Wynn Resorts has officially withdrawn its pursuit of a casino license in New York.
On Monday, the company acknowledged that the ongoing rezoning discussions indicated more advantageous uses for its resources. Wynn had initially collaborated with Related Companies to establish an integrated casino resort in Manhattan’s desirable Hudson Yards, an area renowned for its upscale retail and dining options.
In a news release, Wynn Resorts articulated that it had capitulated to the reality of “years of persistent opposition.”
This move marks the second major casino operator to abandon its ambitions for a New York gaming license this spring.
Las Vegas Sands similarly announced in April, alongside its first-quarter earnings report, that it would cease its efforts to secure a license for a proposed development at Nassau Coliseum in Long Island. The company cited concerns over increased competition from online gaming, should the state opt to legalize such platforms.
Las Vegas Sands is now seeking to identify a third-party partner to assume the project, which has cost the company significant time and financial investment, effectively interpreting this as an attempt to offload its development burden.
Privately, executives from several other casino firms have voiced frustrations regarding New York’s licensing process, describing it as fraught with political influence, high expenses, and continual delays, diverting from the intrinsic quality of the proposals.
As the competition continues, MGM Resorts and Resorts World, operated by Genting Group, are considered top contenders for two of the three licenses available due to their established slot-only gaming facilities.
Steve Cohen, who owns the New York Mets, has teamed up with Hard Rock International to develop a casino concept in proximity to Citi Field.
Caesars is collaborating with SL Green and Roc Nation to design a casino venue in Times Square.
Wynn, however, expressed a belief that “any casino operator” will encounter substantial resistance for the foreseeable future, indicating that it will redirect its financial resources toward stock buybacks and ongoing or upcoming projects, including the establishment of its first casino resort in the United Arab Emirates.
