Summary
Wynn Resorts has decided not to pursue a licence for a casino in New York City, which reduces the expected Manhattan bids to three. The company’s significant $12 billion proposal for Hudson Yards faced persistent community opposition despite revisions to include more housing units. Wynn’s exit follows the recent withdrawal of another major player, Sands, from the downstate casino bidding, indicating challenges in the New York gaming market.
Key Points
- Wynn Resorts will not apply for a casino licence in New York, cutting down the expected bids in Manhattan.
- The Hudson Yards proposal included a substantial increase in housing units from 1,500 to 4,000 but met local opposition.
- This marks Wynn’s exit after Sands previously withdrew from another project, signalling caution in the competitive market.
- The deadline for remaining bids is approaching, with eight contenders for three coveted licences still in play.
- Wynn previously struggled in New York’s digital sportsbook market, selling its licence to Penn Entertainment earlier this year.
Why should I read this?
If you’re tracking the NYC casino landscape, this article’s a must-read! Wynn pulling out is a big deal that sends ripples across the industry. With changes in bid dynamics and increasing resistance from locals, it’s an essential insight into what’s happening with casino developments in one of the biggest markets out there. Don’t miss out on the latest shifts!
