Wynn Resorts(WYNN) CNBC·2025-05-19 18:39Core Viewpoint - Wynn Resorts has decided to withdraw its bid for a casino license in New York, citing better uses for its capital and acknowledging persistent opposition in the rezoning process [1] Group 1: Company Actions - Wynn Resorts has surrendered to the inevitability of "years of persistent opposition" in the New York casino licensing process [1] - The company plans to redirect its capital towards stock buybacks and ongoing developments, including a casino resort in the UAE [6] - Las Vegas Sands has also abandoned its pursuit of a New York gaming license, citing competition from potential iGaming legalization [2] Group 2: Industry Context - The casino licensing process in New York is perceived as highly politicized and expensive, with delays affecting potential operators [4] - MGM Resorts and Resorts World are seen as frontrunners for two of the three licenses due to their existing gaming operations [4] - Other companies, such as Hard Rock International and Caesars, are actively pursuing casino developments in New York [5]