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Posted on: Dec 9, 2022 6:34 am.
Last updated on: December 9, 2022 06:48 am.
Real estate developer Related Cos., which is working with Wynn Resorts (NASDAQ:WYNN) on a casino-resort plan in Manhattan, revealed more details of the project earlier this week.
Related Cos. CEO Jeff Blue. In a recent interview, he revealed more details about a casino project in Manhattan. (Image: Related Cos.)
In conversation with
Bloomberg television, Related CEO Jeff Blau said the venue in far west Manhattan will feature 1,500 guest rooms, 20 restaurants, a nightclub, a theater and, of course, a casino. The integrated resort project is being billed, among other things, as a potential debut for the second phase of Related’s famed Hudson Yard project. This phase is said to be between 11th Avenue and the Hudson River.
This assumes that Related and Wynn are selected as winners of a third downstate casino license. It is widely expected that the first two permits will go to MGM’s Empire City Casino in Yonkers and Resorts World in Queens.
The associated forecast states that the call for proposals for the New York City casino project will arrive in early 2023, with a winner to be announced late next year. For associated costs, location, location, location
It’s often said in the real estate industry that it’s all about “location, location, location,” and that might be what sets Related/Wynn’s efforts apart.
We think it’s the appropriate place to place something like this and I think it will generate the highest economic development returns for the state.” told blue Bloomberg.
He added that the casino resort project could stimulate $10 billion in new developments in New York City and create jobs at a time when the US’s largest city is still feeling the effects of the coronavirus economic doldrums -Pandemic suffers. Related also believes a casino hotel could attract more business to the recently remodeled Jacob K. Javits Convention Center.
To this day, it doesn’t look like the Related/Wynn will face the opposition presented by another Manhattan casino attack. SL Green Realty and Caesars Entertainment plan to build a casino at 1515 Broadway in Times Square. While this project is backed by some famous investors, it also faces opposition from the Broadway League and the Shubert Organization.
New York casino competition fierce
Ever since it became clear that New York lawmakers would grant a third downstate casino license, Empire State political pundits and gaming and real estate observers have expressed doubts that a Manhattan would be home to a new gambling destination. The same applies to nearby Westchester County.
That causes other competitors in the New York casino competition to evaluate other locations. There is speculation about Brooklyn. But there are also rumors that the residents of this district are against a gambling house.
The Bronx and Staten Island are not high on the list of preferred travel destinations for operators. But there is some momentum to bring a casino hotel to an area near Citi Field — home of Major League Baseball’s Mets — in Queens.