• Las Vegas gaming powerhouse Wynn Resorts is partnering with Related Companies, the developer of Hudson Yards, to submit a bid for a casino in Midtown Manhattan, New York. The parties wish to construct a casino on the undeveloped western portion of the Hudson Yards.
• According to New York Times, the casino would be located adjacent to the Javits Center on the undeveloped western side of Hudson Yards, the second half of the largest mixed-use private real estate development in the United States. 
• Building the western half of the Yards, which is currently a buried train yard, has been a top priority for both Related and Governor Kathy Hochul.

The Proposal Codify Plans to Redevelop Western Half of Hudson Yards

The proposal follows the state legislature’s approval of up to three full-service casinos for the New York City metropolitan area in April.

Wynn’s proposal for Midtown Manhattan is the first publicly stated offer for one of the new casino licenses, although the announcement sparked a scramble among gaming businesses and real estate developers to seek the chance.

New York Post writes that the Wynn transaction confirmed long-standing allegations that Related was seeking a gambling industry partner to put its chips on the west side. 

Related Company has struggled for years to codify plans for the underdeveloped western half of Hudson Yards, which would need the construction of a nearly 10-acre platform above a dense network of active rail lines.

In 2019, the first section of Hudson Yards with a luxury mall and condos debuted. The epidemic halted the $25 billion construction plan for residential and office skyscrapers, but approval to construct a casino and entertainment complex might revive the project.

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Providing a Related Strategic Advantage Over Competitors

The deal with Wynn could provide related a strategic advantage over its competitors. While rivals have targeted gaming titans such as Hard Rock and Sands, no additional agreements have been reached. 

The Post has also mentioned SL Green, Vornado Realty Trust, and Thor Equities as developers interested in constructing casinos at various sites in New York City. Steve Cohen, the owner of the New York Mets, is apparently interested in redevelopment opportunities surrounding the Citi Field stadium in Willets Points.

Several months will likely pass before the casino locations are announced. The state’s Gaming Commission has until October 6 to establish the Gaming Facility Location Board, which will oversee the application process, which will begin within 90 days of the board’s formation. Additionally, the casino authority must release a formal request for proposals.

According to the New York Times, the Related-Wynn proposal will largely rest on the willingness of local elected leaders to allow a casino in Manhattan. 

It would require approval from a yet-to-be-formed six-person community advisory committee in order to proceed. Mayor Eric Adams, the governor, the local City Council member, the borough president, the local Assembly member, and the local state senator will each have a representative on the committee.