Latest news with #WynnResort-RelatedCompanies
Yahoo
21-05-2025
- Business
- Yahoo
Hudson Yards casino plan dropped over backlash to complex near NYC High Line — as Jay-Z pushes rival proposal
A controversial proposal to build a $12 billion casino complex in Hudson Yards near the High Line was dropped in the face of fierce community opposition, officials said Monday. The Wynn Resort-Related Companies partnership announced it withdrew the bid, which was due for submission next month. 'After careful consideration, we have decided not to lodge an application for a gaming license in New York City,' Wynn Resorts said in a statement that came the same day rap star Jay-Z was in Albany lobbying state lawmakers over a rival casino proposal in Times Square. Wynn cited 'persistent opposition' for the withdrawal. '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,' it said in a statement. '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, which was opposed by Friends of the High Line and Community Board 4, is just the latest development plan to get scuttled on Manhattan's West Side after planned professional sports complexes were blocked. Jay Z meanwhile met separately with state Senate Majority Leader Andrea Stewart Cousins (D-Yonkers) and Assembly Speaker Carl Heastie (D-Bronx) in the state Capitol. Sources said Jay-Z was in the capital to discuss the glittering casino plan for 1515 Broadway, in partnership with SL Green and Caesars as well as his entertainment company, Roc Nation. The odds could be long. . The Broadway League and the No Times Square Casino, which includes many neighborhood and civic leaders, oppose having a casino in the Great White Way. 'I don't think there is going to be a casino in Manhattan,' said John Sabini, former chairman of the state racing and wagering board, citing grassroots opposition. A casino industry insider said Wynn's withdrawal boosts other bidders, including potentially Mets billionaire owner Steve Cohen' s partnership with Hard Rock for a proposed $8 billion 'Metropolitan Park' casino complex next to Citi Field. Las Vegas Sands also recently withdrew its bid to open a casino at the Nassau Coliseum hub. 'Cohen has been all over the playing field,' the source said, referring to the millions of dollars Cohen has spent on lobbying and public relations efforts in Albany and in Queens. Bidders with chips still on the table: — The Steve Cohen-Hard Rock 'proposed $8 billion casino next to Citi Fields bid requires the legislature to approve a state law to repurpose the lots around Citi Field from parkland to commercial use to building a betting facility. The state Assembly has already passed the measure, but it is awaiting action in the state Senate. Local state Sen. Jessica Ramos, whose district includes the heart of the project, is opposed. — World Trade Center developer Larry Silverstein is making a play to the north on the Far West Side. Silverstein Properties recently brought on gaming operator Rush Street — which operates Rivers Casino and Resort in Schenectady — for its bid for a 46-story mixed use casino complex called the Avenir, on vacant property at 11th Avenue and 41st Street. — A Times Square casino proposed at 1515 Broadway — home of the Minskoff Theatre and 'The Lion King' Disney musical — by Caesars Entertainment, SL Green and Jay-Z's Roc Nation. — The Soloviev Group, in partnership with gaming operator Mohegan, is looking to build a mixed-use casino proposal called Freedom Plaza along First Avenue between East 38th and 41st Streets near the East River. —Over in The Bronx, Bally's is proposing a casino and entertainment complex next to the golf course it took over from the Trump Organization in 2023 — renaming 'Trump Links' at Ferry Point to 'Bally Links.' Like Cohen, Bally's bid requires Albany's legislative approval to repurpose parkland for commercial use. That bill is still in committee, but Bronx lawmakers have pledged to support it. — In Brooklyn, there's a plan to open a $3 billion 'Coney' casino by Coney Island's fabled boardwalk, just steps from the beach, located smack between the iconic Cyclone and Wonder Wheel. Partners include Thor Equities, Legends Entertainment and the Chickasaw Nation — Genting, the owner of the Resorts World World slots parlor at Aqueduct race track that opened in 2011, has proposed a $5 billion plan to expand its current operations and also offer live table games such as black jack and crap, as well as a 7,000 seat concert venue. — In Yonkers, MGM Resorts International, which introduced slot-machine-style gaming in 2006 with its Empire City Casino next to the racetrack there, also is aiming for a full gaming license with a $3 billion expansion plan that would offer live table bets. Casino applications must be submitted to the state by June 27. Community advisory councils will then have to vote on any bids located in their jurisdiction by Sept. 30. Reps on these committees include the mayor and the local borough president, state Senators, Assembly members and City Council member. The state Gaming Commission will award up to three casino licenses and collect a $500 million license fee from each recipient by Dec. 31 after review of bids by the state Gaming Facility Location Board.
New York Post
19-05-2025
- Business
- New York Post
Hudson Yards casino plan dropped after backlash to complex near NYC High Line
A controversial proposal to build a $12 billion casino complex in Hudson Yards near the High Line was dropped in the face of fierce community opposition, officials said Monday. The Wynn Resort-Related Companies partnership announced it withdrew the bid, which was due for submission next month. 'After careful consideration, we have decided not to lodge an application for a gaming license in New York City,' Wynn Resorts said in a statement. 4 A rendering of Related Companies/Wynn's plan for a casino in Hudson Yards — which has been canceled. Related Companies and Wynn Resorts 4 Two state legislators representing the West Side of Manhattan opposed the casino plans. Related Companies and Wynn Resorts Wynn cited 'persistent opposition' for the withdrawal. '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,' it said in a statement. '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 was opposed by Friends of the High Line and Community Board 4. It's just the latest proposal to get scuttled on Manhattan's West Side. 4 Assemblyman Tony Simone said that he is 'philosophically opposed' to the casino project. Related Companies and Wynn Resorts 4 Assemblywoman Deborah Glick told The Post that she is concerned with the proposed casino's proximity to the High Line. Kristy Leibowitz Efforts to have sports stadiums have also been blocked over the years. The state Gaming Commission is expected to award up to three casino licenses in the New York City area by year's end. This is a developing story.
