New York has everything except a casino, but maybe not for long
New Yorkers, if you are ready or not casinos might be coming your way. Exactly when, and how many, are still open questions. We now know that in April, New York State gave the green light to the distribution of three new casino licenses for the region. Even though a license or licenses could be […] The post New York has everything except a casino, but maybe not for long appeared first on Disrupt.
New Yorkers, if you are ready or not casinos might be coming your way. Exactly when, and how many, are still open questions. We now know that in April, New York State gave the green light to the distribution of three new casino licenses for the region.
Even though a license or licenses could be given to a casino operator in another part of the state, there are assumptions that they will be given to the downstate area. Casinos were made legal by the state legislature in 2013, but they agreed not to open in the downstate area until 2023. As a result of the governor and legislature’s desire to move quickly, a provision was added to the recently enacted budget that speeds up the process.
The Hotel and Gaming Trades Council, together with seven gambling companies, is spending approximately $300,000 per month on lobbying in order to bring about this change. With 20 million people, New York City is the most populated city in the United States. This makes it a great place for a casino because there are so many potential customers and so many tourists.
New York has lost tax revenue from gamblers who have been leaving the state for Atlantic City, New Jersey, and Native American casinos in the eastern part of Connecticut for decades.
The big Apple has always been at the center of attention for fashion, music, and food, so it makes complete sense for a mega casino property to be built in the city.
DraftKings and other Bigs players were in NY first
New Yorkers can legally place wagers on sporting events through any online platform. The Empire State finally let people gamble on their phones on January 8, 2022. This came after land-based gambling was made legal in 2019.
There are now nine sportsbooks in New York. They are Caesars, Bally Bet, FanDuel, DraftKings, BetMGM, BetRivers, WynnBet, PointsBet, and Resorts World Bet. The New York State Gaming Commission said that there was a lot of betting up until the beginning of April.
Of all nine brands, it is no shocker that Draftkings has a spot because the bookie has provided its services to surrounding states for quite some time. With their latest operations in NY, punters can legally play slots on DraftKings casino, or bet on sports from the Draftkings app.
Who is likely to bid for a casino in NY?
Casino giants MGM and Genting are planning to transform their Yonkers and Queens racinos into full-fledged casinos.
There appear to be no rules in place for the competition for the third license. Casino operators who are interested in participating in a bid are introduced to multiple real estate developers in a manner resembling speed dating.
Many potential investors have considered getting in on the action, including Related Companies, New York City’s SL Green, and Vornado Realty Trust, plus Queens’ own Steven Cohen, who is the proud owner of Citi Field. Thor Equities’ chairman Joseph J. Sitt plans to submit a bid for a Coney Island location as well. Possible bidders will come from Long Island as well.
Las Vegas Sands, Bally’s Corporation, and Hard Rock, which has a brand-new hotel in Midtown, are just some of the casino companies keeping an eye on the opportunity.
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