Summer in New York City is not just about the sweltering heat; it's also when the simmering competition for three coveted city casino licenses reaches its boiling point. With proposals and hefty application fees due by the end of August, the stakes (and temperatures) couldn't be higher.
Key Takeaways:
- The Intense Competition: With a mix of established racinos and new contenders, the fight for a casino license is fierce.
- Community Opposition: Local resistance is a significant hurdle for new casino projects.
- The High Stakes: Billions of dollars and the future of NYC's entertainment landscape hang in the balance.
The Contenders and Their Odds
As New York City braces itself for what could be the biggest shake-up in its entertainment and gaming scene in decades, the contenders are lining up with their eyes on the prize. From the glitzy proposal at Hudson Yards to the controversial plans for a casino in the Bronx, each bid carries its own set of promises and challenges.
Wynn NYC at Hudson Yards
Set to transform the skyline with its 80-story hotel/casino, Wynn NYC is a testament to luxury and ambition. However, it faces backlash for reducing promised housing units, a critical issue in a city starved for affordable living spaces. Odds for approval: 3 – 1.
MGM Resorts’ Empire City Expansion
MGM Resorts plans to leverage its successful racino, Empire City, proposing a massive expansion. Its proven track record and promise of quick tax revenue generation make it a strong contender. Odds for approval: Even money.
Soloviev and Mohegan Sun’s Midtown East Proposal
Despite promising over a thousand apartments and green spaces, this project is met with skepticism and opposition, primarily due to concerns over gambling's social impact. Odds for approval: 50 – 1.
Resorts World NYC’s License Bid
America's top-performing non-tribal casino seeks to add table games to its offerings. Despite a recent scandal, its separation from the Las Vegas operations may keep its chances intact. Odds for approval: Even money.
Bally’s Bronx Proposal
Bally’s ambitious plan to transform parkland into a casino site faces legal and financial hurdles, raising questions about its viability. Odds for approval: 60 – 1.
Steve Cohen’s Dream Casino
Cohen's vision for a casino complex that includes a multitude of entertainment options faces a tough path forward, primarily due to legislative hurdles. Odds for approval: 25 – 1.
Coney Island’s Nostalgic Bid
Hoping to revive its historic entertainment roots, Coney Island’s proposal aims to blend community needs with gaming excitement. However, skepticism remains. Odds for approval: 40 – 1.
Caesars Palace Times Square
Despite offering significant investments in local culture and education, the proposal faces stiff opposition from the Broadway League and local voters, making its path to approval uncertain. Odds for approval: 25 – 1.
Making Magic Happen
This summer's casino license battle in New York City is more than a high-stakes financial gamble; it's a complex narrative of ambition, community, and the evolving landscape of urban entertainment. As the deadline approaches, the city waits with bated breath to see which visions will become reality, transforming the Big Apple's entertainment and gaming scene for decades to come.
