A joint venture between Related Companies and Oxford Properties Group, along with Wynn Resorts, released updates to its $12 billion mixed-use Hudson Yards West project in New York City.
The project, on top of the undeveloped western rail yards, would include Wynn New York City, a 1,500-key resort, if approved by city and state officials, the companies detailed in a Wednesday release.
If approved, Hudson Yards West will also include a 5.6-acre public park, comparable in size to New York City’s Bryant Park; 1,500 housing units, including 324 affordable apartments; and a public K-8 school, according to the release.
Wynn New York City will “anchor the development,” the companies noted. The resort will feature signature Wynn amenities, including casual and fine dining, spa facilities, event spaces and upscale gaming that will “enhance Manhattan’s global reputation as the ultimate destination,” according to the project website.
The development would also create 5,000 permanent union jobs, the companies said.
In a second quarter earnings call this year, Wynn CEO Craig Billings said the company was “exploring potential greenfield opportunities in attractive gateway cities like New York,” but did not call out the Hudson Yards project specifically. He also noted the company looks to expand its Las Vegas footprint.
Related Companies and Wynn Resorts partnered in 2022 to pursue a downstate casino license for the New York City project. At the time, Related Cos. CEO Jeff Blau said the resort would “reinvigorate” New York City’s tourism economy and provide billions in tax revenues for the city and state.
The companies are among others vying for gaming rights in downstate New York, where three gambling licenses are up for grabs, but it can be tough to secure community support and approval.
In March, Resorts World New York City announced a $5 billion project that would add a 350,000-square-foot casino floor, 1,600 hotel rooms and a 7,000-seat entertainment venue to its existing space in Queens.
And in 2022, SL Green Realty Corp. and Caesars Entertainment launched plans to develop a casino resort in Times Square. Their licensing bid was backed by several major Times Square landlords, CoStar reported in December 2023.
