Wynn Resorts Withdraws New York Casino License Application
Wynn Resorts has announced the withdrawal of its application for a casino license in New York. This marks the third instance since early April of an American gambling company pulling out of the New York casino race, following similar decisions by Las Vegas Sands and Hudson’s Bay.
A month and a half ago, Hudson’s Bay was the first gambling company to announce its withdrawal from the competition for one of the three casino licenses in New York. Two weeks later, Las Vegas Sands also indicated they were no longer interested in pursuing a license in New York.
On Monday, Wynn Resorts announced its decision to abandon its pursuit of a land-based casino license in New York. Wynn Resorts, in collaboration with Related Companies, had planned to open a new Wynn Casino in Hudson Yards, near High Line Park. The estimated cost of the 80-story complex was over $12 billion (€10.8 billion).
In a released statement, the gambling company stated that the decision was made after careful consideration.
“The recent rezoning process has made it clear to us that there are destinations for our capital that yield more for our shareholders, such as investments in our existing and future developments and the repurchase of shares, than investments in an area where we, or any casino operator, will face years of sustained opposition, despite our willingness to employ 5,000 New Yorkers.”
Wynn Resorts concluded its statement by thanking everyone who supported the plan, including its partners at Related Companies.
Three Casino Licenses Still Up For Grabs
Following the departure of Las Vegas Sands, Wynn Resorts, and Hudson’s Bay Company, six contenders remain for one of the three highly sought-after licenses. The gambling companies still vying for a casino license in New York will need to invest heavily. A license in New York is expected to cost at least $500 million (€475 million), but this price could increase further.
The remaining gambling companies include Hard Rock, which, together with Mets owner Steve Cohen, wants to develop an $8 billion complex next to Citi Field, Empire City Casino / MGM Resorts, and the consortium of SL Green, Caesars Entertainment, and Roc Nation (Jay-Z) with a proposed casino location in Times Square.
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