A developer and operator of high-end hotels and casinos, Wynn Resorts has officially withdrawn its bid for a New York casino license, becoming the first major company to walk away from the race. Wynn Resorts has been interested in the New York license since May 2024. Planning to have a $12 billion mixed-use development in
A developer and operator of high-end hotels and casinos, Wynn Resorts has officially withdrawn its bid for a New York casino license, becoming the first major company to walk away from the race.
Wynn Resorts has been interested in the New York license since May 2024. Planning to have a $12 billion mixed-use development in Manhattan’s Hudson Yards, combining a casino, hotel, housing, a school, and a promise of 5,000 new jobs, local opposition and tough conditions made the path to New York even harder.
Wynn issued a statement.
“After careful consideration, we have decided not to lodge an application for a gaming license in New York City. The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buy backs, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers.”
This is not surprising. Wynn has been facing financial pressures, including a 9% revenue decline.
Earlier, Wynn CEO Craig Billings had told analysts:
“We continue to be in the running in New York, but we absolutely will not get over our skis to win a licence there.”
UAE > New York
Instead of continuing the battle for New York, Wynn switched its focus to its resort project Wynn Al Marjan in the UA, which will have 1,542 rooms, 22 dining and entertainment venues, a 15,000-square-meter shopping promenade, and a 225-square-foot gaming floor, becoming the first of its kind in the UAE.
After becoming the first to secure the UAE’s commercial gaming license back in October 2024, Wynn’s push for the UAE has significantly increased, with a plan to welcome guests in AL Marjan in Q1 2027.