Wynn Resorts' Planned $12B Casino in New York Faces Hurdles
Wynn Resorts has set its sights on Manhattan's Hudson Yards for an ambitious new project, provided it can win one of the downstate licenses that could be offered next year. The casino and hospitality operator presented plans in March for a complex that would cost $12 billion to create, but it's now running into resistance from community leaders.
A view of the Hudson Yards skyline at dusk. (Source: King of Hearts via Wikipedia)
LISTEN TO THIS ARTICLE:Civic leaders have voiced strong objections to the project, highlighting a conflict with prior commitments to housing development in the area. Manhattan's Community Board 4 has expressed concerns that the project would create an isolated enclave, disconnected from the community and contrary to the original vision for the neighborhood.
The proposed casino complex would stand out on New York City's skyline with an 80-story tower dedicated to gaming and hospitality. This towering structure promises to be a beacon of modernity, offering panoramic views of the Hudson River and the cityscape. The complex is designed to be more than just a casino; it's envisioned as a multifaceted destination, complete with a luxury hotel that caters to both high rollers and tourists seeking the quintessential New York experience.
Related: Las Vegas Sands Runs Into New Problem with NY Casino PlansThe project, which is still subject to approval, could transform a significant portion of Manhattan's West Side into a bustling hub of entertainment and leisure. The inclusion of a 6-acre park along the Hudson River is a testament to the developers' commitment to creating green spaces amidst the urban environment. This park is not just an afterthought; it's an integral part of the design that aims to provide a serene escape from the fast-paced city life, encouraging outdoor activities and community events.
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Employing New York City
Wynn Resorts estimates that the construction phase alone could provide 35,000 union jobs, with an additional 5,000 permanent positions once the complex is operational. This influx of employment opportunities could be a boon for the local economy, offering a variety of careers in hospitality, management, and gaming industries. Moreover, the complex is expected to generate significant tax revenues for the city and state.
The strategic location next to the Javits Center enhances the complex's appeal, positioning it as a convenient lodging and entertainment option for convention-goers. This synergy between the Javits Center and the Wynn Resorts complex could amplify the economic benefits, drawing more visitors and events to the area.
Long Road Ahead
New York's gaming landscape could see a significant expansion with the potential introduction of three new downstate casinos. This development comes as part of a competitive bidding process involving some of the industry's major players. Besides Wynn, proposals from entities like Bally’s, Caesars and Hard Rock are on the table.
The state's budget has factored in the anticipated $1.5 billion in fees from these licenses. The New York City Council approved last week zoning changes that would allow for the development of casinos more easily, although the New York Gaming Commission has said it might not consider reviewing licenses until next year.
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