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    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

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Prominent NY lawmakers speak out against Wynn’s Hudson Yards casino plan

July 24, 2024
in Entertainment
Prominent NY lawmakers speak out against Wynn’s Hudson Yards casino plan
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Two influential New York State lawmakers have voiced opposition to Wynn Resorts and Related Companies’ plans for a casino at Hudson Yards on Manhattan’s West Side. One of them sits on the panel that will ultimately award the three downstate casino licences.

The lawmakers object to placing a casino, hotel and residential towers next to the High Line pedestrian park.

Assemblyman Tony Simone posted his objections on X to any casino in the neighborhood he represents. His opposition is significant: Simone will serve on the six-member panel that will vote on whether to recommend the proposed casino to the state Facility Location Board,

“I’ve been clear: I’m philosophically opposed to a casino on the West Side of Manhattan,” Simone wrote. “The community has been against it, and unless that changes, I’m a no.”

Wynn New York casino alter the High Life experience?

Assemblymember Deborah Glick raised similar objections in a statement published by the New York Post. She represents the area on the southern portion of the High Line, and chairs the Assembly’s Environmental Conservation Committee.

Wynn New YorkWynn’s development would include multiple skyscrapers

“The High Line is a unique and beloved park intended to get New Yorkers and visitors outside and above the congested streets and sidewalks,” Glick said.

“Any plans that block views from this distinctive vantage point or allow for building closer to the High Line run counter to the High Line Special District and would significantly alter the experience.”

Wynn’s partner defends Hudson Yards project

In a statement to the Commercial Observer, a Related Companies spokesperson defended the project.

“Our proposal to transform the western yards with a massive new park, hundreds of units of affordable housing, and development that will generate tens of thousands of jobs, billions in new taxes and community investments, has not even been formally submitted yet, so we would hope our government leaders would wait to read it before forming a judgment,” the spokesperson said.

Wynn Hudson YardsWynn and Related Companies’ $12bn proposed development is drawing flak from local lawmakers

“We have met with the High Line ten times and made meaningful amendments to our proposal in direct response to concerns they raised. It is our hope that as good neighbours, they would discuss any further concerns with us directly in the spirit of that constructive dialogue.”

The proposed Wynn New York City would comprise a $12bn complex consisting of multiple skyscrapers. The development would include 1,500 apartments, two million square feet of office space, a 750-seat public school and day care centre, as well as a hotel and casino operated by Wynn.

It is one of 11 projects in the New York metropolitan area vying for three available downstate licenses.

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Copyright for syndicated content belongs to the linked Source : IGamingBusiness – https://igamingbusiness.com/casino/property-development/new-york-lawmakers-oppose-wynn-casino/

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