Giants team up
Two giants of contrasting industries are teaming up to bid for a new Las Vegas-style casino in New York City at a location previously considered for new Jets and Yankees stadiums.
bidding for a casino license in Midtown Manhattan
On Thursday, New York-based real estate developer the Related Companies and Wynn Resorts revealed they are bidding for a casino license in Midtown Manhattan. The pair plan to develop the casino at the Western Yards at Hudson Yards.
The western half of the Hudson Yards remains undeveloped, and Related wants the casino to spearhead the next phase of its $25bn development of the Manhattan area. The section of land was once considered as a new potential home for Madison Square Garden.
The Wynn deal gives Related a jump on its other industry rivals in the race for three downstate gaming licenses. While other real-estate developers such as Vornado Realty Trust have pursued tie-ups with the likes of Hard Rock and Sands, Related is the first to actually land a casino partner.
Related’s CEO Jeff Blau characterized his firm’s partnership with Wynn as a “perfect pair.”
Ripe for development
Wynn Resorts CEO Craig Billings said the Nevada-based corporation has a “long history of utilizing a compact, upscale casino floor to support the creation of spectacular resort experiences.”
Billings added Wynn was looking forward to “engaging with the community to hear expectations for our development.”
provide billions in tax revenues for the city”
Related’s Blau deemed the development of Western Yards beneficial for multiple NY parties. As reported by the New York Times, the CEO said the site presents the ideal location for a resort that “will reinvigorate our tourism economy and provide billions in tax revenues for the city and state.”
Yards in the cards?
Related’s portfolio includes high-profile projects like the Time Warner Center, Bronx Terminal Market, and CityPlace. The pandemic stalled Related’s $25bn plan for a new park, office, and residential towers in the Yards, paving the way for its new plans with Wynn.
Redeveloping the Yards’ western portion dominated by the now sunken and exposed train yard is high on the agenda of New York Governor Kathy Hochul, as it was for her predecessor Andrew Cuomo.
Wynn, who will operate the NY casino if the co-bid wins a license, saw its stock spike 7.48% on volume to $65.23 by the close of Thursday’s trading, almost double what it closed on the previous day.