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Related Companies Sheds More Light on New York Casino Bid

Related Companies, which previously announced its intentions to pursue a gaming license for downstate New York, has shed more light on its casino bid for Hudson Yards. The company has submitted a rezoning application with the Department of City Planning, and shared its intentions to build three new skyscrapers and 5 acres of public space, all surrounding the casino.

The Empire State is looking to award three full-scale commercial gaming licenses in the downstate region. Bids from third-party companies will be assessed on several factors by the Gaming Facility Location Board and a winning bidder must be willing to commit US$500 million for the license and invest at least another US$500 million in the area they seek to operate in.

First Look at Hudson Yards Plans

If Related Companies manages to land the required permit to conduct commercial gaming, the company would seek to transform the 13-acre expanse above the MTA’s West Side Yard, located between 11th and 12th Avenues, into a multi-purpose resort. For the initiative, in 2022, the firm partnered with Wynn Resorts, which is its official casino partner in the proposal.

The project is estimated to be around US$12 billion, and it would be located atop the Western Rail Yards on the far side of Manhattan. The three skyscrapers would be developed on a 13-acre piece of land, and they will include a casino, hotel, accommodations, over 2 million square feet of office space, more than 1,500 residential units, a public school, and spacious green areas for the public.

As per the plans, the casino segment would stretch around 3 million square feet, which would be located in one of the three planned towers. There will be an 80-story building with a hotel, ballroom, meeting space, commercial retail and more. Meanwhile, the two other towers would house the 750-person school, housing units and office space.

In addition to that, in the statement, the company informed out of the 1,507 apartment units, 324 would be kept as affordable and would be offered for below-market-rate prices. The proposal has now joined over a dozen others around New York City, and the city and the state will be now tasked with reviewing proposals and deciding the three winners in the coming months.

Opposition is Quite Strong

However, as stated, Related and Wynn will face some serious competition in their pursuit of a commercial gambling license. Currently, Resort World New York in Queens and Empire City Casino in Yonkers are considered almost nailed on to get two of the permits, due to being already running as gaming locations and the fact that they tout some significant support from their communities.

In addition to that, gambling giant, Las Vegas Sands is also among the candidates as it seeks to launch an integrated multi-billion-dollar casino resort in Nassau County on Long Island. Experts, such as Wells Fargo analyst Daniel Politzer, say the company is among the frontrunners for a license since it offers the most compelling bid and has already committed funds to the project.

Source: Graham, Aidan “Rolling the dice: Massive casino plan for Hudson Yards unveiled by Related CompaniesAmNy, February 22, 2024