International casino developer Wynn Resorts Ltd has decided not to take part in the bidding process for up to three commercial casino licences in downstate New York, in the United States.
The decision was announced by the company in a statement on Monday.
“After careful consideration, we have decided not to lodge an application for a gaming licence in New York City,” Wynn Resorts said in the statement.
It added: “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 share 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.”
Wynn Resorts is the parent of Macau casino concessionaire Wynn Macau Ltd. It also operates casinos in the United States, namely in Las Vegas, Nevada, and Boston, Massachusetts.
The parent group is developing the Wynn Al Marjan Island casino resort in Ras Al Khaimah, in the United Arab Emirates. It owns a sizeable land bank in Las Vegas, and has shown potential interest in taking part in a bidding process should Thailand legalise casinos in large entertainment complexes.
In September 2022, Wynn Resorts announced a partnership with the U.S.-based real estate firm Related Companies LP to bid to build a casino resort on a currently-undeveloped plot at New York City’s Hudson Yards. The proposal, however, faced opposition over a number of years from community groups.
Last month, rival casino operator Las Vegas Sands Corp also announced that it would not take part in the New York casino licence bidding process.
Las Vegas Sands is the parent of Macau casino operator Sands China Ltd, and also operates – via a subsidiary – the Marina Bay Sands casino complex in Singapore.
Robert Williams, executive director of the New York State Gaming Commission, stated in March last year that a decision on whether to award up to three commercial casino licences on offer for downstate New York would likely not be made until “late 2025”.
The state’s gaming commission launched in January 2023 a request for applications process for three casino licences in downstate New York. It outlined a US$1-billion minimum requirement for the licence fee and capital investment, with US$500 million payable within 30 days as the licence fee.
The relevant casino permits would be granted for a period of between 10 and 30 years, depending on the size of the investment pledged.
Large gaming operators with venues in Asia are among those that have previously expressed interest in bidding for a downstate New York licence. Besides Wynn Resorts and Las Vegas Sands– now out of the race – they include Malaysia’s Genting group and MGM Resorts International, which controls Macao operator MGM China Holdings Ltd.
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