Wynn Resorts abandons pursuit of NYC casino license amid political challenges

In May 2025, Wynn Resorts announced its decision to withdraw its application for a casino license in New York City, acknowledging a clearer path toward alternative investments. The company initially partnered with Related Companies to develop a high-end casino resort in the upscale Hudson Yards neighborhood of Manhattan, which is known for its luxury shops and restaurants. However, through the ongoing rezoning process, the company recognized that there were more advantageous uses for its financial resources. This decision comes in the context of a challenging licensing process heavily influenced by political factors, which many executives believe is not rooted in the actual merit of casino proposals. Wynn’s announcement follows closely after Las Vegas Sands also stepped back from pursuing a New York gaming license, citing the competitive threat posed by the possible legalization of online gaming in the state. Executives from various casino firms have expressed frustration over the drawn-out and highly politicized nature of obtaining a license in New York, indicating numerous delays and escalating costs. MGM Resorts and Resorts World are viewed as frontrunners for the remaining licenses due to their previous experience operating gaming facilities limited to slot machines. Other competitors include Steve Cohen’s partnership with Hard Rock International and Caesars, collaborating with SL Green and Roc Nation to build a casino in Times Square. In the face of intense and likely long-term opposition to any new casino establishment in New York City, Wynn Resorts has opted to refocus its strategic efforts towards stock buybacks and enhancing its existing developments. The company is actively channeling resources into inaugurating the first casino resort in the Middle East, located in the United Arab Emirates, thereby diversifying its investments away from the complicated New York landscape.