5 Things to Know About 3 Casinos That May Be Headed for N.Y.C. Area
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New York State approved the issuance of three new casino licenses in April. The licenses are intended for the New York City area. One or more of the licenses could be issued to a casino operator in another part of New Yorkers. They are widely expected to go to the downstate region.
MGM's facility in Yonkers and Resorts World's racetrack in Queens are considered to be the favorites for two of the three casino licenses. The third one is still a long way off. New York City will probably not get all three licenses, but some parts of it are in play.
MGM and Genting are planning to upgrade their facilities in Yonkers and Queens to full-scale casinos. The competition for the presumptive third license is a free-for-all. Developers like SL Green, Related Companies, Vornado Realty Trust in Manhattan and the Citi Field owner, Steven Cohen, in Queens are considering participating. Joseph J. Sitt, the chairman of Thor Equities, is planning a bid for a site on Coney Island. Bally’s Corporation, Las Vegas Sands and Hard Rock are interested in the opportunity.
The New York State Gaming Commission will have a say on who gets the three new casino licenses. The commission will appoint a location board and a community advisory committee. Two of the location boards will be appointed by the governor and the mayor. In New Yorkers, the community committee will consider the relevant application. The committee has the power to quash an application before it gets to be considered by a gaming commission. A two-thirds majority is required for the application to get approved.
There are a lot of casinos in the United States. New York City is different. It has a large and dense population. Resorts World at Aqueduct is the highest-grossing slots casino in New Yorkers' history.
The New York State Gaming Commission is considering whether to allow casinos on state-owned land at the Aqueduct, in Queens, or the land near Penn Station. If the developer can get the approval of the New Yorkers' Council and the go-ahead from the community advisory board and gaming commission, they will have to pay at least $500 million to the state.
