Related Companies’ $10 billion Hudson Yards Casino bid gets a makeover
Related Companies, a prominent real estate development corporation, has unveiled a revised blueprint for its ambitious Hudson Yards casino project. CEO Jeff Blau, as reported by the New York Post, expressed that the estimated $10 billion endeavour will commence with the construction of the Wynn Resorts tower, a grand edifice designed to cater to the area’s demanding accommodation needs. Blau enthusiastically declared, “This will undoubtedly stand as one of the most awe-inspiring skyscrapers in the vibrant metropolis of New York City.”
The Updated Proposal: A holistic approach to development
As detailed by the aforementioned source, the proposed development serves as a pivotal asset in Related Companies and Wynn’s quest for a coveted casino licence, with the final decision on the downstate casino licence only a few months away. The New York Post discloses that the tower will encompass approximately 250,000 square feet of gaming space, offering a diverse range of table games such as blackjack, poker, and roulette.
Additionally, it will house esteemed culinary and retail brands, adding a touch of sophistication to the venue.
In an unexpected twist, Blau revealed plans to integrate a sprawling 2 million-square-foot office tower into the untapped segment of Hudson Yards, complementing the previously announced public green park, a dedicated public school, and a 1-million square-foot rental apartment tower comprising 329 “affordable” housing units. This multifaceted approach aims to attract individuals from various walks of life to this emerging hub on the far West Side.
The executive confidently asserted, “Given these reasons, we believe we are in a favourable position with the most compelling proposal. Our aim is to emerge victorious.” Collaborating in a joint bid, Related Companies and Wynn are vying for the solitary downstate casino licence available this year, with two additional licences anticipated to be granted to the “racinos” at Aqueduct and in Yonkers.
As prospective competitors encounter hurdles with their proposed ventures, Related Companies’ CEO, Jeff Blau, maintains an optimistic outlook.
The Related Companies, L.P. is a prominent New York City-based real estate firm with offices and developments spanning Boston, Chicago, Los Angeles, Las Vegas, Miami, San Francisco, Abu Dhabi, London, São Paulo, and Shanghai.
Bright sides and silver linings
Undoubtedly, the frontrunner, Steve Cohen, faced a setback when his casino and entertainment complex proposal in Queens was recently rejected by a local politician. Bally’s, too, grapples with land leasing challenges in the Bronx, jeopardising the operator’s aspirations for a gambling establishment. Moreover, Legends, a consortium involving the Yankees, confronts staunch resistance from local officials in their pursuit of a Coney Island casino development.
According to the Post, Sands emerges as Related Companies’ primary competitor in the race for the licence. Sands’ bid to construct a casino in Long Island has garnered significant local approval and appears poised to overcome any remaining obstacles.
Nassau County Executive, Bruce Blakeman, shared with The Post, “While there are still hurdles to overcome, the overwhelming bipartisan approval of the lease transfer to the Sands puts Nassau County one step closer to opening up what will be one of the finest resorts, entertainment centres, and casinos in the world.”
Nevertheless, Related Companies encountered its own challenges for the Hudson Yards development. State Senator Brad Hoylman, one of the six-member site review board responsible for voting on whether the proposal advances to the next phase of the casino selection process, reportedly downplayed the previously promised amenities and described the revised proposal as “an uphill battle.”
Despite this, the company remains optimistic and places its confidence in the proposed 1,700-room hotel development to sway Hoylman’s objections. The Post reveals that Related Companies also banks on the fact that its owner, Steve Ross, is one of the largest donors to Governor Kethy Hochul, who also sits on the site review board.
The executive, Blau, highlighted factors that position Related as the frontrunner for the upcoming round of the casino selection process scheduled for July. Final proposals are expected in the autumn, with the state’s Gaming Commission rendering a final decision by year-end. The influence wielded by Governor Kethy Hochul over the Gaming Commission has seemingly buoyed the developer’s hopes of securing the gaming licence, joining the other two licensees, and contributing the anticipated $1.5 billion to the state budget.
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