Wynn Resorts forgoes gaming license application in New York
Featured as part of Wynn Resorts’ proposed Hudson Yards project was an 80-story gaming facility and hotel tower built along the Hudson River and a 5.6-acre park encircling the tower.
Key Points
- Wynn Resorts stated the recent rezoning process in New York “made it clear to us that there are uses for our capital more accretive to our shareholders”
- Despite pulling out of the gaming license application process, Wynn Resorts also said it continues to believe Hudson Yards “is an outstanding opportunity for New York City”
Wynn Resorts has officially withdrawn its attempt to apply for a gaming license in New York according to a statement from the operator, effectively ending any hopes of developing its Hudson Yards project in the Empire State.
“After careful consideration, we have decided not to lodge an application for a gaming license in New York City,” Wynn Resorts said as part of the official statement released on May 19.
“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.”
Featured as part of Wynn Resorts’ Hudson Yards project was an 80-story rose gold gaming facility and hotel tower on the banks of the Hudson River, with a four-story base of office buildings, apartments and a 5.6-acre park encircling the tower.
Good to know: Following a reported $5.5m settlement with the NGCB, Wynn Resorts released an official statement, reaffirming its commitment to “acting with the highest integrity and in full compliance with all laws and regulations governing our industry”
“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.”
The decision may come as a slight surprise to the project’s supporters, given the Hudson Yards proposal was approved by the City Planning Commission on April 10, although the Commission also reiterated its latest vote was not on whether the casino development would actually be allowed.
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