Brand New Casino 2021 – With New York State desperate for new sources of revenue, real estate developers and gambling interests are trying to revive interest in a long-planned proposal: a casino in New York.
The concept is hardly new. Casino operators have tried for decades to capitalize on the New York market, focusing on the dense, typically affluent parts of Manhattan, which they consider the holy grail of gambling in the United States.
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State lawmakers and Governor Andrew M. Cuomo has traditionally opposed efforts by gambling companies to bring casinos to New York.
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But this latest push could carry more weight because of its timing — Mr. Cuomo says the state is facing a $15 billion deficit — and his supporters, who include real estate giants with a track record of influence in Albany.
Vornado Realty Trust has floated the idea of a casino on its sprawling property near Ḫerald Square, according to two people briefed on the discussions. Vornad’s neighbor, Morris Bailey, owner of the Resorts Casino Hotel in Atlantic City, has been talking with colleagues about building a casino on the site of his own Gerald Square property, the former McAlpin Hotel, one of those people.
L&L Holding Company has proposed a casino as the centerpiece of a $2.5 billion tower it is building at the intersection of 47th Street and Broadway, a 46-story complex that includes a landmark theater and a 669-room hotel.
The casino proposals highlight the troubles in the commercial real estate market, where there is considerable concern about the future of office buildings now that employees are accustomed to working from home.
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Tenants leased just 20.5 million square meters of office space in Manhattan in 2020, down 64 percent from the previous year and “the lowest level in at least two decades,” according to a recent report by real estate firm Savills.
The state is authorized to issue three new casino licenses starting in 2023, but even before the pandemic hit last year, pressure was mounting to speed up the schedule, especially in the New York area.
If there is a plan to legalize puniḫ casinos in the city, the developers say they are ready with their fields.
“The Times Square market is ripe for a high-end casino,” read a slide in a Nov. 10 promotional deck for L&L’s Times Square project, which featured images of attractive young people playing table games such as roulette and blackjack, and Las Vegas mainstay Celine Dion singing to a packed crowd.
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The upcoming state budget negotiations, which are set to begin in earnest later this month, could be when new or expanded games come into focus.
Mr. Cuomo’s budget proposal, released Tuesday, would allow the state to make a formal request for information from developers and gaming companies to gauge market interest in the three remaining licenses. The state intends to ask potential bidders about the appropriate size and scope of construction, as well as the value of the license.
With the state’s fiscal woes, leaders in New York have been looking for new revenue streams, realizing that any help from Washington — even with President Biden now in office — may not be enough to close the state’s fiscal gap.
Lawmakers and casino executives say each new license would be a windfall for the state, with a likely asking price of at least $500 million apiece.
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“That’s real money, in light of the $15 billion deficit we’re seeing,” said Rep. Gary Pretlow, a Westchester County Democrat who chairs the House Committee on Racing and Betting. He added: “If I can raise a billion dollars without raising a penny in taxes, I think that’s a good deal.”
Pretlow’s state Senate counterpart, Joseph Addabo, chairman of the Racing, Gaming and Betting Committee, also supports the expansion plan, saying such revenue could be used to prevent painful cuts to education and health care. He said the new casinos could create much-needed jobs in construction and gaming facilities.
In an interview last week, Mr. Addabbo added that such a license would be “golden” for casino developers, who consider the New York area one of the last undersaturated gaming markets in the Northeast and have floated casino ideas. in Coney Island, Queens and Manhattan. “Who wouldn’t want a gaming license in downstate New York?” he said. “The bottom line is that it’s about location.”
“I’m not a big fan of casinos, period,” said Liz Kruger, a state senator from Manhattan and the powerful chairwoman of the Senate Finance Committee. And Brad Hoyleman, a state senator whose district includes Times Square, said it would be “a struggle for me and a lot of other people to support a casino.”
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Any new casino licenses would be a windfall for the state, with a likely asking price of at least $500 million apiece. Credit… Ben Sklar for The New York Times
Even Mr. Pretlow believes there isn’t enough political support for a Midtown casino, saying, “Manhattan is off the map.”
Still, some lawmakers and gambling interests hope the state’s fiscal situation could make Albany more receptive. Indeed, Mr. Cuomo recently said he now supports legalizing mobile sports in the state, a move he hoped could bring the state an additional $500 million a year if fully implemented.
Representatives for Vornado, L&L and Mr. Bailey declined to comment. The Real Estate Board of New York, which represents nearly all of New York’s major real estate developers, has voiced support for speeding up downstate licensing — for the sake of its membership and the state’s fiscal health.
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Any change to the licensing scheme would require approval by the Democratic legislature and Mr. Cuomo, a third-term Democrat.
Both Mr. Pretlow and Mr. Addabbo said the most likely option for new gaming would be to allow two existing downstate “racetracks” — Genting’s Resorts World Casino at Aqueduct Racetrack in Queens and MGM Resorts’ Empire City Casino in Yonkers, up north. of the city – to easily upgrade to full casino licenses.
The two establishments have electronic slots and electronic games such as craps and roulette, but no table games or poker rooms with human dealers.
The benefits of such a conversion include a quick infusion of licensing fees as well as new revenue from actual gaming: The state already earns 10 percent from table games and on-site sports betting at four upstate casinos, as well as anywhere from 37 to 45 percent of machines. That money is then funneled into education funds and property tax breaks, as well as local governments near the casino.
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“For me, in my district, the opportunity to have a full game would be an economic boon, not just for Yonkers, but for all of Westchester,” said state Sen. Shelley Meyer, who represents the district. “I totally agree with that.”
Despite longstanding opposition to a Manhattan casino, developers continue to float proposals to transform parts of Midtown into a mini-Macao.
L&L Holding Co. began exploring the casino idea after the pandemic began and the economy tanked, according to someone familiar with its proposal. The company has since spoken to a number of operators, the person said. Las Vegas Sands is one of those operators, said another person familiar with the discussions. Both requested anonymity so they could speak freely.
Las Vegas Sands has also proposed a property near the Resorts World casino on Aqueduct. Mr. Pretlow said he has also heard of interest in a parking lot next to Citi Field.
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The two existing racinos – Empire City Casino and Resorts World – appear to have the inside track to win license approval, including already having collective bargaining with the Hotel Trades Council, whose former chairman now consults for Genting. In December, the union’s new president, Richard Marocco, published an op-ed in the Gotham Gazette advocating for Racinos.
Genting, which also operates Resorts World Catskills in Monticello, N.Y., the closest of the state’s four casinos to New York, would likely fight any proposal to allow a competitor to set up shop in the city.
Some lawmakers argue that a good open bidding process is in order, especially given the history of the original competition to install electronic games on the Aqueduct, where the state inspector was generally found to be overwhelmed by inappropriateness.
“We can speed up the process,” Ms Kruger said. “But the legislature should have absolutely zero say in deciding who gets these awards.”
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Dana Rubinstein is a Metro reporter covering New York City politics. Before joining The Times in 2020, she spent nine years at the publication now known as Politico New York. @danarubinstein
Jesse McKinley is the Albany Bureau Chief. He was previously the San Francisco bureau chief, theater columnist and Broadway reporter for the Culture Desk. @jessemckinley
A version of this article appears in the print edition at , section A, page 5 in the New
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