The New York Stock Exchange-listed hospitality and gaming company Wynn Resorts, Limited, headquartered in Paradise, Nevada, announced that its ongoing restructuring process has identified more effective ways to allocate capital.
The company had partnered with Related Companies to develop a luxury resort-casino in Hudson Yards, Manhattan—an area already renowned for upscale retail and dining. However, Wynn’s withdrawal marks the second major casino operator to abandon plans for a New York gaming license this spring.
In April, Las Vegas Sands revealed during its Q1 earnings release that it would no longer pursue its proposed site at Nassau Coliseum on Long Island, citing concerns about potential competition should iGaming (online casino gaming) be legalized in New York.
Behind the scenes, executives from various casino firms have voiced frustration with the licensing process, describing it as politically charged, costly, and plagued by repeated delays, with minimal transparency and little emphasis on the actual merit of proposals.
Wynn Resorts stated that it now plans to redirect capital toward stock buybacks and both current and future development projects.
Among those projects is the construction of the first casino resort in the Middle East, located in the United Arab Emirates. Since the beginning of 2025, Wynn Resorts has posted a stock return of over 15%.
