Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs..."> Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs..." /> Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs..." />

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Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West

With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs have emerged to vie for the prize. Earlier this week, Related Companies and Wynn Resorts, pushing a casino scheme as part of the westward extension of Hudson Yards, have officially withdrawn from the race, citing local opposition to the project.

Instead, Related Companies will focus on building luxury housing above the Western Rail Yard site, targeting the construction of 4,000 residences overlooking the Hudson River. Wynn Resorts will exit the project entirely, Michel Weaver, a spokesman for the company, said in a statement.
“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,” said Weaver.

The pairt’s vision for the undeveloped rail yards, dubbed Hudson Yards West, was denounced by both the Friends of the Highline and Manhattan Community Board 4, an advisory committee for development in the neighborhoods surrounding Hudson Yards.
Hudson Yards West’s viability had hinged on a controversial augmentation to its zoning, which would have drastically reduced the number of residential units in favor of commercial use and the aforementioned casino program. Though the rezoning proposal had been advanced to City Council by the City Planning Commission, it appears that councilmember Erik Bottcher, who represents the lower west side of Manhattan, was unlikely to approve the scheme.
“I am highly skeptical of any alterations to the existing zoning regulations and the potential reduction of housing units,” Bottcher said previously, in a statement.
Hudson Yards West would have included a 5.6 acre park named Hudson Green.The initial concept for Hudson Yards West was master planned by SOM in collaboration with Hollander Design and Sasaki. It included a public park, in addition to housing and office space. How much the master plan will be revised going forward remains to be seen.
Other casinos bids include Citi Field, backed by Steve Cohen and Hard Rock; a Times Square bid from SL Green, Caesars, and Roc Nation; an 11th Avenue site developed by Silverstein Properties; a proposal at Freedom Plaza by Mohegan and Soloviev Group; a Coney Island scheme from Legends Entertainment and the Chickasaw Nation; an extension of the existing Aqueduct Racetrack; and Bally’s takeover of a former Trump golf course in the Bronx.
Formal bids for a casino license are due by June 27, with the winning proposals announced by the end of the year.
#related #companies #wynn #resorts #scrap
Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West
With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs have emerged to vie for the prize. Earlier this week, Related Companies and Wynn Resorts, pushing a casino scheme as part of the westward extension of Hudson Yards, have officially withdrawn from the race, citing local opposition to the project. Instead, Related Companies will focus on building luxury housing above the Western Rail Yard site, targeting the construction of 4,000 residences overlooking the Hudson River. Wynn Resorts will exit the project entirely, Michel Weaver, a spokesman for the company, said in a statement. “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,” said Weaver. The pairt’s vision for the undeveloped rail yards, dubbed Hudson Yards West, was denounced by both the Friends of the Highline and Manhattan Community Board 4, an advisory committee for development in the neighborhoods surrounding Hudson Yards. Hudson Yards West’s viability had hinged on a controversial augmentation to its zoning, which would have drastically reduced the number of residential units in favor of commercial use and the aforementioned casino program. Though the rezoning proposal had been advanced to City Council by the City Planning Commission, it appears that councilmember Erik Bottcher, who represents the lower west side of Manhattan, was unlikely to approve the scheme. “I am highly skeptical of any alterations to the existing zoning regulations and the potential reduction of housing units,” Bottcher said previously, in a statement. Hudson Yards West would have included a 5.6 acre park named Hudson Green.The initial concept for Hudson Yards West was master planned by SOM in collaboration with Hollander Design and Sasaki. It included a public park, in addition to housing and office space. How much the master plan will be revised going forward remains to be seen. Other casinos bids include Citi Field, backed by Steve Cohen and Hard Rock; a Times Square bid from SL Green, Caesars, and Roc Nation; an 11th Avenue site developed by Silverstein Properties; a proposal at Freedom Plaza by Mohegan and Soloviev Group; a Coney Island scheme from Legends Entertainment and the Chickasaw Nation; an extension of the existing Aqueduct Racetrack; and Bally’s takeover of a former Trump golf course in the Bronx. Formal bids for a casino license are due by June 27, with the winning proposals announced by the end of the year. #related #companies #wynn #resorts #scrap
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Related Companies and Wynn Resorts scrap casino bid for Hudson Yards West
With New York State officials set to award up to three downstate casino licenses in New York City by the end of 2025, more than a dozen proposals across the boroughs have emerged to vie for the prize. Earlier this week, Related Companies and Wynn Resorts, pushing a casino scheme as part of the westward extension of Hudson Yards, have officially withdrawn from the race, citing local opposition to the project. Instead, Related Companies will focus on building luxury housing above the Western Rail Yard site, targeting the construction of 4,000 residences overlooking the Hudson River. Wynn Resorts will exit the project entirely, Michel Weaver, a spokesman for the company, said in a statement. “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,” said Weaver. The pairt’s vision for the undeveloped rail yards, dubbed Hudson Yards West, was denounced by both the Friends of the Highline and Manhattan Community Board 4, an advisory committee for development in the neighborhoods surrounding Hudson Yards. Hudson Yards West’s viability had hinged on a controversial augmentation to its zoning, which would have drastically reduced the number of residential units in favor of commercial use and the aforementioned casino program. Though the rezoning proposal had been advanced to City Council by the City Planning Commission, it appears that councilmember Erik Bottcher, who represents the lower west side of Manhattan, was unlikely to approve the scheme. “I am highly skeptical of any alterations to the existing zoning regulations and the potential reduction of housing units,” Bottcher said previously, in a statement. Hudson Yards West would have included a 5.6 acre park named Hudson Green. (Courtesy Related Companies and Wynn Resorts) The initial concept for Hudson Yards West was master planned by SOM in collaboration with Hollander Design and Sasaki. It included a public park, in addition to housing and office space. How much the master plan will be revised going forward remains to be seen. Other casinos bids include Citi Field, backed by Steve Cohen and Hard Rock; a Times Square bid from SL Green, Caesars, and Roc Nation; an 11th Avenue site developed by Silverstein Properties; a proposal at Freedom Plaza by Mohegan and Soloviev Group; a Coney Island scheme from Legends Entertainment and the Chickasaw Nation; an extension of the existing Aqueduct Racetrack; and Bally’s takeover of a former Trump golf course in the Bronx. Formal bids for a casino license are due by June 27, with the winning proposals announced by the end of the year.
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