The time to dot the i's and cross the t's on the New York City casino proposals is running out, and developers are working overtime to get the approvals they need to submit workable plans before the June deadline.
That being said, the Hudson Yards casino project is one step closer to becoming a reality after the City Planning Commission (CPC) approved a controversial land-use modification.
The commission voted 9-4 to push the rezoning plan forward. It could transform the Western Rail Yards into a bustling commercial activity and entertainment hub.
The Vision: Hudson Yards Casino
Developers Related Companies, Oxford Properties Group, and Wynn Resorts are behind this bold project.
They propose to revamp the area with a mix of gaming resorts, housing, and park space. The plan amends a 2009 blueprint that aimed to create a largely residential neighborhood in this section of Manhattan.
The new plan reduces housing by 3,000 units but maintains the number of affordable housing options. It emphasizes commercial development, leaving the door open for a casino, pending a separate state license.
Related Companies argues that the original plan, reliant on luxury condo sales, is no longer financially feasible. "Our proposal is a proactive solution to make the best use of the site," they assert.
Key Details of the Proposal
Commission Chair Dan Garodnick clarified the commission's stance.
He told W42ST.nyc “While this is a significant proposal before us this morning, the scope of what we’re actually voting on is much narrower,” he said. “It is therefore our responsibility to help create the best site plan possible for this large project on a site that is limited by an active railway right below, and which has significant existing development rights for both residential and commercial activity."
If a casino is built, the developers promise 1% of its gross gaming revenue will benefit nearby communities such as Chelsea, Hell’s Kitchen, and Manhattan's West Side. Additionally, improved transit services are expected to support a full-service casino in the area. The Hudson Yards Casino development is also projected to generate $2.7 billion in revenue for the MTA.
Hudson Yards Casino Faces an Uncertain Future
While this approval is a significant milestone, the Hudson Yards casino faces stiff competition, and the journey is far from over. The project still requires approval from the City Council for the zoning changes, and it must also secure one of three new state casino licenses afterward.
Eleven projects are vying for up to the licenses. Applications are due by June, with zoning and other approvals needed by September 30. The final decision on who gets the licenses is expected in December.
Some of the other proposals include Bally's ambitious plan to build a casino in the Bronx, next to the Bally's golf course at Ferry Point.
A casino is part of a plan developers say would revamp Coney Island. Another would transform the land around the Nassau Coliseum, while other proposals include Times Square and a bid from Resorts World New York City.
Just last month, New York Mets owner Steve Cohen gained support from State Sen. John Liu for his Metropolitan Park project, proposed for Citi Field parking lots. The plan also hinges on navigating state parkland regulations.
The Hudson Yards casino proposal has faced fierce opposition, particularly from groups like Friends of the High Line. Despite these challenges, securing CPC approval is a noteworthy victory for the developers, marking significant progress in their complex approval process.
