Atlantic City Casino Executives Too Rosy On New York Casino Threat?
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New York state is likely to approve up to three casino licenses in the New York City region. The seven-year moratorium on such licenses expires in December. Atlantic City's casino industry has time to react effectively. Two of the licenses are expected to go to operators who can get up and running quickly.
Yonkers Raceway in Westchester County and Aqueduct Racetrack in Queens are potential sites for a new casino license. Both are owned by MGM Resorts International and Genting. If approved, both companies will be able to open their casinos within months or years. The New York State Gaming Commission is considering the issue. It is expected to issue a decision in December. MGM and the Gentings are working together to get the license for their sites.
There is no clear frontrunner for the third and final license for a New York-area casino. A number of Manhattan lawmakers have expressed opposition to a casino in that borough. Steve Cohen, the billionaire owner of the New Yorkers, had discussions with Las Vegas Sands about building a casinos next to CitiField. Hard Rock owner Jim Allen has an Atlantic City casino and owns a minority stake in Meadowlands Racetrack. If a statewide ballot question is approved, casinos could be built in New Jersey beyond Atlantic.
