As the final countdown begins for casino licenses in New York City, developers wait anxiously to see who will secure the coveted approvals to open commercial casinos in the metropolitan area.
This licensing process comes as a result of a state board’s decision to grant three commercial casino licenses for the five boroughs and Yonkers, a move stemming from a gambling expansion approved by voters in 2013.
More than a decade later, eight proposals have emerged, each vying for one of the three available licenses — a competitive landscape that could dramatically transform various neighborhoods throughout the city.
These proposals are concentrated in notable areas such as Times Square, Coney Island, and Citi Field, stirring both excitement and serious controversy amongst local communities.
Residents around Coney Island have protested against the casino plan, citing concerns about its impact on local businesses and community character, while those in the vicinity of Citi Field have suggested alternative developments for the area.
Here’s a closer look at the eight prominent proposals for casino licenses in New York City, together with the respective developers behind each initiative.
In Manhattan, The Avenir, located at 11th Avenue and West 41st Street, aims to create a casino along with a 1,000-room hotel, entertainment spaces, and several dining options.
This project is spearheaded by Silverstein Properties, Rush Street Gaming, and Greenwood Gaming & Entertainment.
Another Manhattan proposal is Caesar’s Palace Times Square, which plans to transform a portion of Broadway between West 44th and 45th Streets into a gaming and entertainment hub featuring a nightclub, hotel, and a luxury spa.
This plan is backed by an impressive coalition of SL Green, Roc Nation, Live Nation, and Caesars Entertainment, with Jay-Z’s Roc Nation bringing celebrity firepower to the proposal.
Freedom Plaza, located at 686 First Ave. between East 38th and 41st Streets, seeks to transform a long-dormant site south of the United Nations headquarters into a full-fledged casino complex, complete with hotel amenities and green space.
The Soloviev Group, Mohegan, and Banyan Group are collaborating on this ambitious effort.
Moving to the Bronx, Bally’s New York Casino plans to utilize the existing golf course at Ferry Point for its casino endeavor.
This proposal promises a spacious facility with a 500-room hotel, an event center, and expansive gaming space, contingent upon a $115 million payout stemming from the golf course’s past ownership by President Donald Trump, if the license is granted.
In Queens, the Metropolitan Park proposal, situated near Citi Field, envisions a multi-acre resort with a casino, hotel, and a Hard Rock theater while expanding park space.
This initiative is championed by Steve Cohen, owner of the Mets, and Hard Rock International, who have already begun preliminary preparations for the plan.
Another Queens contender, Resorts World New York City, aims to expand its current operations from a racino to a full casino, with significant additions that could accelerate revenue generation.
This proposal is backed by The Genting Group, a major player in the hospitality and gaming sector.
In Brooklyn, The Coney proposal seeks to revitalize Coney Island with a 1.4-million-square-foot complex featuring a hotel, theater, and various entertainment and dining facilities.
This effort is supported by Thor Equities, the Chickasaw Nation, and Saratoga Casino Development.
Meanwhile, MGM Empire City in Yonkers plans to expand the existing Empire City Casino and Yonkers Raceway into a significantly larger facility with ample amenities, backed by MGM Resorts.
These casino proposals are not merely a capital venture; they are part of a broader strategy guiding the state’s approach to gambling regulation.
New York lawmakers allowed for this evolution in gaming options following a constitutional amendment passed in 2013, broadening the landscape for commercial casinos beyond upstate.
Since then, four commercial casinos have opened across upstate New York, illustrating both the potential financial benefits and the controversies associated with such developments.
Each of the eight casino applications submitted to the Gaming Facility Location Board includes vast documentation that requires careful evaluation, and these proposals will undergo a community vetting process before final licensing decisions are made.
This mini-vote, conducted by a six-member Community Advisory Committee for each project, is set to conclude by September 30.
The final selection of applicants for the three licenses will be conducted by the full Gaming Facility Location Board, with decisions expected by December 1.
The process involves critical assessments where every Community Advisory Committee must garner approval from at least four of its six members to advance any proposal.
Each committee is composed of members appointed by Governor Kathy Hochul, local lawmakers, and city officials, ensuring a spectrum of community input into the decision-making process.
For instance, the CAC for The Avenir includes representatives from various sectors, including city planning and local government, ensuring diverse perspectives are taken into account.
This comprehensive approval structure is designed to ensure that community voices are not only heard but also play a significant role in shaping the future of their neighborhoods in terms of gaming and commercial development.
Each successful applicant is required to pay a hefty $500 million for the state license, alongside a commitment to invest at least an additional $500 million in local community development initiatives.
Furthermore, future gaming revenues will incur taxation at rates that are yet to be finalized, with the gaming board indicating a minimum of 25% for slots and 10% for other gaming activities.
Potentially, these new gaming operations could yield approximately $5.5 billion in gross gambling revenue, as per analysis conducted on the anticipated economic impact of these casinos, which may usher in up to $841 million annually in tax revenue and create a significant number of jobs.
Despite the optimistic projections, past experiences from upstate casinos hint at the complexities involved, with mixed outcomes reported in terms of revenue generation.
As New York embarks on this next chapter in its gaming history, the stakes are higher than ever, not only for the developers aiming to build these establishments but for the community members who will be directly affected by their presence in the city.
The outcome of this competitive process will not only reshape the economic landscape but also redefine the social fabric of the neighborhoods involved.
Both advocates and opponents of these casino proposals will have their eyes fixed on the Gaming Facility Location Board, anticipating the announcement of which of the eight developers will secure the keys to New York’s next wave of commercial gaming ventures.
image source from：thecity
