Wynn Resorts announced on Monday that it is officially exiting the competition for one of the three downstate New York casino licenses.
This makes Wynn the third contender to pull out ahead of the June 27 application deadline, following Las Vegas Sands and Hudson’s Bay Co., which withdrew on April 10 and late April, respectively.
Wynn mentioned:
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.
Wynn had partnered with Related Companies and Oxford Properties to propose a $12 billion mixed-use project in Manhattan’s Hudson Yards. The plan – an updated version of a previous Related development – included a casino, hotel, school, and residential units. The housing component sparked criticism, as Related had originally promised more units in earlier plans.
