Wynn Resorts Abands Casino Project for Hudson Yards
Wynn Resorts Withdraws from Hudson Yards Casino Bid
In a surprising turn of events, Wynn Resorts has announced its withdrawal from the race for the New York City casino license, specifically the Hudson Yards West casino proposal. The decision, made in May 2025, was primarily due to persistent opposition to the planned development at Hudson Yards West.
Initially, Wynn Resorts was among the leading bidders with local backing. However, the company chose to bow out by late May, revealing broader challenges in the competitive and political landscape for casino development in New York City.
The opposition to Wynn's plans likely involved political, community, or regulatory resistance that made continuing the bid unviable. The Hudson Yards casino project itself had a complex history, with related developments planned by Related Companies partnering with Wynn Resorts. However, these plans faced delays and negative public perception as the broader Hudson Yards area grappled with integration and visitor traffic issues.
The competitive race also saw other candidates, such as MLS Mets owner Steve Cohen, making progress with their casino proposals in different locations, like near Citi Field, with political steps clearing regulatory hurdles around the same time Wynn exited.
Wynn's withdrawal stems mainly from local resistance and challenges specific to the Hudson Yards location, amid shifting dynamics in New Yorkβs casino licensing and development environment. The company has backed away from the Hudson Yards project due to uncertainty and projected long-term opposition.
Prior to the withdrawal, Wynn reported Q1 2025 revenue of $1.7 billion, down 8.7%, with net income falling nearly 50% to $72.7 million. Las Vegas led in Wynn's Q1 2025 revenue with $625.3 million. Interestingly, Wynn's proposed project for Hudson Yards included a rose gold, 80-story tower with a hotel, casino, commercial podium, residential apartments, and green public space, designed to be built in partnership with Related Companies and intended to sit along the Hudson River.
Despite the withdrawal, Wynn has reaffirmed its focus on strong governance following the settlement. The company recently settled with the Nevada Gaming Control Board for $5.5 million. Wynn thanked its supporters, including Related Companies, and believes their Hudson Yards West development is an outstanding opportunity for New York City. However, the City Planning Commission has not made a decision on the casino component of the Wynn proposal.
- The decision by Wynn Resorts to withdraw from the Hudson Yards casino bid in New York City indicates a broader challenge in the political landscape for casino investment in the area.
- The Hudson Yards West project, initially planned with Wynn Resorts and Related Companies, faced delays and negative public perception, making it unattractive for investment in casino-games and real-estate.
- Casinos and gambling culture in Las Vegas served as a significant source of income for Wynn Resorts, with revenues contributing to a large portion of its quarterly earnings, representing the business aspect of casino-personalities and casino-culture.
- Following the withdrawal from the Hudson Yards project, Wynn Resorts remains optimistic about the future, focusing on its strong governance, while leaving open the possibility of future investment opportunities in New York City's real-estate and casino-and-gambling industries.
