Related Companies Revised $10 Billion Casino Development

The real-estate development corporation, Related Companies, announced a revised plan for its proposed Hudson Yards casino development. As reported by the New York Post, the corporation’s CEO Jeff Blau said the proposed $10 billion development project will start with the construction of the Wynn Resorts tower which would include a hotel to meet the high accommodation requirements of the area.

“It will be one of the most incredible tall buildings in New York City,” Blau reportedly announced.

Revised Proposal:

As the source reports, the proposed development represents a competitive advantage of Related Companies and Wynn in their race for a casino license  just a several months ahead of the final decision on the approval on the downstate casino license.  According to New York Post, the tower will include the gaming space with table games like blackjack, poker and roulette of around 250,000 square feet, as well as prestigious restaurant and shop brands.

Comprehensive Development:

Looking to attract various lifestyles to the far West Side facility, Blau reportedly announced a surprising addition of a 2 million-square-foot office tower for the undeveloped portion of Hudson Yards to the previously announced development of a public green park, public school for the area, and a 1-million square-foot rental apartment tower with 329 housing units announced as ”affordable.”

The executive reportedly said: ”For these reasons we feel we’re in a good position with the best proposal. We’re looking to win.” Related Companies and Wynn have partnered to bid for the only one downstate casino license available this year, with another two expected to be approved to the “racinos” at Aqueduct and in Yonkers. Blau is optimistic as other license contenders are currently facing difficulties with their proposed facilities.

Contenders Facing Hurdles:

Indeed, the projected front runner Steve Cohen’s casino and entertainment complex proposal in Queens has been recently rejected by a Queens politician. Bally’s is also facing land leasing issues in the Bronx which affect the operator’s bid to place a gambling facility there. Also, Legends, the consortium including the Yankees, copes with a strong resistance to its Coney Island casino development from local officials.

As the Post reports, Related Companies now have Sands as the main competitor in the license race. This company’s bid to build a casino in Long Island has recently widely gained local approval and seems close to eliminate all obstacles.

Nassau County Executive Bruce Blakeman told The Post: “While there are still hurdles to overcome, the overwhelming bipartisan approval of the lease transfer to the Sands puts Nassau County one step closer to opening up what will be one of the finest resorts, entertainment centers and casinos in the world.”

However, Related has not eliminated all obstacles for the Hudson Yards development either as State Sen. Brad Hoylman, one of the six-member site review board that will vote whether the proposal will move forward to the next round of the casino selection process, reportedly disregarded the previously-promised amenities and said that the revised proposal represents ” a steep hill to climb.”

Ace in the Hole:

But the company remains optimistic and counts on the 1,700-room hotel development proposal to trump Hoylman’s objections. According to the Post, Related Companies also counts on the fact that its owner Steve Ross is one of biggest donors of Gov. Kethy Hochul, another member of the site review board.

The executive Blau reportedly indicated factors that should make Related the favorite of the next round of the casino selection process to be held in July. The final proposals are expected in the fall and the final decision of the state’s Gaming Commission will be known by the end of the year. The fact that Gov. Kethy Hochul controls the Gaming Commission apparently raises hopes of the developer to win the gaming license and join the other two licensees and contribute the expected $1.5 billion to the state budget.