Wynn Withdraws From Hudson Yards NYC Casino Bid

Wynn Resorts announced Monday it will not be submitting an application to the New York State Gaming Commission for one of the three downstate casino licenses available, further thinning a group of expected Manhattan-based bids to three.

Wynn had teamed with Related Companies in crafting a $12 billion bid for a casino to be built at Hudson Yards on the West Side of Manhattan. The group had substantially modified its proposal last month, offering more than double the number of housing units from 1,500 to 4,000 with two residential buildings that replaced a 1,400-foot office tower.

Despite getting approval from the City Planning Commission, the Hudson Yards bid encountered persistent opposition from local resident groups.

Wynn sent Casino Reports the following statement Monday:

“After careful consideration, we have decided not to lodge an application for a gaming license 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 employee 5,000 New Yorkers. 

“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.”

A hedge, then an exit

Wynn is the second notable Las Vegas-based casino operator to pull out of the downstate casino bidding process in as many months. Sands withdrew from a project proposing a casino in Nassau County on Long Island in late April, citing revenue cannibalization concerns from online casino play potentially being legalized.

Wynn CEO Craig Billings discussed some of the complications that came with the project during a May 6 conference call to discuss Q1 earnings and also cited iGaming as a concern. Billings appeared to be hedging in some respects during that call, saying, “We absolutely will not get over our skis to win license there.”

The gaming company also struggled getting any traction as one of the nine original mobile sportsbook operators when New York launched the digital market in January 2022. Wynn eventually sold the $25 million license to Penn Entertainment in February 2024.

The again-shrinking field

Wynn’s withdrawal leaves an expected eight bidders for the coveted downstate licenses, with the deadline to submit applications less than six weeks away on June 27.

The three remaining and expected Manhattan-based proposals are:

• The Avenir, which is proposing a casino on the West Side at 41st Street and 11th Avenue and recently added Rush Street Gaming to its bid.
• A bid fronted by Jay-Z’s Roc Nation and Caesars, which want to bring a gambling venue to Times Square.
• A bid from The Soloviev Group and Mohegan, which want to put their casino on the East Side of Manhattan near the United Nations.

The Soloviev Group recently announced it will be offering initial public equity to New York City residents should its bid be selected by the NYSGC. It is putting up as much as a 12% stake for its Freedom Plaza proposal, with the IPO seeking a raise between $150 million and $180 million.

Beyond Manhattan, the most notable bid is the $8 billion Metropolitan Park bid fronted by New York Mets owner Steve Cohen and Hard Rock. That group is proposing a gaming venue in Queens next to Citi Field.

It is expected two of the three downstate licenses will go to existing racinos at Yonkers (Empire City by MGM Resorts) and Aqueduct in Queens (Resorts World NYC).