Three downstate casino licenses are up for grabs. Industry insiders expect two of them to go to existing racinos Aqueduct Racetrack and Yonkers Raceway. Which likely leaves space for one more location with various real estate entities and players vying for its placement. In Times Square, you have Jay-Z in partnership with SL Green and Caesar's looking to add a casino to 1515 Broadway. Related Companies and Wynn Resorts would like to see the license brought to Hudson Yards for a high-end casino that can attract convention visitors from the nearby Javits Center. And other proposals are below:
For some of these, I anticipate a slog. Garnering approval for any individual site will encompass a six-person, site-specific community advisory committee, made up of representatives of local elected officials. A two-thirds majority of support is required for a proposal to move forward (NYT). The debate will encompass one side raising questions around quality-of-life concerns that will stem from adding in-person casinos and gaming to New York City. This also includes local businesses that are concerned about casinos taking away customers from the existing area. On the other hand there's the promise of jobs plus additional tax revenue with up to $1.3 billion in additional annual funding expected to go towards the subway system. The most obvious locations to optimize those results will be in Manhattan but many community members are becoming increasingly vocal about their opposition.
I think what's magical about New York is its ability to thrive off its history, culture, restaurants, and architecture alone. But curious to hear your thoughts on these developments, where you'd prefer to see them, and whether or not they have a place in olde New York City. Either way, we'll be tracking the development and selection process over time.
Best, Corey
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