Another one bites the dust
The $12 billion Hudson Yards casino project aimed to completely redefine the area near the High Line in the west of Midtown Manhattan.
“The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers,” Wynn’s statement read.
“We sincerely thank those who have supported our efforts, including our partners at Related Companies, and continue to believe that their proposed Hudson Yards West development is an outstanding opportunity for New York City.”
The proposal faced the most staunch opposition from Friends of the High Line and Community Board 4.
Friends of the High Line was formed to protect the Manhattan park, which has attracted locals and visitors thanks to its views of the city. The group long expressed concern over the towers that were included in the casino complex’s outlines, suggesting they would block the park’s views and become an eyesore for the area.
Community Board 4, meanwhile, represents Manhattan neighborhoods such as Hell’s Kitchen, Chelsea, and Hudson Yards. It unanimously voted “No” on the project after the development firm Related Companies included a lower number of housing units in its proposal than it had previously promised.
Competition is still fierce
The process of selecting New York casino licenses has been long, arduous, and expensive. NY Gov. Kathy Hochul is expected to announce her selections before the end of the year, some three years after the idea was first announced.
Individuals involved in the pursuit of these licenses have complained that the process has taken too long and has become politicized to the point that it has minimized the validity of the proposals.
A big winner from Wynn’s decision to exit the process, announced alongside its quarterly earnings report, is a major boost to New York Mets owner Steve Cohen. His team, which includes gaming giant Hard Rock, proposed an $8 billion “Metropolitan Park” complex next to the parking lot of Citi Field in Queens.
Rapper and businessman Jay-Z met with Senate Majority Leader Andrea Stewart Cousins (D-Yonkers) and Assembly Speaker Carl Heastie (D-Bronx) in the state Capitol on Monday to discuss plans for a casino on Broadway. His plans would partner him with SL Green and Caesars.
Other standout names, such as MGM Resorts, Mohegan, Bally’s, and Rush Street are also entrenched in the license application process.
