{"id":212941,"date":"2022-05-11T07:05:34","date_gmt":"2022-05-11T14:05:34","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=212941"},"modified":"2023-04-20T07:49:12","modified_gmt":"2023-04-20T12:49:12","slug":"wynn-resorts-indicates-interest-in-new-york-casino","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/","title":{"rendered":"Wynn Expresses Interest in New York Casino License as Macau Recovery Lags"},"content":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) is, in fact, interested in opening an integrated resort in New York City, confirming as much on its first-quarter earnings conference call late Tuesday.<\/p>\n

\"New
Wynn CEO Craig Billings (right) in a CNBC<\/em> interview earlier this year. He confirmed the company’s interest in a New York casino. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

In response to a question from UBS analyst Robin Farley on the call, new Wynn CEO Craig Billings notes the company is interested in any city that can accommodate the scale the operator seeks in new projects. But he was mum on further details.<\/p>\n

Yes, we are interested in any gateway city that is conducive to the scale and quality of development that Wynn Resorts does\u201d<\/strong> said Billings. \u201cSo we are interested in New York, and we are active there, but not in a position yet to talk about anything in particular.\u201d<\/strong><\/p><\/blockquote>\n

The Las Vegas-based operator has long been rumored<\/a> to be mulling an attempt to enter the largest US city. But yesterday\u2019s comments by Billings represent the first overt confirmation to that effect from the company.<\/p>\n

What Wynn Could Encounter in New York<\/h2>\n

While it\u2019s likely to be years before ground breaks on a New York casino-resort, the lay of the gaming expansion land in the city is actually straight forward.<\/p>\n

Currently, the two New York City-area casinos \u2014 Resorts World New York City<\/a> in Queens and MGM<\/a>\u2019s Empire City Casino in Yonkers \u2014 are slots-only venues. The state\u2019s 2023 budget likely paves the way for those venues to become full-service casinos<\/a> with table games and retail sportsbooks, as well as providing for a third license for a yet-to-be-determined operator.<\/p>\n

\n

Previous speculation highlighted Bally<\/a>\u2019s (NYSE:BALY), Las Vegas Sands (NYSE:LVS), and Wynn<\/a> as the likely competitors for the third and final<\/a> New York casino permit. Last week, Bally\u2019s was selected to develop an integrated resort in Chicago. It\u2019s not clear if or how that project will affect the company\u2019s New York ambitions.<\/p>\n<\/div>\n

In recent months, rumors heated up about Sands entering the Big Apple, with reports emerging about possible talks between the operator and New York Mets owner Steve Cohen<\/a> regarding a casino in the Citi Field area.<\/p>\n

It\u2019s not clear to which gaming company the third New York casino license will be awarded. But that operator is likely to encounter considerable debate pertaining to the location of the new venue. As things stand today, Brooklyn, Manhattan, and Westchester County are unlikely to welcome a gaming property, leaving just three of the five boroughs — the Bronx, Queens, and Staten Island — as possible destinations.<\/strong><\/p>\n

For Wynn, Expansion Outside of Macau Essential<\/h2>\n

In the wake of dismal first-quarter results that were caused by weakness in Macau, Wynn is enduring a spate of analyst price target cuts today. Ongoing sluggishness in the Chinese territory, which typically accounts for the bulk of Wynn\u2019s earnings and revenue, is overshadowing impressive showings at Wynn and Encore Las Vegas, as well as Encore Boston Harbor.<\/p>\n

\u201cThe bad news is that Macau is still a total mess due to China\u2019s zero-case count policy with no end in sight. While the Macau waiting game continues to be painful, we continue to have faith that once the Chinese government eventually relaxes their harsh COVID policies, demand levels will return to normal very quickly,\u201d <\/strong>said Stifel analyst Steven Wieczynski in a note to clients.<\/p>\n

He rates Wynn a \u201cbuy,\u201d with a $112 price target, down from $139.<\/p>\n

While integrated resort projects take years to get off the ground, such expansion could be pivotal to Wynn\u2019s long-term efforts to diversify a Macau-heavy revenue stream. To that end, the company said earlier this year it\u2019s planning a gaming venue on Al-Marjan Island<\/a> in the United Arab Emirates.<\/p>\n

On a related note, HKS Architects said yesterday it\u2019s been appointed architect for the Wynn UAE venture. The design firm has extensive casino-resort experience, having served as the architect of the Venetian Macau, Palazzo Las Vegas, and Atlantis Paradise Island in the Bahamas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) is, in fact, interested in opening an integrated resort in New York City, confirming as much on its first-quarter earnings conference call late Tuesday. In response to a question from UBS analyst Robin Farley on the call, new Wynn CEO Craig Billings notes the company is interested in any city that can […]<\/p>\n","protected":false},"author":46,"featured_media":212942,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Indicates Interest In New York Casino<\/title>\n<meta name=\"description\" content=\"Wynn CEO Billings says company is interested in New York casino.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Indicates Interest In New York Casino\" \/>\n<meta property=\"og:description\" content=\"Wynn CEO Billings says company is interested in New York casino.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-11T14:05:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-20T12:49:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/CB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/\",\"name\":\"Wynn Resorts Indicates Interest In New York Casino\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/CB.jpg\",\"datePublished\":\"2022-05-11T14:05:34+00:00\",\"dateModified\":\"2023-04-20T12:49:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn CEO Billings says company is interested in New York casino.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-indicates-interest-in-new-york-casino\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/CB.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/CB.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Wynn CEO Craig Billings (right) in a CNBC interview earlier this year. 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