And then there were eight: Wynn Resorts announced May 19 that it is officially dropping out of the race for one of three available downstate New York casino licences.
Wynn is now the third potential applicant to withdraw its bid before the June 27 application deadline, joining Las Vegas Sands and Hudson’s Bay Co. Hudson’s Bay withdrew on April 10 and LVS followed two weeks after that.
“After careful consideration, we have decided not to lodge an application for a gaming licence in New York City,” Wynn 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 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 and partners Related Companies and Oxford Properties had proposed a $12 billion mixed-use development in Manhattan’s Hudson Yards neighborhood. The proposal, which is an adaptation of a previous Related development agreement in Hudson Yards, featured a range of amenities, including a casino, hotel, school and housing units. That latter item was a key focal point for the project’s opponents, as Related had previously pledged a higher number of units.
This pushback led to a doubling of the housing commitment in April, although that last-minute change now seems moot. It is unclear whether Related will still pursue the project without Wynn and the casino component.
“We sincerely thank those who have supported our efforts, including our partners at Related Companies and continue to believe that their proposed Hudson Yards West development is an outstanding opportunity for New York City,” Wynn concluded.
The announcement, although significant, is not entirely unexpected. Wynn posted a 9 percent YoY revenue decline in the first quarter, including adjusted EBITDAR declines for all six of its properties worldwide. The company for years has been all-in on its resort project in the United Arab Emirates, slated to open in 2027.
These financial factors were also mingled with a fear of digital expansion, which was the chief reason why LVS, one of Wynn’s biggest competitors, dropped out of the running. New York did not come close to legalizing iGaming this year, but its online sports betting market is the biggest in the U.S. Several adjacent states with legal iGaming, including Pennsylvania, Connecticut and New Jersey, have seen record revenue from it so far in 2025.
The general sentiment, as LVS expressed, is that expansion allowing online casinos is inevitable, which could cannibalize land-based revenue. LVS’ exit in some ways set the stage for Wynn, as both companies strictly operate luxury, capital-intensive resorts and therefore deploy similar stratagems. Both are among the highest spenders in the industry and their exits could be an ominous sign to the remaining bidders, most of whom don’t have the same spending power.
“We continue to be in the running in New York, but we absolutely will not get over our skis to win a licence there,” Wynn CEO Craig Billings had told analysts earlier this month.
