Wynn, Related Cos. Release Details on NYC Casino Project

Posted on: August 28, 2024, 06:06h. 

Last updated on: August 29, 2024, 10:31h.

Todd Shriber @etfgodfather Read More

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Wynn Resorts and real estate developer Related Cos. unveiled details about their proposed $12 billion development of Hudson Yards West in Manhattan, which includes a casino hotel, noting a 5.6-acre public park will be a “centerpiece” of the project and that, if approved, it could create thousands of good-paying union jobs.

The property developer and the gaming giant added that the plan to bring an integrated resort to the Western Rail Yards area includes 1,500 new housing units, including 324 affordable apartments, as well as a new K-8 public school. Critics of the project claim that when Related reached an agreement with New York City in 2009 to develop Western Rail Yards, it promised to deliver between 3,454 and 5,700 housing units.

The proposed casino hotel plan, which includes a tower bearing the Wynn name, has drawn opposition from a newly formed community group, the High Line, which wants to protect the historic New York neighborhood and its famed views while drawing rebuke from politicians who believe their constituents see a gaming venue as a nonstarter in that part of the city.

Wynn, Related Highlight Selling Points

Related and Wynn are emphasizing the upside of their project, economic and otherwise. That includes the pitch for the aforementioned park, which would be known as Hudson Green.

In a statement, the two companies said the park would feature “a dog run, over 300 trees, 500 shrubs, flower beds, and various native plantings throughout the active landscape.” The companies added the property would be designed by Wynn Design and Develop, the team behind the posh designs of the gaming company’s casino hotels. The firms compared their park proposal to the city’s iconic Bryant Park.

Wynn New York City will anchor the development, completing a decades-long revitalization of Manhattan’s West Side,” according to the press release. “This new vision for Hudson Yards West adheres to the approved uses in the 2009 zoning, but has also evolved to reflect the city’s current landscape and economic infrastructure needs. Wynn New York City is the economic engine supporting the development and will create careers for thousands of New Yorkers while offering significant benefits to all sectors of the community.”

New York regulators have made no progress on opening the bidding window for the three downstate casino permits that will be awarded. It’s expected that process will drag well into 2025, if not beyond.

Wynn, Related Tout Economic Benefit

If there’s one way to get politicians behind a new casino project, it’s to tout economic perks, including job creation. Related and Wynn are doing just that, and their efforts could be meaningful in New York, which is grappling with budget issues.

“It’s easy for leaders to talk about wanting to create jobs and invest in the economy and infrastructure, but our proposal to develop Hudson Yards West would actually do it, which is why it continues to garner important support from unions, trade organizations, and small businesses,” said Related President Bruce Beal in the statement.