Posted: September 15, 2022, 4:56 a.m.
Last update on: September 15, 2022, 05:42h.
New York-based real estate developer The Related Companies wants to include a Las Vegas-style casino in the next phase of its $25 billion Hudson Yards development in Manhattan. And it partners with Wynn Resorts Ltd. to succeed.
The project would be one of three full-service casinos that New York state lawmakers voted in April 2022 to allow in the New York area. Officials want the new jobs, tax revenue and visitors that casinos would attract. (New York State already has four upstate casinos.)
“Wynn Resorts has a long history of using a compact, high-end casino to support the creation of spectacular resort experiences that appeal to a range of guests – travelers and locals alike,” read a statement from Craig Billings. , CEO of Wynn Resorts, which would operate the casino. “We look forward to engaging with the community to hear expectations for our development.”
The full-service casino would be built in the Western Yards. Located along the Hudson River next to the Javits Convention Center, this second phase of the Hudson Yards project by Related and Oxford Properties was originally planned only for residential buildings, offices and a school.
“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,” Related Chief Executive Jeff Blau said in the statement. society. He characterized Related’s partnership with Wynn as a “perfect pair.”
The development would also be a game-changer for the casino industry, which has long eyed the Big Apple, with its estimated 8.5 million residents and 66.6 million visitors a year. Wynn is one of several well-known casino operators who are rumored to be lobbying for gambling licenses to be won, despite being the first to publicly announce a proposal.
Casino resorts built in the center of already important tourist destinations are rare. Indeed, the only remote casino option currently in the five boroughs is a “racino” operated by Resorts World at Aqueduct Racetrack in Queens. It offers video slots, but no table games.
In addition to Hudson Yards, Related – founded in 1972 and chaired by billionaire Miami Dolphins owner Stephen Ross – has developed mixed-use projects such as the Time Warner Center and Bronx Terminal Market in New York and CityPlace in West Palm. Beach.
Wynn Resorts (NASDAQ:WYNN) was the best performing casino stock on Thursday, rising 7.48% on volume that was more than double the daily average. This is after an analyst said its shares could nearly double.