Will casino developers be able to roll the dice in New York City soon?
New York state has a ban on new casinos until 2023, but Governor Kathy Hochul wants to end that moratorium this year, potentially allowing up to three casinos to open downstate.
This could possibly lead to a few new casinos opening in downtown New York City, and nine different gambling giants want in on the action.
There’s a number of casinos close to New York City, including the Aqueduct race track in Queens, numerous casinos in Atlantic City, N.J, and a number of Native American casinos in eastern Connecticut, but none in the city itself.
Developers are hoping that will soon change.
Gambling Laws May Change
In 2013, New York voters approved a referendum to issue and approve seven private casino licenses, four of which were eventually awarded to four upstate casinos in the Finger Lakes, Catskills, Albany areas and along New York's border with Pennsylvania.
Though three licenses are still available, there has been a concurrent ban on new casinos until next year under a 2014 law. But New York lawmakers are reportedly interested in opening up bids for new casino locations this year and overturning the law, according to Politico.
The idea is that the new construction jobs and taxable revenue from casinos could help boost up New York City’s economy, which has suffered due to Covid-19. Every new license for a casino would likely include a $500 million fee.
All decision related to New York City-area casinos would be a part of state budget negotiations for the fiscal year that starts April 1.
Who Wants To Build A Casino?
There’s potentially three licenses for new casinos, and reportedly nine companies who are interested in getting in on the action. That is leading to a great deal of behind-the-scenes lobbying, as a number of developers have submitted preliminary details, reports said.
Some of the developers that are currently eyeing the new licenses include Resorts World New York City in Queens, the MGM-owned Empire City Casino in Yonkers (MGM), UE Resorts International Inc., Las Vegas Sands Corp. (LVS), Wynn Resorts (WYNN), Rush Street Gaming, Hard Rock International, Bally’s Corporation BALY and the Water Club in Manhattan.
But while New York’s state government and the casino developers are eager to enter the market, they are both likely to encounter regulatory hurdles and possible community opposition from residents who would rather not have a casino in their backyard.
Where Would The Casinos Go?
Downtown New York and the Times Square area in particular is one of the world’s biggest tourist destinations, so naturally a number of developers would love to build casinos there.
The Hard Rock Hotel New York is set to open in Times Square in April and is reportedly hoping to open a casino nearby, if possible. The Hudson Yards development near Penn Station is also being eyed as a possible location.
But if the licenses are granted and there’s just too much red tape to build a casino in the city, developers are reportedly also weighing nearby locations including New Jersey’s Meadowlands Racetrack, which is near Metlife Stadium, as well as Citi Field in Queens, Politico reports.
