Up until a few months ago, every prominent company or gaming operator wanted to win a New York casino license. But, things have changed now with some of the top companies dropping out of the race. Related Companies chose to stay, with a plan.
The real estate developer has revised its original proposal, becoming one of the most possible winners for the New York casino license. With the new proposal, Related Companies will spend around $10 billion to construct a casino with Wynn Resorts as a centerpiece.
Through the New York Post, Jeff Blau, the CEO of Related Companies, revealed that he planned to start building a hotel tower branded Wynn. The hotel would cover 3 million square feet.
Wynn has a reputation for running top-rated restaurants and hotels. As such, the idea of bringing a Wynn resort in Manhattan is welcomed. According to Blau, the Wynn Resort would be one of the tallest in New York City.
The proposed casino will cover 250,000 square feet, which is more than that of Wynn Las Vegas. You can also expect luxurious retail stores, eateries, and other amenities you find at other Wynn properties.
Wynn Smells a Win, Others Want Out
The revised casino proposal by Related Companies comes in the midst of other companies encountering issues. For instance, rumors have it that Bally`s may have abandoned their efforts to win one of the three casino licenses in New York.
Bally`s had proposed to develop Trump Golf Links located in the Bronx. However, the NYC Parks Department is yet to approve a license transfer, which puts Bally`s at a disadvantage.
Steven Cohen has also encountered a setback. Steven wanted to develop a casino near Citi Field. However, Senator Jessica Ramos refused to propose a bill that would change the park that Steven wants to develop to host a casino resort.
Having two good competitors drop out of the race gives Related Companies and Wynn an advantage. Picking Hudson Yards as a casino host gives the two companies a lot of advantages.
Hudson Yards is near Javits Center, the primary venue for conferences and exhibitions in New York. Yet, there are no hotels in the area which makes the area lose business to neighboring cities. By bringing a casino resort to Hudson Yards, Related and Wynn will have solved the city`s problem.
Wynn also has a reputable track record as it successfully operates other properties in Las Vegas and other cities. The hotel company easily lures businesses, conferences, and exhibitions. Having such a successful portfolio will only leave New York officials wanting to choose Related and Wynn`s proposal.
The Chosen One?
Apart from Bally`s and Cohen`s setback which works for Wynn and Related, there are other signs that these two could win. For instance, several groups are campaigning against a casino in Times Square and other locations. Hudson Yards is not receiving any protests.
Yet, Related and Wynn are not yet in the clear. Sands, with a $4 billion casino proposal at Nassau Coliseum in Uniondale, also has a shot at the NY license.
