The plan to build a casino in New York is brilliant. It will bring a vast range of benefits to the city and the population. Some individuals believe that establishing a New York City casino could help the city repair the economy affected by the Covid-19 pandemic.
According to Soo Kim, President of Bally’s Corp, he believes in N.Y.C. and thinks the populous town will regain its glory. Kim grew up in Queens.
The operators submitted preliminary details of their wishes to the state Gaming Commission. These include MGM’s Empire City Casino and Resort World New York in Queens, operated by Malaysian conglomerate Genting group. The two are racing tracks that come with video lottery terminals, and they have already established themselves as some of the most reputable gambling operations in the nation. Currently, they want to become full-time casinos with slot machines and table games and acquire all the casino licenses.
The aim is to create thousands of job opportunities, put unemployed hospitality workers back to work, and give the economy the needed boost. Several world’s largest casino operators and real estate developers are working round the clock to find the perfect location downstate to set up the resorts in the nation’s biggest untapped casino market. Many behind the scenes deal making negotiations and meetings are going on as state leaders grow increasingly close to agreeing to the deal. The process is likely to attract opinions from the global industry stretching from Las Vegas and Atlantic City to Macau, China.
Build A Manhattan Casino?
Most people consider New York to be the crown Jewel of the gaming market in the U.S.A. It’s an untapped market with a massive population of around 20 million individuals and a steady number of tourists.
For many decades, New York residents have been traveling to other regions or Native American gaming hubs in Connecticut to bet. But time has changed everything. Many people now prefer to bet on online casinos, which can be found at AussieBestCasinos, because it is more convenient. And even safer, especially when it comes to payment methods such as Skrill and withdrawals.
However, this is about to change – casino giants, Labor Unions, and real-estate companies are working together to change this. Most gamblers want to visit Resorts World Casino and enjoy the aqueduct racetrack play electronic baccarat games.
In 2013, a voter-approved referendum authorized seven casino licenses, later approved by the authority. They were given a 5-year exclusivity in the town. However, the construction plans have been delayed because of the pandemic and other factors However, authorities seem to be open to the idea of accepting bids for casinos this year instead of waiting until 2023.
Every new license is approximated to have a $500M initiation cost.
Where Would a Casino Be Built?
Resorts World Catskills, located in Sullivan County, is one of the most popular casinos in New York. It’s an upstate New York City Casino around 90 miles from the suggested region. The Hard Rock Hotel is set to launch in Times Square and might be interested in setting up a Hard Rock casino in that part of town.
While taking a gambling business to Manhattan might face potentially fewer political obstacles, it comes with several hurdles and scrutiny, especially from the community and competitors. According to one senator, gambling comes with potential negative externalities. Even some lawmakers are opposed to the plan. In addition, a Manhattan casino might affect the original suggestions of setting up a casino in Northern New Jersey.
What Is the Next Step?
A go-ahead to allow N.Y. casinos will likely be part of the state budget negotiations for the 2022 fiscal year that starts on April 1st. If authorized, the State Gaming Commission will establish a bidding process for interested parties like New York Mets owner Steve Cohen to present their proposals.
A special task force will choose the selections, just like in 2014 when choosing upstate casinos.
Resorts World, operated by Genting and Empire City in Yonkers, will be the first to get the contracts because of their political support. They have a massive footprint and speed to market, meaning they can upgrade to large-scale providers. One of the reasons we say this is Genting has made a rich offer that the state will not be able to refuse.
The company intends to invest over 1.5 billion dollars in the largest private real estate project. It will pay a $450M lump-sum permit fee which exceeds the current requirement. Additionally, the firm will build a $30M highway interchange to make it easier for visitors to get to the field the company is building. It estimates that it will be bringing over $400M in local and state taxes.
It can take up to three years for new casinos to open. However, the authorities might decide to look somewhere else. According to Clyde Barrow, a gaming policy specialist, the region will maximize new job creation and net revenue.
He warned developers and the leaders against viewing the project as a safe wager with massive earnings.
Unlike most casinos with limited competition, N.Y. has more choices than any other town. There is less competition when you set up a business in a small town or a less populated area. However, when you establish a casino in Manhattan or Queens, you will be competing with several amusements, relaxation, and leisure casinos.
Although the market is competitive, humans have other alternatives on how to spend their cash. For example, online casinos with a minimum deposit of $ 5, which can be found at LeafletCasino, have become popular. They have taken a prominent place in the world of gambling. And also became serious competitors of land-based casinos.
Did you know that the biggest earning Hotel and Gaming company is not in Nevada, Texas? It is in Queens near Kennedy International Airport. The Resorts World New York by Genting is the highest-grossing casino in the U.S.A. When you enter its lobby, you will be met by a 3-story chandelier and two beautiful Cadillacs marketing the latest giveaway. You can hear the hum-ding-buzz of pokies, baccarat, and roulette machines calling you into action. Even on a weekday afternoon, thousands of men and women are positioned in front of the screens betting. The new project downstate has the potential to be a win going by this trend.