Hudson Yards Development Pulls Out of Casino Bid
Introduction to the Decision
Wynn Resorts announced that it would no longer be seeking a gaming license at the Western Rail Yard development, marking one less casino bid for NYC.
There’s one less bid in the running to bring a new casino to New York City.
Wynn Resorts recently announced that it would no longer pursue a gaming license for its originally proposed development with Related Companies. The proposed casino, slated for Hudson Yards, would have been part of a development at the Western Railyard that consists of office towers, high-end stores, and luxury apartments.
Reasons Behind the Withdrawal
In the statement, Wynn Resorts cited the rising opposition as part of the reason why they withdrew their application.
“After careful consideration, we have decided not to lodge an application for a gaming license in New York City. 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 buy backs, 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,” said Wynn Resorts in a statement.
Community Reaction
Following the announcement, Manhattan City Council Member Erik Bottcher noted that he did not support the bid to have a casino at the development, citing the community’s apparent lack of support.
“This casino proposal did not meet the high bar of community support that such a consequential project demands. I have always said that any development of this scale must put the needs of New Yorkers first — and that means housing,” said Bottcher.
Future Plans for the Development
Related Companies will be continuing its work on the proposed development, in a deal created with the City Council. The development is expected to bring new housing, including hundreds of new affordable apartments, coupled with a 6.6-acre public park.
Bottcher said that the development “remains a once-in-a-generation opportunity” for the area, noting that with the absence of the casino, share of affordable rentals increased from 8% to 25% with up to 4,000 total apartments planned and the green space will be expanded from 5.6 to 6.6 acres, resembling the original plans brought forward in 2009.
“This is a must-act moment for our city—a chance to deliver the housing, schools, and open space New Yorkers so urgently need. We can’t afford to let this opportunity slip away. I look forward to advancing this ULURP and helping turn this long-promised vision into real progress for the West Side and for all of New York City,” said Bottcher.
Conclusion
The withdrawal of Wynn Resorts from the casino bid marks a significant shift in the plans for the Hudson Yards development. With the focus now on residential plans, the community can look forward to increased affordable housing and expanded green spaces. The development promises to bring about positive changes to the area, prioritizing the needs of New Yorkers.
FAQs
Q: What was the original proposal for the Hudson Yards development?
A: The original proposal included a casino, office towers, high-end stores, and luxury apartments.
Q: Why did Wynn Resorts withdraw their application for a gaming license?
A: Wynn Resorts cited rising opposition and the potential for more profitable investments elsewhere as reasons for withdrawing their application.
Q: What are the future plans for the Hudson Yards development?
A: Related Companies will continue with the development, focusing on residential plans, including hundreds of new affordable apartments and a 6.6-acre public park.
Q: How has the community reacted to the withdrawal of the casino bid?
A: The community has expressed support for the shift in focus towards residential plans, citing the need for more affordable housing and green spaces in the area.
