Wynn Resorts Limited announced that it intends to become part of the New York land-based gambling industry by obtaining a downstate casino licence.
During a recent earnings review, the CEO of Wynn Resorts Limited, Craig Billings, discussed whether the company plans to obtain a downstate New York casino licence. Billings confirmed that the company would apply for a licence and has solid plans to become part of New York’s land-based gambling industry.
New York State legislators agreed to fast-track three downstate gambling licences in the new fiscal budget unveiled at the beginning of April. This move is expected to accelerate the entire process by at least a year. The new land-based casinos are expected to provide much-needed income for the state’s budget and generate numerous gaming jobs.
Wynn Resorts Limited Reaffirms New York Interest
During the call, Craig Billings noted that Wynn Resorts Limited is interested in entering any local market that corresponds to the quality and scale of the company’s standards. However, Billings added that, at this stage, the company could not discuss any particulars regarding a brick-and-mortar gaming venue in the region.
Getting a downstate New York gambling licence is easier said than done, with fierce competition expected from other gambling firms. Currently, it is believed that Empire City Casino in Yonkers and Resorts World New York City in Queens are the two frontrunners. Both facilities already operate within the state’s gaming market segment, although this does not guarantee a licence.
Billings commented that the company is active in the market. It is assumed that Wynn Resorts is assessing resources to determine a bid amount, conducting groundwork discussions with stakeholders, and scouting locations where a full-scale commercial casino could be built.
New York State has developed a point system that lays out the criteria that need to be met for an applicant to obtain a gaming licence. One of the measurables evaluates how much an applicant is willing to pay for a permit. The state values the bidding entry at US$500 million, valid for ten years. During that time, the casino would have to pay 25 percent of the slots and ten percent of all other gambling revenue to the state.
About Wynn Resorts Limited
Wynn Resorts Ltd is an American multinational hospitality company founded in 2002 by Steve Wynn. It is based in Paradise, Nevada and is one of the world’s largest hotel and casino operators. The company operates several luxury hotels and resorts, including Wynn Las Vegas, Encore at Wynn Las Vegas, Wynn Macau, and Encore at Wynn Macau.
Wynn Resorts is well-known for its high-end luxury offerings, including extravagant casino gaming floors, premium shopping, dining, entertainment experiences, world-class spas and stunningly designed rooms and suites. The company has won numerous awards for its resorts and is widely considered one of the top hospitality brands in the world.
In recent years, Wynn Resorts Limited has faced several challenges, including sexual harassment allegations against its founder and former CEO, Steve Wynn. Despite these challenges, the company continues to perform well financially and is expanding its reach globally, with plans for new operations in markets such as Japan and the United States.
One of the main strengths of Wynn Resorts is its ability to attract high rollers due to its reputation for luxury and strong brand recognition. The company also has a strong presence in key global markets, including the United States and Asia, which has allowed it to capitalise on the growing demand for premium tourism experiences.
However, the company also faces challenges, including increased competition in the luxury hospitality sector and rising costs associated with its high-end offerings. Additionally, Wynn Resorts is highly reliant on its key markets, such as Las Vegas and Macao, which leaves it vulnerable to economic downturns in these regions.
Nonetheless, Wynn Resorts Limited remains a well-established player in the luxury hospitality sector, with a strong brand, global presence, and a commitment to providing premium experiences for its guests.
