Proposal for Casino on Hudson Yards Site Announced
Among the growing list of big names in the real estate industry vying for the downstate casino license is the Related Companies, which has teamed up with Wynn Resorts on the proposal to construct it on the undeveloped 6.2 million-square-foot western portion of the Hudson Yards site, representing a shift from earlier plans to build housing, offices, and a school. Advantages of the location include immediate access to the 7-train which runs from Hudson Yards through Queens, numerous office tenants nearby, and the site sitting next door to Javits Center. Although the New York State Legislature approved only three downstate casino licenses earlier this year, the “first two are expected to be awarded to The Genting Group to add table games to its Aqueduct Racetrack, also in South Ozone Park, and to VICI Properties to operate the Empire City Casino in Yonkers.”
While Related is the first to land a contract with a major casino operator, others competing for the license include Vornado Realty Trust for a location near Herald Square; L&L Holding considering adding a gambling facility at its under construction TSX Broadway development; SL Green Realty considering one at 1515 Broadway; Hard Rock Cafe is eyeing three sites in Manhattan; Morris Bailey is looking into one at the former McAlpin Hotel; and both Thor Equities and John Catsimatidis are floating the idea of casinos in Coney Island. Although a formal request for proposals (RFP) has yet to be issued by the state Gaming Commission, a Gaming Facility Location Board is expected to be created by October 6, which will be a big step forward toward putting out an RFP.
Source: https://nypost.com/2022/09/15/related-companies-teams-with-wynn-resorts-on-hudson-yards-casino-bid/