Wynn Resorts has pulled out of the race to win one of three New York casino licences, highlighting the rezoning process and local opposition as the reasons the opportunity became less viable.
The move leaves eight proposals still on the table.
A statement from Wynn Resorts said: “The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers.”
New York City’s Planning Commission (CPC) had ‘overwhelmingly voted’ in favour of planning modifications needed to allow the existing Western Railyards at Hudson Yards to be redeveloped into a casino resort.
However, opposition from Community Board 4, which represents the Hudson Yards neighbourhood, was also overwhelming. It voted unanimously against approving a change in zoning to allow the project to move forward. Whilst just advisory, the vote of no confidence is a concern for the developers.
In a letter to City Planning Director Dan Garodnick, Community Board 4 highlighted ‘catastrophic traffic and air quality impacts on our neighborhoods.’
“This proposal simply isn’t a fit for this site,” it said.
Community Board 4 was backed by the community group; friends of the High Line.
New York City Council Member Erik Bottcher said: “This casino proposal did not meet the high bar of community support that such a consequential project demands.”
Related Companies/Oxford Properties Group and Wynn Resorts required the zoning changes to proceed with its plans to develop the $12bn Wynn New York City at Hudson Yards West on top of the undeveloped western rail yards. Wynn New York city will create 5,000 permanent union careers, 35,000 union construction jobs during development, a 5.6-acre public park, comparable in size to Bryant Park, 1,500 new housing units, including 324 affordable apartments.
