Summary:
- A 750-seat public school is included in the plans.
- 35,000 union construction jobs would be created with the project.
- The project is expected to cost up to $12 billion.
Wynn Resorts and Related Companies have provided more details on their New York City casino proposal. The partnership plans to spend upwards of $12 billion to bring a project to Hudson Yards, including a casino and hotel, as well as a public park, school, and other community projects.
The renderings showcase how the former train graveyard will be transformed into a popular destination on the West Side of Manhattan.
Details of the Proposal
The plan, which was released yesterday, features an 80-story tower overlooking the Hudson River. This tower would be home to the property’s hotel and casino gaming floor. The skyscraper would be surrounded by apartments, offices, and a 5.6-acre park.
Tourists and residents would be able to enjoy a public park, with walkways leading up to the resort complex. The design shows the glimmering residential tower, office buildings, and casino, with the property set to offer many amenities and community interaction.
Related Companies also plans to add a public school to house 750 children, a community facility, and a daycare center. All of these plans will create as many as 35,000 union construction jobs. Once the facilities are up and running, as many as 5,000 permanent employment positions will be available.
Boosting the NY Economy
The hotel plays a major role in the project plans, as it would be a destination for casino visitors and the Javits Center next door. Promoters feel that the development would help boost the region’s tourism and economic development. With so many elements, it would create several streams of income of which the state can benefit.
Related Companies CEO Jeff Blau stated that Hudson Yards will be a catalyst for the economy as it offers thousands of construction jobs and becomes a home to leading companies from around the world, along with offering retail options and housing.
A full price tag has not been provided by Related Companies or Wynn Resorts. However, estimates have come in at around $12 billion for the project. The cost of casino gaming in New York is also not cheap. A license holder must pay $500 million to access licensing and be eligible to offer services.
The competition is stiff for the three available licenses, including a plan by NY Mets owner Steve Cohen. His plan includes spending $8 billion on a gaming venue, hotel, and music spot next to Citi Field. Additional casino brands are also in the mix, along with plans provided by Bally’s, Caesars, and other major companies.
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