Wynn Resorts officially withdraws from gaming licence application process in New York
The operator stated ‘there are uses for our capital more accretive’ to shareholders, such as stock buy backs, as part of an official statement released on 19 May.
Key points:
– The decision comes in spite of Wynn Resorts’ Hudson Yards proposal gaining approval from the City Planning Commission on 10 April
– Even with the decision to forego a gaming licence in New York, Wynn Resorts still believes the Hudson Yards development is an “outstanding opportunity” for the city
Despite gaining approval from the City Planning Commission during April 2025, Wynn Resorts released an official statement regarding its intentions to forgo its application for a New York gaming licence on 19 May.
“After careful consideration, we have decided not to lodge an application for a gaming license in New York City,” Wynn Resorts said as part of the statement.
“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 employee 5,000 New Yorkers.”
Wynn Resorts’ Hudson Yards project would have featured an 80-story rose gold gaming facility and hotel tower on the banks of the Hudson River, with a four-story base of office buildings, apartments and a 5.6-acre park encircling the tower.
The City Planning Commission had also reiterated its latest vote was not on whether the casino development would be allowed, and the Department of City Planning provided recommended alterations to Wynn’s proposal, including the addition of public space alongside structural adjustments to the proposed towers.
Good to know: Wynn Resorts Las Vegas agreed to pay a US$5.5m fine on 16 May in connection with an investigation launched by the Nevada Gaming Control Board during 2024
“We sincerely thank those who have supported our efforts, including our partners at Related Companies, and continue to believe that their proposed Hudson Yards West development is an outstanding opportunity for New York City.”
The project, developed by Wynn Resorts in partnership with Related Companies, was bluntly criticised and rejected unanimously by Community Board 4 during January 2025, which represents the Hudson Yards neighborhood in Manhattan.
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