News Summary
Saks Fifth Avenue has decided to abandon its plans for a casino in its flagship Midtown Manhattan store, marking a significant shift in New York City’s gaming landscape. Originally intended to transform the upper floors of the iconic building into a grand casino venue, the retailer has prioritized other strategic goals. This move leaves ten remaining contenders competing for one of the three gaming licenses available in downstate New York, as local opposition and landmark regulations complicate future casino proposals in the area.
Exciting News Heating Up in New York City
New York City is buzzing with excitement lately, especially in Midtown Manhattan. Big news has emerged as Saks Fifth Avenue has decided to abandon its ambitious plans to build a casino in its flagship store. Yes, you heard it right! What was once a thriving idea among many has now taken a turn, shaking up the competition for gaming licenses in the Big Apple.
Initially Planned Casino Floors? Not Anymore!
Originally, the bold vision was to convert the upper floors of the iconic Saks store, located right across from St. Patrick’s Cathedral, into a sprawling three-story casino. This proposal aimed to use around 200,000 square feet of space dedicated to gaming – a significant undertaking in one of the city’s most famous landmarks. But, after some thought, the owners at Saks Global have chosen to put their energies elsewhere, confirming they won’t be submitting an application for a downstate New York gaming license.
What’s the Reason Behind the Withdrawal?
According to a spokesperson, the company has decided to pivot and focus on what they call “other strategic priorities.” This withdrawal marks a notable moment, as Saks is now the first major player to step down from the race for one of three coveted gaming licenses available in downstate New York. It’s certainly a surprising twist in a city that thrives on high-stakes competition!
Ten Contenders Still in the Running
Now that Saks has bowed out, the stage is set for the remaining ten contenders who are feverishly vying for those three licenses. With the deadline for applications set for June 27 and decisions expected by December 1, the competition is fierce. Prospective licensees are likely sweating it out as they plan the best pathway to secure a piece of what promises to be a highly lucrative opportunity.
Community Pushback and Challenges Ahead
The idea of a casino in Midtown faced strong pushback from local residents. Community organizations and elected officials have expressed real concerns about how a casino would impact the area. Additionally, the landmark designation of the Saks building means that any renovations or new developments would face stringent scrutiny and red tape. This complexity further complicates things for any future proposals, especially those competing against established racetrack casinos like Resorts World in Queens and Empire City in Yonkers, which are likely frontrunners.
A Dropping Sport or a Golden Bet?
Once upon a time, there was a promise that this casino could be operational within a year if all went to plan, but it seems those plans have hit a snag. The Hudson’s Bay Company, Saks Fifth Avenue’s previous owner, even engaged lobbyists to push the casino initiative but recently parted ways with them. Unlike many competitors, they also failed to partner with a gambling firm, which likely put them at a disadvantage in a race that’s already quite competitive.
Big Bucks on the Line!
With the potential revenue for each license estimated to soar up to a staggering $2 billion annually, the remaining contenders surely see this as an exciting but daunting chance. Each winning applicant will face major costs, including a hefty $500 million licensing fee plus substantial investment expenses to bring their casino visions to life.
The Countdown Begins
As we edge towards the application deadline, all eyes will remain glued to New York City. Will any of the remaining ten contenders rise to the occasion? Only time will tell as the stakes get higher every day in this thrilling race. New Yorkers will certainly be keeping their ears to the ground to see how this game of chance unfolds!
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Additional Resources
- Crain’s New York: Saks Fifth Avenue Abandons NYC Casino Project
- Wikipedia: Casino
- The Real Deal: Saks Fifth Avenue Folds Its Casino Proposal
- Google Search: Saks Fifth Avenue Casino
- CDC Gaming: Hudson’s Bay Company Folds Saks Fifth Avenue NYC Casino Proposal
- Google Scholar: Saks Fifth Avenue Casino
- Commercial Observer: Hudson’s Bay Company Bid Casino Saks Fifth Avenue
- Encyclopedia Britannica: Casino Licenses
- CoStar: Saks Drops Bid for Coveted New York Casino License
- Google News: NYC Casino Licenses
