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The time for the three much-anticipated New York downstate casino license applications to be accepted is rapidly closing in, which means all interested bidders are trying their best to convince state authorities they are the most suitable candidates.
This is also the case for real-estate development corporation Related Companies which has recently filed a rezoning application to the Department of City Planning.
$12 Billion Casino Development Proposal
The application, which offers details on the way the Hudson Yards will be projected provided Related Companies and partner Wynn Resorts will receive a casino license, is just one of the puzzle pieces of the massive $12 billion proposal.
Since approximately 10 other bidders are polishing their casino development proposals and only three licenses are available, every detail matters.
Related Companies is now relying on the freshly submitted rezoning documents to bag the license.
Originally, the projected spending was $10 billion as per data from May 2023. The amount has now risen to $12 billion as the project will also feature a new platform built above the rail yard operated by Long Island Rail Road across the site.
The corporation has given assurance that its plans will not cause any interruptions to the railroad passenger services.
Five-Year Development Project
If given the green light, Related and Wynn’s project will feature a casino spread across 2.6 million square feet and it will have four stories.
A maximum of 80 other stories will be built above the gaming facility, including a hotel resort counting 1,750 rooms with a conference space, a ballroom, a rich assortment of outlets for foods and beverages, and other amenities.
Reportedly, the project will also include 500 parking spaces and two more skyscrapers with 80 and 74 stories that will be hosting offices, a public school, retail and cultural venues, and over 1,500 new apartments.
The construction of the New York casino development should end in 2030, according to New York Daily Post reports.
