A prominent gaming and resort company has withdrawn its bid to develop a New York City casino.
Key Takeaways
- Wynn Resorts cites “persistent opposition” as the reason for withdrawing casino efforts.
- The resort and gaming company joined another high-profile group giving up a bid.
- There are still several contenders left for the three gaming licenses.
Wynn Resorts announced on Monday that “after careful consideration,” it won’t be applying for one of the three Big Apple gaming licenses expected to be awarded by the end of 2025. The company cited “persistent opposition” to its Hudson Yards West development as the reason for the withdrawal.
“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 buybacks, 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,” Wynn said in a statement.
Wynn thanked the project's supporters and partners and said it will “continue to believe” that the Hudson Yards development is an “outstanding opportunity for New York.” The New York Post reported that Friends of the High Line and Community Board 4 have opposed Wynn’s plans to build a casino on the West Side of Midtown Manhattan.
Dropping out
Gaming companies have until June 27 to submit a license application, and the city plans to make decisions on winning bids by Dec. 1. The list of applicants is shrinking.
Wynn is the second casino operator to bow out in recent months. Las Vegas Sands announced in April during its quarterly release that it is done pursuing a license and looking for a partner to “transact the opportunity” for a bid.
The gaming and resort company had previously poured money into an effort to put a casino at the Nassau Coliseum on Long Island.
Remaining competition
The Genting Group’s MGM Resorts and Resorts World are still in the New York City casino running and are strong contenders to receive licenses this year. In a partnership with New York City real estate developer SL Green and rapper Jay-Z’s entertainment group Roc Nation, Caesars Entertainment is also bidding to build a Times Square gaming operation.
New York Mets owner and hedge fund mogul Steve Cohen has partnered with gaming operator and Seminole Tribe-controlled Hard Rock International on an $8 billion development plan to put a casino and entertainment complex in a Queens parking lot adjacent to Citi Field. A bill that would aid his efforts to build on the 50-acre lot passed the New York Senate last week.
His biggest opposition to his Metropolitan Park development has come from State Senator Jessica Ramos, so he’s cleared one major hurdle.
Cohen will still need the House to pass the bill and for Gov. Kathy Hochul, who Cohen has supported in a past campaign, to sign the legislation into law.
