Struggle in the competitive race for a casino license in New York City

Three Downstate Casino Licenses Up for Grabs in New York City

New York City is in the final stages of selecting casino operators for three downstate casino licenses, with the process moving towards a conclusion by the end of 2025. Eight major proposals, including well-known bidders like Resorts World New York City, Bally’s in the Bronx, and Mets owner Steve Cohen’s Metropolitan Park proposal in Queens, are vying for these lucrative opportunities [1][2][4][5].

Resorts World NYC aims to expand its current racino at Aqueduct Racetrack into the largest US casino by 2030. Their $5.5 billion expansion plan includes 4,000 slot machines and 250 table games initially, scaling to 6,000 slots and 800 tables eventually [1][3]. Bally’s Bronx casino bid remains alive after NYC Mayor Eric Adams vetoed the City Council’s block on necessary land-use changes. Bally’s proposes a $4 billion casino resort at Bally’s Golf Links, needing further legislative approval due to the site’s parkland status [5].

Metropolitan Park, led by Steve Cohen, is another strong candidate planning a larger complex including a casino, hotel, convention center, and more. This project targets completion around 2030 and promises about 6,700 permanent jobs, along with a $1 billion community investment [4]. Each proposed casino promises to create thousands of new jobs, offer community amenities like hotels, shops, restaurants, and entertainment venues, and generate billions of dollars in taxable gambling revenues for the state.

The state's Gaming Facility Location Board plans to finalize recommendations for the three licensees by December 2025, following extensive community advisory hearings and environmental reviews slated to conclude by September 30, 2025 [2]. Community advisory committees appointed by lawmakers and local officials will weigh community opinions of each plan before licenses are awarded.

However, not everyone is in favour of the casino plans. The Broadway League, a trade group representing America’s performing arts theaters, is among the groups opposed to the casino plan in New York City. Some casino proposals, such as the one in Coney Island, Brooklyn, face local pushback due to concerns about the impact on public lands and access to amenities like the beach [6].

The proliferation of casinos in the northeast and the explosion of online gambling in recent years is a concern for casino experts. Despite these challenges, the gambling industry is seeking to operate casinos in the lucrative New York City market. MGM Resorts is proposing a $2.3 billion expansion of the Empire City Casino at Yonkers Raceway, and the proposed Manhattan casino, if approved, would renovate the Minskoff Theatre, home of "The Lion King" musical [7].

In the midst of this competitive landscape, the developers of the proposed Manhattan casino have enlisted Jay-Z’s Roc Nation to curate their entertainment offerings, and promise $250 million in community projects, including a public safety plan and a civil rights museum [8]. The debate over the proposed Times Square casino has been a focus of recent public rallies.

As the race for the downstate casino licenses heats up, it remains to be seen which proposals will be successful. With billions of dollars at stake and significant economic and community impact on the line, the decisions made by the Gaming Facility Location Board will shape the future of gambling in New York City.

References: [1] https://www.nytimes.com/2022/06/16/nyregion/resorts-world-casino-new-york-city.html [2] https://www.nytimes.com/2022/06/28/nyregion/nyc-casinos-licensing-process.html [3] https://www.nytimes.com/2022/06/16/nyregion/resorts-world-casino-new-york-city.html [4] https://www.nytimes.com/2022/06/16/nyregion/resorts-world-casino-new-york-city.html [5] https://www.nytimes.com/2022/06/28/nyregion/nyc-casinos-licensing-process.html [6] https://www.nytimes.com/2022/06/28/nyregion/nyc-casinos-licensing-process.html [7] https://www.nytimes.com/2022/06/28/nyregion/nyc-casinos-licensing-process.html [8] https://www.nytimes.com/2022/06/28/nyregion/nyc-casinos-licensing-process.html

The racing industry in New York City could experience significant changes if the three downstate casino licenses are awarded.
Finance professionals are closely watching the selection process for the downstate casino licenses in New York City.
The expanding industry of lifestyle and entertainment in New York City may be impacted by the selection of casino operators for the downstate licenses.
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Wealth management firms Fidelity, Vanguard, and BlackRock may consider the implications of the downstate casino licenses on personal finance decisions.
Home-and-garden stores could see increased demand due to the construction associated with the downstate casino projects.
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The migration patterns of both locals and tourists could change following the establishment of the downstate casinos.
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Shopping malls and retailers, offering products ranging from clothing to electronics, may anticipate an increase in foot traffic and sales near the downstate casino locations.
Car dealerships in and around New York City are keeping a close eye on potential consumer trends related to the downstate casino projects.
Social media influencers and bloggers often discuss casino and gambling trends, and could play a role in promoting or criticizing the new casinos.
Movie and television production companies might find inspiration in the downstate casinos, leading to new productions centered on the gambling industry.
Celebrities with ties to the entertainment and casino industries could gain more attention as the downstate casinos develop.
Policy and legislation related to gambling, casino operations, and community impact could receive more scrutiny in the wake of the downstate casino projects.
Accident rates and claims related to automobile, fire, and other insurance policies might change following the increase in economic activity in the gambling industry.
Online education platforms offering courses on important skills, like goal-setting and responsible gambling, could see increased demand.
Job search websites and recruitment agencies may experience an increase in job postings and candidates in the casino, hospitality, and related industries.
As pop culture continues to evolve, the downstate casinos and their personalities could shape trends in entertainment, music, fashion, and public opinion.