Related Companies, the renowned developer of New York’s Hudson Yards, has revealed ambitious plans to bid for one of the three coveted downstate New York casino licenses in partnership with Wynn Resorts. CEO Jeff Blau has shared details of their proposed $10 billion casino project, which promises to be a significant addition to the Hudson Yards development, located on the West Side. The project envisions a Wynn-branded tower with 3 million square feet of space, featuring a 1,700-room hotel primarily serving the nearby Javits Center.
Key Features of the Project:
The centerpiece of the project is a 3 million-square-foot Wynn-branded tower.
The tower will include a 1,700-room hotel designed to cater to visitors attending events at the Javits Center.
A substantial portion of the tower, spanning 250,000 square feet, will be dedicated to hosting popular table games such as blackjack, craps, poker, and roulette.
The development will also incorporate a variety of restaurants and retail shops to enhance the overall experience.
Complementing the casino and hotel, a 2 million-square-foot office tower will be constructed.
The plan encompasses a 5.5-acre public green park linked to the iconic High Line.
Additionally, the project includes a 1-million square-foot rental apartment tower that will feature 329 “affordable” units.
Redefining the New York City Skyline:
CEO Jeff Blau described the casino project as “one of the most incredible tall buildings in New York City.” The design and features of the development aim to create a new landmark within the city’s skyline, adding to New York’s allure as a global tourism destination.
Economic Revitalization and Revenue Generation:
In light of New York City’s recovery from the pandemic, the casino project is positioned as an opportunity to rejuvenate the city’s tourism economy. The partnership between Related Companies and Wynn Resorts is expected to contribute significantly to the city and state’s tax revenues.
Competition for Casino Licenses:
The New York State budget passed in the previous year paved the way for three downstate gaming licenses. In a highly competitive landscape, other prominent companies, including Las Vegas Sands, Bally’s, and Mohegan, are also vying for the opportunity to establish a casino in New York City.
The collaboration between Related Companies and Wynn Resorts to develop a $10 billion casino in Hudson Yards showcases the ambition to create a landmark destination that will attract visitors, boost the local economy, and contribute substantial tax revenues to the city and state. If successful, this project promises to be a game-changer for New York’s tourism and entertainment industry.