Saturday, October 1 2022

Go west, young casino developer.

That’s what Related companies and Wynn Resorts plan to do with the undeveloped western part of Hudson shipyardsannouncing on Thursday that they have teamed up to apply for a casino license in the downstate, Bloomberg first reported.

In terms of revenue, the developers don’t see much in building a casino on the massive Hudson Yards site as it would be right next to the Javits Center, which just got a $1.5 billion expansion. The site also has a station for the 7 train, which runs from Queens to Hudson Yards, and about 20 office tenants nearby.

Related added that the project would also create jobs through the construction and operation of the casino and generate billions in tax revenue for the city and state.

“As New York City emerges from the pandemic, the Western Yards provide the perfect site for a resort that will invigorate our tourism economy and provide billions in tax revenue to the city and state,” Jeff Blue, CEO of related companies, said in a statement. “Combining Related’s unparalleled ability to execute complex mixed-use developments with best-in-class resort and gaming operator is the perfect pair, and we are excited to continue this together.”

If built, the Hudson Yards gambling den would be the second casino in the five boroughs after Resorts World New York in South Ozone Park, Queens, hard work for most New Yorkers.

Related declined to say the potential size of the entertainment and gaming facility planned for its 6.2 million square foot Western Yards, but the average casino floor of Las Vegas spans approximately 33,000 square feetaccording to Las Vegas Review-Journal.

Related originally planned to build housing, offices and a school on the underdeveloped $25 billion Hudson Yards section, but appears to have abandoned those plans for the gambling den, Bloomberg reported.

But Related and Wynn face fierce competition to go all-in at a Manhattan casino. The New York State Legislature approved just three downstate casino licenses earlier this year and requires a green light from city and state agencies before construction can begin .

And there’s probably only one license up for grabs. Ssources previously told Commercial Observer that the first two are expected be awarded to The Genting Group add table games to your Aqueduct Racecoursealso in South Ozone Park, and at VICI properties operate the Empire City Casino in Yonkers.

Related and Wynn have some of the biggest names in real estate competing with them for the license. Vornado Real Estate Trust wants to open a resort near Herald Square, L&L Holding is considering a gaming establishment at its TSX Broadway development in Times Square, SL Green Realty is consider one to 1515 Broadway, Hard Rock Cafe is considering three locations in Manhattan, Morris Bailey is looking in one to the old Hotel McAlpin, and both Thor Stocks and John Catsimatidis float the idea of ​​casinos in Coney Island.

Still, Wynn and Related exuded confidence in their chances of hitting blackjack for a license.

“Wynn Resorts has a long history of utilizing a compact, premium casino floor to support the creation of spectacular resort experiences that appeal to a range of customers – travelers and locals alike,” Billings CraigCEO of Wynn Resorts, said in a statement.

Marc Hallum can be contacted at [email protected].


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