Wynn Resorts exits New York casino race, citing prolonged opposition and strategic priorities

Wynn Resorts has officially exited the contest for a downstate New York casino license, becoming the third major operator to withdraw ahead of the June 27 application deadline. The company cited years of expected local opposition and more favorable investment opportunities elsewhere as key reasons for its decision.

“After careful consideration, we have decided not to lodge an application for a gaming licence in New York City,” Wynn said in a statement on Monday. 

“The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders… 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 on a $12 billion casino-resort proposal in Manhattan’s Hudson Yards. The plan, which included a hotel, school, and residential units, faced community backlash over housing commitments. 

In April, the developers doubled the number of housing units, but the gesture failed to turn the tide of resistance. It is not yet clear if Related will proceed without the casino component.

Wynn joins Las Vegas Sands and Hudson’s Bay Company in stepping away from the high-profile bidding process. The departures come amid growing concerns about the state’s readiness to support new casino developments, lengthy delays in approvals, and fears that potential legalization of online casinos could undermine brick-and-mortar revenues.

New resort project in the United Arab Emirates

Wynn’s retreat follows a 9% year-on-year revenue decline in Q1 2025 and ongoing investment in its new resort project in the United Arab Emirates, set to open in 2027. Like Las Vegas Sands, which exited in April, Wynn operates luxury resorts and has expressed concerns about competing with potential future iGaming legalization in New York.

The state’s casino licensing process has also faced criticism from multiple operators for being opaque, politicized, and slow-moving. Environmental review hearings for other Manhattan-based bids, including Caesars’ Times Square project and Silverstein Properties’ Avenir, have reportedly been poorly publicized, adding to frustrations.

Several other bids remain active but face challenges. Bally’s Ferry Point proposal in the Bronx lacks visible political support, and questions remain about the company’s financial strength. The Coney Island bid by Thor Equities and the Chickasaw Nation has made some progress, while Soloviev Group’s Freedom Plaza, partnered with Mohegan, is moving ahead despite Mohegan’s recent financial troubles abroad.

Steve Cohen’s $8 billion Metropolitan Park near Citi Field is now seen as a frontrunner, having cleared key rezoning hurdles and secured local support. Meanwhile, MGM Resorts and Genting’s Resorts World, already operating racinos in Yonkers and Queens, are widely presumed to receive two of the three available licenses, although both recently faced regulatory scrutiny for anti-money laundering violations in Nevada.

Consultants warn that more withdrawals may be on the way. “This is Japan 2.0,” said Las Vegas-based consultant Brendan Bussmann, referencing the prolonged casino licensing process in Japan. “It’s been that way since RWNY promised a billion annually in taxes in April 2024, but it will continue to get worse.”