With the application process for three highly sought-after casino licenses for downstate New York opening next month, Wynn Resorts has pulled out of the race. It had proposed building a resort in Hudson Yards in collaboration with billionaire Stephen Ross before announcing on Monday that it is no longer pursuing a license.
renovating existing properties, developing new projects elsewhere, and buying back company stock
In a statement, the company said a big reason behind the decision was the “recent rezoning process” and that it could better allocate its resources elsewhere, including renovating existing properties, developing new projects elsewhere, and buying back company stock.
It specifically highlighted the “persistent opposition” that the $12bn project close to the High Line would face if it got the green light despite its plan to hire 5,000 workers. Local community groups expressed outrage that plans to increase housing levels in the area were being sidetracked to make way for a casino.
Wynn Resorts concluded its statement by thanking its partner Related Companies and said that it still believes a casino in the area would be a great success.
Wynn is just the latest party to withdraw from the New York casino license bidding process, with Saks Fifth Avenue and Las Vegas Sands also doing so recently.
