News Summary
Mayor Eric Adams is calling for the approval of five remaining casino proposals in New York City after recent rejections of two major projects in Manhattan. The Mayor emphasizes the economic development potential of these multibillion-dollar initiatives, supported by a study projecting substantial job creation. Despite community pushback on certain projects, the report highlights their importance for local economies. Concerns about the management of casino tax revenues have also emerged, prompting calls for a fairer distribution that benefits neighborhoods. The future of casino development in NYC remains a contentious issue as upcoming votes approach.
New York City – Mayor Eric Adams is urging local officials to approve five remaining casino proposals in New York City, following recent setbacks in the casino bidding process. Two prominent casino projects in Manhattan were rejected during the latest meetings of the Community Advisory Committee (CAC), which has underscored the pressure on city officials to escalate the approval of remaining proposals that promise significant economic benefits.
The Mayor’s office has emphasized the economic development potential of these multibillion-dollar projects. The timing of the newly released study, which details job-creation estimates for each proposal, coincides with the upcoming CAC votes that will determine the future of these ventures in the city.
The 24-page report estimates that the Freedom Plaza project, proposed by the Soloviev Group and Mohegan, will create the most jobs, projecting 17,907 construction jobs and 2,736 permanent jobs. In contrast, the project faces notable neighborhood opposition, mirroring the challenges faced by other Manhattan casino bids.
Recently, CAC votes resulted in the rejection of SL Green’s Caesars Palace Times Square project and the Avenir proposal by Silverstein Properties. Mayor Adams expressed disappointment with these decisions, highlighting that both projects held considerable potential for economic growth in the city.
The rejection has raised concerns among some, including members of the Mayor’s appointed CAC, who criticized the early voting results that occurred more than two weeks before the official voting deadline of September 30. This has led to increased scrutiny over the impartiality of the voting process.
Among the other proposals still in contention, the MGM Empire City proposal located in Yonkers falls outside the Mayor’s jurisdiction, while the Metropolitan Park proposal, associated with Mets owner Steve Cohen and Hard Rock Entertainment, is notable for projecting 16,224 construction jobs and 2,559 permanent jobs, along with an estimated tax revenue of $11.5 billion over 30 years.
The smallest of the proposals is Bally’s project in the Bronx, which estimates total job creation at 8,483, with projected tax revenue of $7.2 billion. The released report also features recommendations to enhance each project, such as funding for a skybridge for Freedom Plaza and the relocation of a hotel tower in Coney Island to preserve neighborhood views.
Concerns persist regarding the state’s plan for managing casino tax revenues, which are primarily directed to the Metropolitan Transportation Authority (MTA). In light of this, the Mayor’s office has called for a refined distribution formula to ensure local neighborhoods benefit from the economic influx rather than solely the transportation authority.
The overarching goal of the report and the continued push for casino approvals is to create a balance between economic development benefits and addressing the local community’s needs and concerns surrounding the integration of casinos into their neighborhoods. In this context, Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión, Jr. emphasized the importance of maintaining a transparent and community-centered approach in evaluating these proposals.
This analysis encompasses all seven casino proposals within New York City, including those that have recently been rejected, highlighting their potential economic impacts. As the upcoming CAC votes draw near, the future of casino development in New York City remains a topic of critical discussion among city officials, residents, and stakeholders.
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Additional Resources
- Hoodline: Mayor Eric Adams Evaluates Economic Impact of Proposed NYC Casinos
- Crain’s New York: Adams Tries to Salvage Remaining NYC Casinos After 2 Rejections
- Connect CRE: Adams Touts Billions in Economic Impact from NYC Casino
- New York Times: Adams Veto Bally’s Casino Proposal
- Politico Pro: Manhattan Casinos Dealt Major Blow with Rejection by Community Boards
- Wikipedia: New York City
- Google Search: New York City casinos
- Encyclopedia Britannica: New York City
- Google News: New York City casino news
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