Posted Sep 16, 2022, 1:11 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.nytimes.com/2022/09/15/n...attan.amp.html
Related Companies and Wynn to Bid for New Casino in Midtown Manhattan
The companies want to put the casino on the western half of Hudson Yards, which remains undeveloped.
By Dana Rubinstein, Nicole Hong and Matthew Haag
Sept. 15, 2022
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The bid by Related Companies, the developer of Hudson Yards, and Wynn Resorts represents the first publicly announced bid for one of three new casino licenses open to city developers.
The casino would be situated next to the Javits Center on the still-undeveloped western portion of the Hudson Yards, the second half of the largest mixed-use private real estate development in American history.
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The only casino-like option currently in the five boroughs is the Resorts World facility at the Aqueduct Racetrack in Queens, which has video slot machines but no table games. Last year, Resorts World had the most gambling revenue of any casino property outside Nevada.
It will likely be several months before the casino sites are announced. The state’s gambling commission has until October to create a board that will manage the application process, which is supposed to begin within 90 days of its formation.
Steven Cohen, the owner of the New York Mets, has also been in talks with Hard Rock to develop a casino near Citi Field, the team’s stadium, according to someone familiar with the discussions.
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In order for the Related-Wynn proposal to proceed, it would have to win approval from a yet-to-be-formed, six-person community advisory committee. Mayor Eric Adams will have a representative on the committee, as will the governor, the local City Council member, the borough president, the local Assembly member and the local state senator.
….. While Manhattan has long been considered one of the last, best untapped gambling markets in the country, any casino bidder will likely have to overcome significant resistance.
“Related and Wynn have a steep hill to climb to convince local residents that a casino in Hudson Yards is in their best interests,” said Brad Hoylman, the state senator whose district includes Hudson Yards.
Other casino and real estate companies are eyeing sites throughout the city. Thor Equities, a real estate firm, has expressed interest in building a casino on Coney Island in Brooklyn. Earlier this year, Marc Holliday, the chief executive of SL Green Realty, a major office developer, said in an earnings call that Times Square would be the best location for a casino.
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https://www.bloomberg.com/news/artic...s-hudson-yards
Related Pursues Giant Casino Complex at Manhattan's Hudson Yards
Developer teams up with Wynn Resorts for a proposal to build an entertainment and gaming resort in the Western Yards part of New York.
ByNatalie Wong
September 15, 2022
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The firm, founded by billionaire Stephen Ross, is partnering with Wynn Resorts Ltd. to pursue a casino license on the Western Yards, according to a statement Thursday. The plan is to build an entertainment and gaming resort along New York’s Hudson River.
While Related has previously expressed interest in the possibility of being involved in a casino development, the partnership with Wynn marks an official step in its pursuit of a license. The proposal would situate a casino in the Western Yards, located next to the Javits Center, the massive convention center that recently went through a $1.5 billion expansion.
“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,” Jeff Blau, Related’s chief executive officer, said in the statement. He described Related's partnering with Wynn as a “perfect pair.”
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The Western Yard is the second phase of Related and Oxford Properties’ Hudson Yards project, occupying the area from 11th to 12th avenues between West 30th and West 33rd streets. Related had initially planned to build residential buildings, offices and a school at the site.
“Siting a casino in Manhattan will help cement our place as the world's pre-eminent tourism destination,” said Jessica Walker, Manhattan Chamber of Commerce’s CEO. “Manhattan’s transportation infrastructure, cultural attractions and convention facilities at Javits present an unparalleled opportunity to maximize gaming revenue for the city and state.”
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