Wynn Resorts Partners on NYC’s First Vegas-Style Casino with Developer
Posted on: September 15, 2022, 04:56h.
Last updated 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’s partnering with Wynn Resorts Ltd. to make it happen.
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 City area. Officials want the new jobs, tax revenue, and visitors the casinos would attract. (New York State already has four casinos upstate.)
“Wynn Resorts has a long history of utilizing a compact, upscale casino floor to support the creation of spectacular resort experiences that appeal to an array 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 Related and Oxford Properties’ Hudson Yards project was initially slated only for residential buildings, offices, and a school.
“The Western Yards provides the ideal site for a resort that will reinvigorate our tourism economy and provide billions in tax revenues for the city and state,” Related chief executive officer Jeff Blau said in his company’s statement. It characterized Related’s partnership with Wynn as a “perfect pair.”
Gaming Game Changer
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 per year. Wynn is one of several well-known casino operators rumored to be lobbying for the gaming licenses up for grabs, though it is the first to publicly announce a proposal.
Casino resorts built in the center of already-large tourist destinations are rare. Indeed, the only remotely casino-esque option currently in the five boroughs is a “racino” run by Resorts World at Aqueduct Racetrack in Queens. It offers video slot machines, 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 City, and CityPlace in West Palm Beach.
Wynn Resorts (NASDAQ:WYNN) was Thursday’s best-performing casino stock, surging 7.48% on volume that was more than double the daily average. That’s after an analyst said its shares could nearly double.
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