Wynn Resorts is out of the running for a New York City casino license.
Earlier this week, the company announced plans to exit the bidding for one of the three downstate gaming licenses. The decision came after officials chose not to continue with the rezoning process needed for a gaming resort in the Hudson Yards area of Manhattan.
The $12 billion project was set for the High Line area within Hudson Yards and faced considerable opposition from locals.
By exiting the race for a brick-and-mortar property, Wynn could handicap itself from getting a license if New York legalizes online casinos in the future.
“After careful consideration, we have decided not to lodge an application for a gaming license in New York City,” company officials said in a statement.
Opposition Was Too Much For Wynn
The company added that “persistent opposition” was a major reason for the move. The Friends of the High Line and Community Board 4 both opposed the casino plan. The area recently saw professional sports venues also axed because of local opposition, according to the New York Post.
“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 buybacks, 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,” the company added.
Wynn wasn’t the only major casino company to drop out as Las Vegas Sands also dropped out of the running.
Wynn Drops Out As Jay-Z Enters The Race
At the same time, Wynn was getting out of the running for a New York City casino, Jay-Z was in Albany pushing his plan to build a casino on Broadway in Manhattan. The rapper is partnering with SL Green and Caesars Entertainment.
That effort appears to face considerable opposition as well. Two local groups, the Broadway League and the No Times Square Casino, have also been vocal in opposing the project.
“I don’t think there is going to be a casino in Manhattan,” former chairman of the state racing and wagering board John Sabini told the Post.
Seeing additional bidders drop out of the race buoys other casino proposals. New York Mets owner Steve Cohen wants to bring a casino to Citi Field. Additionally, the Mohegan Tribe is part of a proposal to bring a casino to the six acres of vacant land near the United Nations.
The state is expected to award three downstate casino licenses for the city by the end of the year. Two of those are expected to go to racinos already operating in the state. The third would bring a new casino resort to New York City.
