Skip to content
Home » Blog » Caesars Entertainment wants to establish a casino in New York City

Caesars Entertainment wants to establish a casino in New York City

The owner of the World Series of Poker has partnered with SL Green Realty Group, a New York City real estate developer, in an effort to get one of the three casino licenses that will be issued to the metropolitan region over the next 12 months.

Caesars Palace Times Square would be constructed at 1515 Broadway, a tower in the middle of Times Square, which is now home to Disney’s “The Lion King.” If a license is obtained, the developers will maintain the theater and the performance.

New York’s casino sector has drawn some of the industry’s major operators, all seeking a footing in the world’s largest untapped gaming income stream.

In the announcement, no specifics, such as price or square footage, were provided.

Two obvious winners

Since 2013, New York State has had full-scale casinos, but politicians kept them out of the five boroughs so that the business could establish itself in locations like Bridgeport, Akwesasne, and Schenectady.

Downstate, in close proximity to New York City, two horse tracks have operated slot machines and electronic table games since 2001: Resorts World New York at Aqueduct Racetrack in Queens and Yonkers Raceway and Empire City Casino.

According to a recent piece from the Gothamist, the owners of those facilities, Malaysia’s Genting and MGM Resorts International, have spent millions on lobbying over the previous two years. Those locations already feature digital table games and slot machines.

The smart money is on each of them obtaining full casino licenses, leaving just one valuable authorization slip up for grabs.

Alan Woinski, CEO of Gaming USA Corporation, a gaming consulting organization, informed the Observer that just one license is available, since the other two are already in use. There will be a violent struggle.

Who will be awarded the last golden ticket?

Caesars International is not the only corporation interested in establishing a casino in Manhattan, much alone New York City.

In January, developer Jason Adler suggested a $3 billion project that would feature a casino with an Asian motif named Mirai, an eSports arena, and a port for flying automobiles. He is collaborating with the Japanese gambling company Universal Entertainment Corp.

Wynn and Related Companies formed a collaboration to obtain a license to construct a resort and casino in the West Side Yard near the freshly constructed Hudson Yards residential and commerce development near midtown Manhattan’s west side last month.

It would be situated next to the newly expanded $1.5 billion Javits Center, a big conference center. Related Companies is moving the planned project forward.

Meanwhile, Hard Rock is in discussions with Steven Cohen, a hedge fund manager who also owns the New York Mets. Cohen wants to construct a casino at Willets Point next to Citi Field. SL Green Realty Group and Hard Rock were originally associated to the construction of 1515 Broadway.

The Observer also alleged that Bally’s and two billionaires are interested in developing a casino on Coney Island. None of these organizations have submitted plans in conjunction with their applications; the application deadline is January 3.

On October 3, a three-member committee was established to determine who would obtain licenses. The group will submit its suggestions to the state’s gaming regulatory board, which has the last word, 90 days after the January deadline.

Source: www.cardschat.com

Leave a Reply

Your email address will not be published. Required fields are marked *