Wynn Resorts (WYNN) won’t apply for a casino license in New York, citing a rezoning process and local opposition that makes the opportunity less attractive, Bloomberg’s Christopher Palmeri reports. The company has better uses of its capital, including share buybacks, rather 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 company said on Monday. Wynn was one of several companies seeking one of three casino licenses that are expected be awarded for the greater New York City area. Las Vegas Sands (LVS) dropped out of the bidding last month, saying it feared online casino games would cannibalize land-based resorts, the author notes.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WYNN:
- Wynn drops plans to seek New York casino license, Bloomberg says
- Illinois Tool Works, Wynn Resorts, Agree Realty, Crispr Therapeutics, Super Micro Computer: Trending by Analysts
- Wynn Resorts Earnings Call: Balanced Outlook Amid Challenges
- China announces stimulus measures, Disney reports Q2 beat: Morning Buzz
- AMD upgraded, Electronic Arts downgraded: Wall Street’s top analyst calls