First New York Casino Bid Announced; Midtown West Venue Planned

The first official bid to create a New York casino has been made public, with Wynn Resorts teaming up with Related Companies to earmark a gambling site at the Javits Center in Manhattan.

Wynn and Related are seeking to land one of three casino licenses open to city developers this year. There are a wealth of Las Vegas-based casino operators now figuring out how they can finance and run a casino in New York, with the bidding process up and running.

According to the New York Times, the proposed Wynn casino would be located next to the Javits Center and part of Hudson Yards.

It is one of the least developed parts of Manhattan but is known by millions as the end of the Highline walkway. A $25bn Hudson Yards development is being planned for the site.

“Together with the Javits Center, a world-class resort on the Western Yards would create the country’s pre-eminent convention and entertainment district,” the partners said in a news release.

Craig Billings, CEO of Wynn Resorts, added: “Wynn Resorts has a long history of utilizing a compact, upscale casino floor to support the creation of spectacular resort experiences that appeal to an array of guests — travelers and locals alike.

“We look forward to engaging with the community to hear expectations for our development.”

The Wynn New York Casino is projected to be build at Hudson Yards

A Wynn Resorts Casino In New York?

The announcement is the first of its kind since developers were given the green light to put forward bids for one of New York’s three prospective casinos in April. There are already four casinos upstate but none in downtown New York.

There was an initial rush of interest to fill the three vacant positions – some even speculated there would be a casino with flying cars and crypto.

But a high New York gambling tax, licensing fees and other obstacles have ensured casino companies take their time crafting their bids.

Any development is likely to take months to be approved and years to build. New York’s gambling commission will create an oversight board in October that will look at all applications.

The board consists of representatives from Mayor Eric Adams, the governor, a local City Council member, the borough president, the local state senator and the local Assembly member.

Wynn’s share price (WYNN) rose upon the announcement of its joint bid with Related.

What A New York Casino Could Look Like

It is hoped that two of the three New York casinos approved by the committee will be situated in downtown Manhattan.

Any casino would have to prove it is economically viable, and so the big boys from Las Vegas are expected to dominate the bids. They can put up the initial expenditure of lavish casinos in order to attract players – and tourists – for years to come.

Each bid will also likely need to have provisions for hotel rooms, cafes and bars, restaurant and other entertainment facilities. Electronic payment options and safe gambling provisions will also be part of any preferred bid.

The casinos themselves may take on various guises. Due to the expenditure on licensing and tax, it’s unlikely we’ll see a mega resort the size of those in Sin City arrive in Manhattan.

Instead, casinos could form floors of pre-existing skyscrapers. Indeed, Billionaire Steve Cohen – owner of the New York Mets – is said to have discussed a casino project near Citi Field with Hard Rock.

SL Green may look at a casino placed in Times Square – perhaps similar to the Hippodrome in London’s Leicester Square – and Thor Equities have supposedly considered a gambling hall on Coney Island.