Rendering of new complex (Related Companies and Wynn Resorts)
Stephen Ross’ Related Companies unveiled its plans for a new $12 billion casino and resort complex for New York City. The casino will be located in the Hudson Yards area on the west-side of midtown Manhattan, and will be operated by Steve Wynn’s Wynn Resorts, if the plan is approved.
Gambling is coming everywhere in America these days. New York is expected to authorize the establishment of a number of casinos there. Las Vegas beware!
Related Companies and Wynn Resorts said the resort will anchor the undeveloped Western Railyard with a 5.6-acre park and “unprecedented neighborhood investment.” Hudson Yards West will create 35,000 union construction jobs and 5,000 permanent careers in the resort.
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The project will also have a residential building, including affordable housing, class AA commercial office space, a public school with 750 seats, a community facility and a daycare center.
“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. Wynn guests consistently spend more when they travel. That results in greater tax revenues for the City and State and more spend in the local community, all with less foot traffic than might be required at other resorts,” said Craig Billings, CEO of Wynn Resorts.
“Wynn New York City will be a catalyst for the development of the entire western half of Hudson Yards,” they said.
Stephen Ross is the chairman and founder of Related Companies, a huge real estate development firm responsible for projects like the Deutsche Bank Center and the massive Hudson Yards development in New York City. Ross is also the principal owner of the NFL’s Miami Dolphins and Hard Rock Stadium where they play in Miami.
Steve Wynn is a successful businessman who built a hospitality empire. He co-founded Wynn Resorts, which became a major force in the casino industry. However, sexual misconduct allegations in 2018 forced Wynn to resign from his leadership positions at Wynn Resorts and the Republican National Committee. He has denied the allegations.
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai. The company is currently developing the first international destination gaming resort in the Middle East, in Ras Al-Khaimah in the United Arab Emirates.
Related Companies is the largest private owner of affordable housing in the United States, and a major player overall in the real estate industry. They are a fully-integrated company with a hand in development, acquisitions, management, and various other aspects of the real estate world.
Headquartered in New York City, Related has offices and developments in major cities across the country, including Boston, Chicago, Los Angeles, San Francisco, and Miami. They even have international ventures in London and Abu Dhabi.
