News Summary
As developers rush to submit applications for three coveted casino licenses in New York City, the Gaming Facility Location Board anticipates nearly eight submissions. The applications highlight a range of detailed requirements and have sparked both enthusiasm and opposition within the community. MGM Yonkers Inc. aims to transform the Empire City Casino into a $2.3 billion project, promising job creation and sustainability initiatives. The licensing process reflects the larger debate surrounding economic growth and community impact in the region.
New York – Applications for three sought-after casino licenses in and around New York City are due today, marking a significant deadline for developers and companies seeking to expand the region’s gaming landscape. The state’s Gaming Facility Location Board is responsible for reviewing submissions, which are expected to total around eight by day’s end.
Some developers have already taken the initiative to deliver applications in person to the board’s office in Schenectady. The breadth of documentation required for each application highlights the complexity of the licensing process, with one submission reportedly exceeding 50,000 pages, while another is a more concise 900 pages. Necessary documents include bank references, tax returns, and revenue forecasts specifically related to slot machine operations.
Industry Rivalry and Community Reactions
The competition surrounding these casino licenses has spurred both enthusiasm and opposition among stakeholders. A rally took place in Times Square to advocate for the Caesars Palace Times Square project, a collaboration between Caesars Entertainment, Roc Nation, and SL Green Realty. This event occurred just one day after a demonstration by the No Times Square Casino Coalition, which voiced its opposition to the Caesars endeavor.
MGM Yonkers Inc. has also thrown its hat in the ring, submitting a proposal for a commercial casino license at the Empire City Casino site. The company is proposing an ambitious $2.3 billion expansion aimed at transforming the current venue. This proposal includes extensive renovations, a high-limit lounge, and the introduction of a BetMGM Sportsbook, along with plans for a 5,000-person capacity entertainment venue and new full-service restaurants.
Economic Impact and Job Creation
MGM Yonkers is positioning its development as a key driver of job creation, anticipating that the economic activity generated by the new casino license will yield thousands of new jobs for local residents. Furthermore, the proposal outlines a revenue-sharing plan that allocates 20% of the tax revenue generated from the casino operations. This revenue is proposed to be divided as follows: 10% to the City of Yonkers, 5% to Westchester County, and 5% to Rockland and Putnam counties.
Sustainability Initiatives
In addition to economic benefits, MGM Resorts is placing emphasis on sustainability as a cornerstone of its development strategy. Planned features include a solar energy parking garage designed to minimize environmental impact, along with advanced water conservation initiatives throughout the facility.
Since the opening of Empire City Casino in 2006, MGM Resorts has demonstrated a significant commitment to the state of New York, contributing over $5 billion to its education system. Bill Hornbuckle, President and CEO of MGM Resorts, has highlighted the cultural and economic significance of Empire City Casino, particularly how it aligns with community interests and regional development goals.
Conclusion
As the deadline for casino license applications closes, the potential for expanded gaming in New York City looms large, bringing with it a mix of economic promise and community debate. The ensuing review process will determine which proposals move forward as developers navigate both the excitement and opposition linked to significant gaming developments in the heart of one of America’s largest cities.
Deeper Dive: News & Info About This Topic
- Bloomberg: NYC Casino License Battle
- Wikipedia: Casino
- PR Newswire: MGM Yonkers Casino License
- Google Search: New York casinos
- New York Times: Casino Licenses Applications
- Encyclopedia Britannica: Casino
- CDC Gaming: NYC Casino Proposals
- Google News: Casino licenses New York
- Casino Reports: New York Casinos Applications
