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Jun 27, 2023

For years, the idea of having casinos in New York City has captivated the interest of casino developers. In 2022, state officials granted authorization for up to three casinos in the city, sparking speculation about their prospective locations and the regulatory process they would have to undergo.
The locations and their stakeholders
To facilitate the acquisition of casino licenses, the New York State Gaming Commission has endorsed an application process, with each license carrying a substantial $500 million fee to be paid to the city and state. This development has spurred various developers to propose captivating projects in different parts of the city. Below is a list of some of the potential locations:
Saks Fifth Avenue: Hudson’s Bay Company, the owner of Saks Fifth Avenue, intends to introduce a luxurious casino on the upper floors of its flagship location in Midtown Manhattan. The company’s headquarters are in Canada, and they are not currently engaged in the gaming business.
Midtown Casino Complex with a Ferris Wheel: The Soloviev Group, renowned for its iconic NYC buildings, owns a 6/7 acre plot near the United Nations in midtown. Their casino project envisions a 1,000-room luxury hotel, upscale residences, a museum, natural park areas and even a large Ferris Wheel.
Caesars Palace Times Square: A collaboration between SL Green, Roc Nation (owned by Jay-Z) and Caesars Entertainment aims to bring a massive Caesars Palace Casino to Times Square. SL Green plans to convert the upper floors of its office building at 1515 Broadway into a casino, revitalizing the area.
Coney Island Casino and Hotel Tower: Thor Equities, the owner of Coney Island, has plans to develop a casino and hotel venue at the popular Brooklyn tourist attraction.
Hard Rock Casino in Queens: Reports suggest that New York Mets owner Steve Cohen is partnering with Hard Rock International to establish a Hard Rock-branded casino near Citi Field in Queens.
Hudson Yards Casino Project: Related Companies and Wynn Resorts have proposed a $25 billion development project on the Hudson Yards site, featuring a casino, a 1,500-room hotel, and various amenities.
How and why?
Even though the authorization for three licenses has been approved, the ongoing approval process for these casino proposals entails public debate, regulatory review and community support. The final decision rests with the Gaming Facility Location Board, responsible for evaluating the applications and making recommendations to the Gaming Commission.
New York City’s potential entry into the casino industry has been inspired by the success of legal online and retail sports wagering in the state. The city’s flourishing sports betting market stands to benefit from the inclusion of retail sportsbooks in these future casino locations. Given the substantial interest and revenue generated by sports betting, there is strong anticipation of significant demand for casino gaming in the city.
Benefits, impacts and potential concerns
While the city eagerly awaits the decision on potential casino locations, it is worth contemplating the potential benefits and impacts that these developments could have on New York City and its residents.
Firstly, casinos would create employment opportunities for residents across various sectors, from construction to hospitality.
Additionally, the presence of casinos could enhance the city’s thriving tourism industry by attracting visitors who seek both iconic landmarks and thrilling casino entertainment.
Moreover, the establishment of casinos would generate tax revenue for the city and state, contributing to public services and infrastructure projects.
However, it is crucial to address concerns related to problem gambling, addiction and social consequences. Implementing responsible gambling measures, support programs and conducting thorough research are essential for a balanced approach to casino expansion. Currently, only these online casinos in New Jersey are available for NY players who travel over the river to gamble.
As the selection process advances, transparency, public input and comprehensive assessments should be prioritized to ensure positive contributions to New York City’s overall development and well-being.
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