Casino in Casino – While the state of New York is desperately looking for new revenue streams. Real estate developers and gambling enthusiasts are trying to revive interest in a longstanding proposition: casinos in New York City.
This concept is not new. For decades, casino operators have tried to capitalize on the New York City market. It focuses on the densely populated, typically touristy neighborhoods of Manhattan. They are considered the holy grail of American gambling.
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State lawmakers and Gov. Andrew M. Cuomo opposed efforts by gaming companies to bring casinos to New York City.
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But given its timing — Cuomo says the state faces a $15 billion funding shortfall — and its backers, including influential real estate moguls in Albany, the latest move may carry more weight.
Vornado Realty Trust floated the idea of building a casino on a sprawling property near Herald Square, according to two people with knowledge of the debate. One said a casino in Herald Square, his former McAlpine Hotel.
L&L Holding proposes a casino at the center of a $2.5 billion tower at 47th Street and Broadway that will rise 46 stories and include a landmark theater that will include a 669-room hotel
The casino proposal underscores difficulties in the commercial real estate market. Concerns abound over the future of office buildings as employees get used to working from home.
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Tenants took up just 20.5 million square feet of Manhattan office space in 2020, a 64% drop from the previous year and the “lowest level in at least two decades,” according to a recent report by services firm Savills.
The state was allowed to issue three new casino licenses starting in 2023, but that was before last year’s pandemic. Pressure is also mounting to speed up progress, especially in the New York City area.
Developers of plans to legalize the city’s full-fledged casinos say they’re ready to offer the product if it emerges.
“The Times Square market is ripe for high-end casinos,” read a slide on Nov. 10 on a promotional platform for Project L&L in Times Square, attracting attractive young adults to play on it. Tables such as roulette and blackjack and a picture of Las Vegas mainstay Celine Dion singing to the packed crowd.
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The state’s upcoming budget negotiations are set to officially begin later this month. This can be a time when new or expanded titles take center stage.
The budget proposal unveiled by Mr. Cuomo on Tuesday would allow the state to formally request input from developers and gaming companies to gauge market interest in the remaining three licenses. The state intends to ask potential bidders about the appropriate size and scope of the development. and the value of the license
With state fiscal problems, New York’s leaders are looking for new sources of revenue. Realize that any help from Washington, even from current President Joe Biden, it may not be enough to plug the country’s fiscal holes.
Lawmakers and casino executives said each new license would be a windfall for the state, with asking prices of at least $500 million each.
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“That’s real money. In terms of the $15 billion deficit we’re looking at,” said Rep. Gary Pretlow, a Westchester County Democrat who chairs the House Competition and Gambling Committee. He added: “If I can raise $1 billion without raising a penny. I think it’s a good deal.”
Joseph Addubbo, Chairman of the Horse Racing, Gaming and Gambling Committee, and Mr. Pretlow’s partner in the State Senate. Also backing the expansion plan it said revenue could be used to prevent pain. Towards education and health care New casinos could create much-needed jobs in construction and gaming facilities, he said.
In an interview last week, Addabbo added that such a license would be “golden” for casino developers. It sees the New York City area as one of the last unsaturated gaming markets in the Northeast. And proposed casino concepts in Coney Island, Queens, and Manhattan. “Who wouldn’t want to get a gaming license in downstate New York?” he said. “The bottom line is it’s all about location.”
“I’m not a big fan of casinos,” said Liz Krueger, a state senator from Manhattan and the powerful chairwoman of the Senate Finance Committee, and Brad Hoyman, a state senator who also happens to be in the Times Square area. “It’s going to be a fight for me and others. A lot of support for the casinos.”
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Each new casino license is a fortune for the state, costing at least $500 million each. Credit: Ben Sklar for The New York Times.
Even Mr. Pretlow doesn’t think Midtown casinos have enough political support, saying “Manhattan is off the map”.
Still, some lawmakers and gambling interests are hopeful that the state’s finances might make Albany more open. Cuomo recently said he now supports the legalization of mobile sports betting in the state. He hopes the move will generate an additional $500 million a year for the state when fully implemented.
Representatives for Vornado, L&L and Bailey declined to comment. The Real Estate Board of New York, which represents nearly every major developer in New York City. Has expressed support for expediting downstate permits. For state membership and finances
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Changes to the licensing timetable must be approved by the Democratic-controlled Legislature and Mr. Cuomo, a third-term Democrat.
Both Mr. Pretlow and Mr. Addabbo said the most likely new gaming option would be to allow two existing “racinos” to remain downtown — Genting’s Resorts World Casino and Empire City on the Aqueduct Racetrack in Queens. MGM Resorts Casino in Yonkers, just north of town — just upgrade to a full casino license.
Both locations offer electronic slot machines and video games, such as craps and roulette, but no table games or poker rooms with live dealers.
The advantages of the switch include quick licensing fees, and new revenue from brick-and-mortar gaming: The state gets 10 percent of its revenue from table games and live sports betting at the state’s four casinos. And 37% to 45% from slot machines. The money will go to education and property tax relief funds. The same goes for local governments near casinos.
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“For me, the opportunity to play a full game is economically beneficial in my district. Not just for Yonkers, but for all of Westchester,” said State Sen. Snow, who represents the county. Lemeyer said. “I’m totally ready.”
Despite long-standing opposition to Manhattan’s casinos, developers are proposing to turn parts of Midtown into a mini-Macau.
L&L Holding Company began exploring the casino concept in the wake of the pandemic and economic downturn. The company has spoken to several service providers, according to a person with knowledge of the proposal. Las Vegas Sands is one of them, the person said. Both requested anonymity so they could speak freely.
Las Vegas Sands has also floated the possibility of buying a property near Aqueduct’s Resorts World casino. Mr. Pretlow said he had heard of interest in a parking lot near Citi Field.
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Two existing racetracks — Empire City Casino and Resorts World — appear to have internal licensing pathways. It includes a collective bargaining agreement with the Hotel Industry Council, which the former chairman negotiated with Genting in December, and the union’s new chairman, Richard Maroko. Solved racinos case in Gotham Gazette.
Genting, which operates Resorts World Catskills in Monticello, N.Y., the state’s four closest casinos to New York City, would likely oppose any proposal to allow rivals to set up shop in the city.
Some lawmakers believe a proper public bidding process is in order. The state’s inspector general deemed it inappropriate, especially given the history of competition to initially install video games on the aqueduct.
“We can speed up the process,” Kruger said. “But the legislature should not interfere 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 worked for nine years at the publication now known as Politico New York @danarubinstein.
Jesse McKinley is the principal of the Albany office. Previously, he was the head of the San Francisco office. He is a drama columnist and Broadway reporter for Culture Station. @jessemckinley
A version of this article appears on page 5 of Section A of the New.