Wynn Resorts Discloses Further Details on $12bn Casino Plan

The Nevada-based, publicly traded corporation that develops and operates high-end hotels and casinos, Wynn Resorts, has offered additional details of its bold plans for a $12 billion skyscraper casino resort in New York City.

Wynn Resorts has recently released the renderings of the upcoming complex that will be located at Hudson Yards. 

5.6-Acre Recreational Area

The project, proposed as part of a partnership with real estate firm Related Companies, also features a series of office spaces, bars, a residential building, and a generous 5.6-acre park that will be used as a neighborhood recreational area.

The mega complex would be 80 stories high, revamping the city’s skyline.

As explained by Wynn Resorts’ chief communications and brand officer, Michael Weaver, while the total development cost for the Western Hudson Rail Yards complex may be as high as $12 billion, the “development cost for the Wynn New York City gaming resort is approximately $5.7 billion, excluding licensing fees and financing costs.”

One of the most significant costs would be related to the adaptation and renovation of the abandoned Hudson Yards railway site.

Wynn Resorts’ chief executive officer, Craig Billings, explained that Wynn New York City would “attract luxury and aspirational travelers” to their destination resort in Hudson Yards.

He argued that Wynn guests usually spend more while traveling, thus generating higher tax revenue for the city and state and more spending in the local community while lowering the foot traffic compared to other resorts.

Additionally, the new resort could create as many as 40,000 open employment positions, roughly 35,000 in construction, and 5,000 permanent positions within the facility.

If it would have been awarded a license, the resort would need to cover a license fee of $500 million.

In February, Wynn Resorts announced it boosted its Las Vegas Resort fees for guests from $45 to $50.

Strong Competitors on the Horizon

While the facility looks promising, it has a few strong competitors over the three available licenses for downstate casinos provided by the New York State Gaming Commission. 

For instance, in 2023, New York Mets’ owner, Steve Cohen, also spoke about their plans to build a similar 50-acre development that would surround Citi Field in Queens. 

Metropolitan Park, which is the project’s name, would incorporate conference spaces, restaurants, and a Hard Rock hotel featuring gaming and live music.

The project would generate around 15,000 new jobs for the people of New York. 

Resorts World is also busy improving user experience amid the fierce competition. Its Queens casino has revealed a redevelopment plan valued at $5 billion that would change the venue into a “world-class” resort for entertainment purposes. 

At the moment, Resorts World New York City only provides slots and horse racing.

The promising project would include a performance space, a series of shops, 1,600 brand-new hotel rooms, and a casino inspired by the Las Vegas gaming market. 

The fate of the project will be eventually settled by Resorts World’s capacity to get one of the three licenses.