20-05-2025
Wynn withdraws proposal for New York casino development
In the face of community opposition to a casino, Wynn Resorts and Related Companies have pulled a proposal to construct a $12 billion complex in the Hudson Yards section of New York City.
The proposal was opposed by New York City councilman Eric Bottcher, who represents the Hudson Yards section of Manhattan, and two neighborhood organizations: Friends of the High Line and Manhattan Community Board 4.
"After careful consideration, we have decided not to lodge an application for a gaming license in New York City," said Wynn Resorts in a statement.
"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 three-skyscraper proposal had called for a hotel and casino, an office tower and a residential tower.
According to reports, Related Companies will move forward with a plan to build affordable housing units in the neighborhood.
In April, Las Vegas Sands pulled out of a bid to build a casino resort in Nassau County on New York's Long Island.
