Wynn Resorts drops New York casino bid
Wynn Resorts has become the third potential bidder to withdraw its proposal ahead of the June 27 deadline.
US.- Wynn Resorts has announced its decision to withdraw from the bidding process for one of the three available casino licences in downstate New York. In a statement issued yesterday (May 19), the casino operator said: “After careful consideration, we have decided not to lodge an application for a gaming licence in New York City.
“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 buy backs, 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’ Hudson Yards project would have featured an 80-story rose gold hotel and gaming tower by the Hudson River. The design included a four-storey base with office buildings and apartments, along with a 5.6-acre park surrounding the tower. However, the proposal faced backlash from the Manhattan Community Board 4, which represents the Hudson Yards neighbourhood.
Originally, there were 11 known contenders for the three downstate New York casino licences. However, Hudson’s Bay Co., which had proposed a casino at the flagship Saks Fifth Avenue retail store in Manhattan, pulled its proposal, followed by Las Vegas Sands and now Wynn Resorts. The state Gaming Commission is expected to make licence decisions by the end of 2025.
Wynn Resorts revenue decreases in Q1
For the first quarter of the year, Wynn Resorts posted operating revenue of $1.70bn for Q1, a decrease from $1.86bn for the first quarter of 2024. Net income was $72.7m compared to $144.2m for the first quarter of 2024. Adjusted Property EBITDAR was $532.9m, compared $646.5m for the same period in 2024.
