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Wynn Resorts is dropping its bid to land a casino license in New York.The company said Monday it has become clear through the rezoning process that there are better uses for its capital. Wynn had partnered with Related Companies to develop an integrated casino resort in the posh Hudson Yards neighborhood of Manhattan, where high-end shops and restaurants already draw crowds.Wynn Resorts has surrendered to the inevitability of “years of persistent opposition,” according to a company news release.It is the second casino giant this spring to throw in the towel on a New York gaming license.Las Vegas Sands announced alongside…

Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of de-banking on Feb. 13, 2025.Tom Williams | Cq-roll Call, Inc. | Getty ImagesJPMorgan Chase CEO Jamie Dimon said Monday that markets and central bankers underappreciate the risks created by record U.S. deficits, tariffs and international tensions.Dimon, the veteran CEO and chairman of the biggest U.S. bank by assets, explained his worldview during his bank’s annual investor day meeting in New York. He said he believes the risks of higher inflation and…

After several weeks of sitting stagnant, mortgage rates surged higher Monday following Moody’s decision to downgrade the U.S. credit rating.Bond yields rose after the late Friday announcement, and mortgage rates loosely follow the yield on the 10-year Treasury.The average rate on the popular 30-year fixed loan hit 7.04% on Monday, according to Mortgage News Daily. That is the highest level since April 11.”The average mortgage lender had to account not only for the market movement in Friday’s closing minutes, but also to the additional weakness seen this morning. That makes for a fairly big jump, day-over-day, but it does very…

Wendy McMahon, president and co-head of CBS News and Stations.Michele Crowe | CBS | Getty ImagesCBS News Chief Executive Officer Wendy McMahon announced Monday she is stepping down, the latest twist in a growing battle of wills between the company’s news division and Paramount Global controlling shareholder Shari Redstone.Paramount Global co-CEO George Cheeks talked with McMahon on Saturday and asked for her resignation, according to people familiar with the matter. McMahon agreed to step down, and the Paramount Global board held a meeting Sunday at which members were made aware of the decision, according to those people, who spoke on…

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Entrepreneur and family office founder David Adelman said family offices have a growing competitive advantage over venture capital and private equity firms when it comes to investing in startups. As family offices surge in number and size, with assets now totaling over $3 trillion , they’re increasingly challenging big funds for startup investments and merger deals. Adelman, whose family office Darco Capital now has more than…

A key House committee advanced President Donald Trump’s giant tax and spending package after Republican hardliners won agreement from party leaders to speed up cuts to Medicaid health coverage.The vote in the House Budget Committee paves the way for passage of the legislation as soon as Thursday, House Republican leadership aides said Monday. The late Sunday night committee vote followed a weekend of negotiations with four ultraconservatives on the panel who on Friday joined with Democrats to reject the legislation. Those hardliners instead abstained on Sunday and voted present, allowing the bill to advance.Representative Chip Roy of Texas, one of the…

Customers shop at a Bath & Body Works store in Hayward, California, on June 12, 2024.Justin Sullivan | Getty ImagesBath & Body Works has a new chief executive officer, its second in less than 3 years.The personal care, home and beauty retailer has named Daniel Heaf as its new CEO, effectively immediately, replacing Gina Boswell. Heaf was most recently Nike’s chief strategy and transformation officer until his role was eliminated by the sneaker giant’s new CEO Elliott Hill.Boswell joined Bath & Body Works as CEO in December 2022 from consumer products giant Unilever. In March, Bath & Body Works disclosed Boswell…