Wynn Resorts, Limited (WYNN) Drops Bid for New York City Casino License

Wynn Resorts, Limited (NASDAQ:WYNN) has decided to withdraw its bid for a casino license in New York. The company, a publicly traded hospitality and gaming firm based in Paradise, Nevada, announced that the ongoing rezoning process revealed more effective ways to allocate its capital.

Wynn Resorts, Limited (WYNN) Drops Bid for New York City Casino License

Wynn Resorts, Limited (NASDAQ:WYNN) had joined forces with Related Companies to propose a luxury casino resort in Manhattan’s upscale Hudson Yards, an area already known for its high-end retail and dining.

This marks the second major casino operator to abandon efforts to secure a New York gaming license this spring. In April, Las Vegas Sands revealed during its first-quarter earnings call that it would no longer pursue its proposed site at the Nassau Coliseum on Long Island, citing concerns over potential competition if New York were to legalize online casino gaming (iGaming).

Behind the scenes, executives from several casino companies have voiced frustration with the licensing process, describing it as politically charged, costly, and subject to repeated delays, with little transparency or focus on the actual strength of the proposals.

Wynn Resorts, Limited (NASDAQ:WYNN)  stated that it plans to redirect its capital toward stock repurchases and ongoing as well as future development projects. Among these is the construction of the first casino resort in the Middle East, located in the United Arab Emirates. The company stated the following in its 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 buybacks, 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 Resorts, Limited (NASDAQ:WYNN) has delivered an over 15% return since the start of 2025.

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