Wynn Resorts and the renowned real estate developer, Related Companies, are joining forces to seize an exciting opportunity in the heart of New York City. With the recent completion of a remarkable $1.5 billion expansion on the western portion of Hudson Yards, the duo plans to bid for one of the three coveted downstate New York casino licenses. By envisioning a state-of-the-art casino adjacent to the Javits Center, both companies are aiming to revitalize the tourism economy and bolster the city and state with substantial tax revenues.
A Perfect Pair: Wynn Resorts and Related Companies:
The collaboration between Wynn Resorts and Related Companies brings together two industry leaders, each with their own impressive track record. Related Companies, best known for their groundbreaking development of Hudson Yards, has unparalleled expertise in executing complex mixed-use projects. On the other hand, Wynn Resorts, with its extensive experience in the gaming and resort sector, is renowned for creating extraordinary guest experiences appealing to both travelers and locals alike. The combination of Related’s development prowess and Wynn’s upscale casino floor approach promises to offer a unique and enticing proposal for the coveted casino license.
Reinvigorating the Tourism Economy:
As New York City emerges from the challenges posed by the pandemic, the Western Yards emerges as the ideal location for the proposed resort and casino. Jeff T. Blau, CEO of Related Companies, believes that this ambitious project will play a significant role in reinvigorating the city’s tourism economy. By attracting a diverse range of guests, the resort aims to breathe new life into the hospitality sector, creating job opportunities and enhancing the overall vibrancy of the city.
Generating Billions in Tax Revenues:
One of the key benefits of this casino venture is its potential to generate substantial tax revenues for both the city and state of New York. With an upscale casino floor combined with Wynn Resorts’ expertise in the gaming industry, the project is primed to attract visitors from near and far. The resulting boost in tourism and hospitality will not only create an economic upswing but also provide the city with a fresh stream of tax income to support various public initiatives.
Community Engagement and Support:
Wynn Resorts and Related Companies are keenly aware of the importance of community engagement in such ambitious endeavors. They understand the significance of involving local residents and stakeholders in the decision-making process. Through open dialogue and active participation, they aim to incorporate community input to ensure the project aligns with the needs and aspirations of New York City.
The Competition: Las Vegas Sands and Hard Rock International:
While Wynn Resorts and Related Companies have positioned themselves as formidable contenders, they are not alone in their pursuit of a New York City casino license. Competing with other industry giants such as Las Vegas Sands and Hard Rock International, the stakes are high. Each contender seeks to present a compelling vision for their proposed projects, setting the stage for a fierce competition for the gaming licenses.
The partnership between Wynn Resorts and Related Companies marks an exciting chapter in the race for downstate New York casino licenses. With their shared vision of creating an exceptional resort and gaming experience, they aim to play a crucial role in New York City’s post-pandemic resurgence. As the competition heats up, all eyes are on the Gaming Facility Location Board, which will shape the future of gaming in the city. With the potential to reinvigorate the tourism economy and generate significant tax revenues, this casino venture represents a unique opportunity to elevate the city’s hospitality sector to new heights.