Wynn Resorts is continuing to unveil plans for a $12 billion casino development project.
The entertainment and hospitality company has released renderings of the complex, which is located at Hudson Yards in New York City. The project, proposed in partnership with real estate firm Related Companies, includes bars, office space and a residential building. The complex also features a 5.6-acre park, which will serve as a neighborhood recreational area.
“As the leading designer, developer, and operator of premium gaming resorts in the world, Wynn New York City will attract luxury and aspirational travelers to our destination resort in Hudson Yards,” said Wynn CEO Craig Billings. “Wynn guests consistently spend more when they travel. That results in greater tax revenues for the city and state and more spending in the local community, all with less foot traffic than might be required at other resorts.”
Wynn New York City could create up to 40,000 new employment opportunities with roughly 35,000 construction jobs and 5,000 permanent positions available within the facility.
The facility is promising but Wynn must compete with other proposed projects for one of three available downstate casino licenses being offered by the New York State Gaming Commission. If awarded a license, Wynn must pay a $500 million license fee.
Stiff competition for Wynn
Wynn could face stiff competition in New York’s retail gaming market.
Last year, New York Mets owner Steve Cohen announced plans for a 50-acre development surrounding Citi Field in Queens. The project, Metropolitan Park, features restaurants, conference spaces, and a Hard Rock hotel with live music and gaming.
Cohen’s plan could add an estimated 15,000 jobs to New York City’s economy, while Resorts World is taking steps to improve its user experience amid the competition.
The company’s casino in Queens has unveiled a $5 billion redevelopment plan, which will transform the facility into a “world-class” entertainment resort. The plan includes shops, 1,600 new hotel rooms, a performance space, and a Las Vegas-style casino. The project’s fate will be decided by Resorts World’s ability to obtain one of the three available casino licenses. Currently, Resorts World New York City only offers horse racing and slots.
