Wynn Resorts and Related Companies to Pursue a Downstate License

The fight for the three downstate casino licenses in the Empire State is starting to heat up, since Wynn Resorts and Related Companies have announced their intentions to get one. At the end of last week, the two companies announced official plans to apply for one of the licenses, and if approved launch a non-tribal casino property on the Western Yards at Hudson Yards.

A few years ago, the New York State legislature put on hold the issuance of the three downstate casino licenses, as a way of allowing upstate ones to adjust to the gambling landscape in the state. However, after requests from lawmakers and industry stakeholders, in April 2022, the state added and approved the fast-tracking of the three licenses in the new budget.

Bringing in Thousands of Jobs

Just a few days ago, Related Companies and Wynn Resorts revealed their official plans of bringing a downstate casino property at the Western Yards at Hudson Yards. The new gaming location would provide entertainment in gambling and it would aim to provide thousands of permanent and construction jobs in direct and indirect tax revenue to the Empire State and New York City.

The Western Yards is ideally located right next to the Javits Center, which has recently undergone a US$1.5 billion redevelopment, and it is one of the largest convention centres in the U.S. The two companies believe that a non-tribal casino in the area along with the Javits Center would create the country’s pre-eminent convention and entertainment district.

In addition to that, Hudson Yards is situated along the High Line’s northernmost section, and it is within walking distance of all of the region’s major public transport systems. It should be mentioned that the center is part of the city’s rapidly growing West Side and is home to many shops and culinary experiences, offices, public art, and acres of open gardens, which make it a hotspot for tourists.

Jeff T. Blau, CEO of Related Companies, said that Western Yards delivers the perfect location for a resort which will rejuvenate tourism in the region as well as provide millions in tax revenue. He believes that the company’s unparalleled ability to execute complex mixed-use development and Wynn Resorts’ gaming operations, would be an ideal fit for the proposed location.

Further Details

Back in April this year, the New York State legislature officially included the fast-tracking of the three downstate casino licenses in the new budget. This move is slated to accelerate the process by at least a year. However, some of the interested gambling operators might be put off due to the price, as according to the state, a license could cost US$1 billion.

Also, a while back the state introduced Senate Bill 8009 which states that applicants for the three commercial gaming licenses will be selected on the basis of numerous criteria. Some of the criteria include realizing maximum capital investment exclusive of land acquisition and infrastructure improvements. As well as maximizing revenue received by the state and localities, and providing the highest amount of quality jobs at the property that would receive the license.

Source: “Related Companies and Wynn Resorts Announce Partnership” Related Corporate, September 15, 2022