Wynn Resorts has joined Las Vegas Sands in stepping back from plans to pursue a New York casino licence.
The company cited New York’s rezoning laws as a reason for its withdrawal from the pursuit, stating that it believes that there are better uses for its capital. Wynn had partnered with the real estate firm Related Companies to develop a $13bn luxury casino resort in Manhattan.
Wynn Resorts said in a 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 becomes the second major casino operator to abandon efforts to secure a New York gaming licence before the application window closes on 27 June.
In April, Las Vegas Sands pulled its plans to pursue a proposed site in the jurisdiction, citing concerns over competition if New York were to legalise iGaming.
With only three licenses set to be granted in the Empire State and two of those likely to be secured by operators already holding a footprint in the market, firms are arguably increasingly cautious about pursuing a presence in New York.
Those applying for the available licences were required to pay a $1m fee. Successful applicants will also be hit with a $500m licence fee and must commit to investing over $1bn in their casino property.
All eyes on Asia
During Wynn Resorts’ Q1 2025 earnings call, CEO Craig Billings confirmed the company’s desire to seek expansion opportunities, however, he noted that “it’s got to be right and the setup has to be right for us”.
Billings previously outlined Wynn’s plans to postpone the expansion of its resort in Las Vegas, instead focusing spending on its $5.1bn Wynn Al Marjan development in the UAE, as well as potential investment in Thailand if the country legalises land-based casinos.
Billings told investors during Wynn’s Q4 2024 earnings call: “Right now, we’re very focused on Wynn Al Marjan. It’s a brand-new market – a US$3 billion to US$5 billion market – and it’s a tremendous opportunity for us, so that’s where we’re very focused at the moment.”
Wynn became just the second operator to be granted a gaming licence by the UAE’s General Commercial Gaming Regulatory Authority, GCGRA, and is scheduled to open a 1,000-room resort and entertainment centre in 2027.
