Proposed Casino Venture in New York: Collaboration between Wynn and Related Companies for a $12 billion undertaking
New York City is at the heart of an intense battle for casino licenses, with three downstate licenses up for grabs. The competition is fierce, with established casino operators and investors targeting strategic locations in the city.
The proposed casino complex by Wynn Resorts, in partnership with Related Companies, is planned for the high-profile Hudson Yards district. The project, valued at $12 billion, will include a hotel called Wynn New York City, bars, lounges, restaurants, spas, office spaces, residential spaces, a 5.6-hectare park, and a casino. Wynn Resorts CEO, Craig Billings, believes the complex will attract luxury travelers, increasing tax revenues and local spending.
However, Wynn Resorts is not among the main finalists for the 2025 downstate New York casino licenses, suggesting they might not have an active bid in the current race.
Another notable proposal comes from Jay-Z, in collaboration with Caesars Entertainment and SL Green. While the costs of the Times Square casino complex are not publicly disclosed, Jay-Z has expressed his intention to financially support Broadway with a nine-figure sum per year.
Steve Cohen, a well-known investor, has not been confirmed to have submitted a casino license bid for New York at this time.
The current frontrunners for the licenses focus on three iconic New York City locations: Coney Island, Citi Field, and Hudson Yards. Each site is proposing large-scale developments to revitalize the city's entertainment scene.
Resorts World New York City is actively pushing a substantial $5.5 billion expansion bid in Queens, while Empire City Casino in Yonkers and MGM’s Empire City license pursuit are notable but focus outside of NYC proper.
New York is planning to issue a maximum of three new stationary casino licenses. The timeline for the decision on these licenses is currently unclear.
It's important to note that online casinos remain not yet legal in New York, despite ongoing efforts to legalize and regulate online casino gaming by state legislators.
As the race unfolds, the final license awards will shape New York City's gaming and entertainment future significantly. Stay tuned for updates on this exciting development.
[1] New York Times [2] Bloomberg [3] Forbes [4] CNN [5] Legal Sports Report
What about the possibility of casino-and-gambling expansion in Las Vegas, considering the intensity of the competition and bids in New York City? Could casinos like Wynn Resorts or partnerships such as Jay-Z's with Caesars Entertainment find success in Las Vegas' casino-games landscape, given their non-active bids for New York City's casino licenses?
