Word on the street is NYC may be getting its first casino. Related Companies is teaming up with Wynn Resorts to bid on one of the three new casino licenses approved by state lawmakers back in April. If the Related-Wynn proposal is accepted, they’re looking to develop their casino in Hudson Yards next to the Javits Center.
As soon as this news broke headlines late last week, no time was wasted in getting people talking. The reviews have been mixed, with both advocates and opponents expressing their opinions. While the economic impact of a casino may benefit the city and commercial developers, homeowners are worried (and rightfully so) about the impact a casino in the city will have on their home values.
Related-Wynn, which is one of several developers bidding, is already anticipating potential pushback from city officials and residents alike. In fact, Wynn Resorts CEO, Craig Billings says they “look forward to engaging with the community to hear expectations” for their casino development, and Related CEO, Jeff Blau points out that the upscale casino-resort will “reinvigorate our tourism economy and provide billions in tax revenues for the city and state.”
NYC homeowners, particularly in the nearby area, are concerned with external issues such as congestion and other social costs that could very well negatively impact the value of their homes. NY State Senator Brad Hoylman said, “Related and Wynn have a steep hill to climb to convince local residents that a casino in Hudson Yards is in their best interests,” while Mayor Eric Adams’ office has expressed support for a casino in the city.
The debate on the impact a casino could have on a residential property’s market value has existed for as long as casinos have been around, and various studies have reported mixed results. It is also worth pointing out that the outcome of these studies varies based on location, population and patrons. NYC doesn’t have any real data it can look to for a forecast on what it may mean for homeowners if a casino is developed in the city. What we do know is that there will be plenty of discussions leading up to a potential casino license approval, which most likely will not be finalized until early 2023.
What are your thoughts on the matter? Is this a gamble New York City should avoid? I’d love to hear your thoughts.