September 16, 2022 Casino, Land Based, Partnerships

Wynn Resorts teams with Related Companies for NYC casino bid

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Related is the first suitor for a NYC license to partner with a major casino operator.

Wynn Resorts has teamed up with Related Companies, a real estate giant, to bid on Hudson Yards casino in Manhattan. The two companies will pursue a casino license from the western rail yard, which encompasses the second part of the 28-acre Hudson Yards complex.

The Yard’s western portion has become an exposed and sunken train yard, and many have seen its potential for re-development, including Related Companies owner Stephen M. Ross and New York Governor Kathy Hochul.

Hochul’s predecessor, Andrew Cuomo, also wanted to progress plans at Hudson Yards but saw the project stall due to the pandemic. The initial proposal was that a casino be developed between Eleventh Avenue and the Hudson River in the West 30s for $25bn, with residential and office towers and a new park included.

New York has been opening up to gambling in recent months, with mobile sports betting being legalized earlier this year. The Empire State also authorized three downstate gaming licenses, two of which Adams wants for NYC, but the state gaming commission has yet to issue a formal request for these proposals.

Related is the first suitor for the license to land a contract with a major casino operator. Its real estate competitors have pursued Hard Rock and Sands, but have failed to strike any deals thus far.

SL Green, Vornado Realty Trust and Thor Equities are among other developers interested in building a casino at other sites in the Big Apple, from Times Square to Coney Island. However, Hochul will have the final say in who is granted a license; although it is worth noting the $69,700 donation Simpson made to her election campaign – the largest it has received.

Many believe that the building of a deck over the tracks at the western rail yard, as has been done at the eastern section, may be enough for Hochul to green-light the project.

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