Real estate developers and some of the world’s largest casino operators are scrambling to search New York City and its suburbs to find the right location for a gambling resort in the nation’s most attractive, untapped market
For decades, New York has watched its residents travel out of state to gamble, losing out on the tax revenue that would come from gamblers staying closer to home. | Ted Shaffrey/AP PhotoALBANY, N.Y. — A multi-billion-dollar casino in Times Square? What about rows and rows of slot machines next to Citi Field, home of the New York Mets?
And already nine gambling giants are eager to bid on the contracts and are likely to offer grandiose plans for casinos, hotels and entertainment venues to boost their proposals. They include the Resorts World New York City in Queens, owned by Malaysian conglomerate Genting Group, and the MGM-owned Empire City Casino in Yonkers, just north of the Bronx. Both are horse racetracks with video-lottery terminals and are already among the largest gaming operations in the nation; now they want to become full-scale casinos with table games and slot machines and win two of the three licenses.
But that may soon change — and labor unions, real-estate firms and casino giants are eager to go all-in on building out the city’s gambling potential. Each new license would likely include a $500 million initiation fee, plus the promise of major construction projects that would mean thousands of new jobs as the economy tries to recover from the pandemic.
And the new Hudson Yards development west of Penn Station — the largest private real estate project in American history — could also be a potential target for a posh new casino resort. Kim, the Bally’s chair, also noted issues with a Manhattan casino, saying it would be hard to access for many visitors, despite the tourists that flock there.
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