News Summary
New York State is poised to award three downstate casino licenses by December, generating significant interest from developers and local communities. With eight proposals, key contenders include projects in Times Square, Coney Island, and a golf course in the Bronx. The state expects to raise at least $1.5 billion in upfront revenue to support vital infrastructure projects. Local committees play a crucial role in selecting the proposals, which include commitments to community benefits and job creation amidst concerns over potential drawbacks.
New York State is set to award three downstate casino licenses by December this year, creating significant interest among developers and local communities. Eight proposals are currently competing for the licenses, focusing on locations such as Times Square, Coney Island, and a golf course in the Bronx that was previously owned by Donald Trump. The state anticipates generating at least $1.5 billion in upfront revenue from these licenses, which will be allocated to support essential city infrastructure projects.
Local committees are crucial to the selection process, tasked with voting on the proposals by the end of September. This early evaluation is seen as a key step that will determine which projects move forward. Among the contenders, two existing racinos, Resorts World and MGM Empire City, are considered strong candidates due to their established operations and the relatively quicker timeline for transitioning to full-scale casinos.
A prominent proposal includes a casino project at Citi Field, spearheaded by Steve Cohen. Although regarded as a promising opportunity, it faces hurdles regarding land-use changes and the necessary legislative approvals. Another major player is the Genting Group, which is looking to expand its existing Resorts World racino into a full casino. This project is notable for its proposed investment of $5.5 billion and potential for generating substantial revenue.
In addition, the MGM Empire City project is transitioning from its existing facility to a fully operational casino, backed by strong local political support. Meanwhile, plans in Manhattan consist of a $5.4 billion casino development proposal by SL Green in Times Square, which has drawn criticism from local politicians and leaders of the theater community. There are also alternatives being considered, including an $11.1 billion project next to the United Nations that promises luxury features and substantial community space, as well as Silverstein’s $7 billion plan on the West Side.
Another interesting contender is Bally’s, which has proposed building a casino at a Bronx golf course. While this plan has faced resistance from some community stakeholders, it has garnered support from other local groups. Coney Island’s proposal aims to enhance seasonal tourism through a $3 billion entertainment complex, offering considerable community benefits but also meeting with opposition from local stakeholders.
The redevelopment project at Nassau Coliseum by Las Vegas Sands seeks to create an extensive entertainment hub, projected to generate a significant number of jobs. Each proposal includes commitments to community benefits, such as affordable housing, public green spaces, and additional entertainment venues, as developers aim to enhance their prospects of selection by city officials.
Throughout this competitive process, the overarching theme reflects broader economic interests and significant lobbying as developers look to tap into New York’s growing gaming market. While there are concerns regarding potential traffic and crime associated with the proposed casinos, supporters argue that these developments can stimulate local tourism and job creation.
Community boards have been instrumental in reviewing the proposals, with many local organizations and elected officials weighing the potential benefits against possible drawbacks. The outcomes of these evaluations will play a vital role in determining the future of New York’s casino landscape, along with the associated economic implications for the neighborhoods surrounding the proposed sites.
Deeper Dive: News & Info About This Topic
- Politico: High-Stakes Chase for New York City Casino Licenses
- New York Times: Casinos in NYC
- ABC7: Proposal for Caesars Palace in Times Square
- Wikipedia: Gaming in New York
- City & State NY: Breakdown of New York Casino Licenses Bid
- Encyclopedia Britannica: Casino
Author: STAFF HERE NEW YORK WRITER
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