows Las Vegas Sands’ recent withdrawal, highlighting the difficulties casino operators face in New York. Wynn is now exploring opportunities abroad, indicating a strategic shift from the competitive New York market.

New York City – Wynn Resorts Ltd. has officially withdrawn its bid for a casino license in New York City, primarily due to growing local opposition and a challenging rezoning process. The company’s decision comes at a time when it is also redirecting its capital towards more profitable ventures, including investments in existing developments and stock buybacks.

Wynn Resorts initially partnered with Related Companies to develop a casino resort in the Hudson Yards area of Manhattan. However, this proposed venture encountered significant community pushback, prompting the company to reconsider its position in the competitive New York market. In withdrawing its bid, Wynn Resorts underscored the persistent opposition that any casino operator would likely face in New York, despite their plans to create approximately 5,000 jobs for residents.

This development marks the second withdrawal from the New York casino license race by a Las Vegas-based company in recent weeks, as Las Vegas Sands also pulled out of its bid for a casino at the Nassau Coliseum site. The trend highlights the increasing difficulties casino operators are experiencing when attempting to enter this lucrative yet contentious market.

Related Companies, while losing the casino aspect of their plan, intends to continue the development of the Hudson Yards site. Future initiatives are expected to include up to 4,000 housing units and enhanced public spaces, demonstrating a shift towards community-focused projects that may garner more local support.

Currently, MGM Resorts International remains as the only Las Vegas-based company actively pursuing a New York casino license, with its proposal for the Empire City Casino located in Yonkers. Additionally, several other companies are vying for the lucrative downstate casino licenses. Notable contenders include Caesars Entertainment, which is in partnership with SL Green and Roc Nation for a casino in Times Square, Hard Rock International, proposing a location near Citi Field, and Bally’s Corp., which has plans for a casino adjacent to Ferry Point Park.

The New York Gaming Commission is poised to award three downstate casino licenses by the end of the year or early 2026. Key deadlines include applications due by June 27 and local councils required to provide advisory votes by September 30. These timelines create a competitive atmosphere among the remaining bidders, all of which have demonstrated significant financial commitments toward their respective projects.

Wynn Resorts is now exploring potential investment opportunities abroad, including a planned casino resort in the United Arab Emirates. This pivot indicates a strategic shift away from the challenging New York market towards regions perceived as more favorable for casino developments.

The decision by Wynn Resorts and the withdrawal of Las Vegas Sands highlights growing frustrations among casino executives regarding the politicized and costly nature of the New York licensing process. The current landscape reflects a tightening environment for casino operators wishing to enter one of the most populous and economically vibrant cities in the United States.

As the competition continues to heat up among the bidders, it remains to be seen how the political and social dynamics surrounding the gaming industry in New York will evolve in the coming months, influencing the future of the casino landscape in the area. The heightened community concerns and regulatory challenges suggest that potential operators may need to adapt their strategies to align better with local needs and sentiments.