The landscape of downstate New York is on the brink of a monumental transformation with the proposed introduction of three new casino facilities. This initiative has been marked by intense legislative and regulatory maneuvers, raising the stakes for all parties involved.
A Race Against Time
The New York State Gaming Facility Location Board recently announced a critical deadline for casino bids, setting June 27, 2025, as the pivotal date. However, this decision faces a potential override from bill S9673A, authored by Senator Joe Addabbo, which awaits Governor Kathy Hochul’s signature. If signed, this legislation will require bidders to submit their proposals by August 31, 2024, effectively fast-tracking the process.
Vicki Been, a key player in these deliberations, offered a candid assessment of the timeline discrepancy. “Politicians may want a quicker deadline, but that would be impractical,” she stated. The board has expressed concerns about the ambitious timeline dictated by the bill, particularly given the need for all entitlements and zoning approvals before any bid can be reviewed. “Because bids cannot be reviewed until all ‘entitlements and zoning’ are approved, the board views the current deadline as unreasonable,” the board reiterated in a public statement.
Significant Hurdles Ahead
Among the prerequisites for submitting a bid, thorough environmental impact studies and necessary zoning changes are paramount. This requirement is particularly pertinent to proposals like the Bally’s Bronx initiative and Steve Cohen’s ambitious plan for Queens, both needing rezoning from their current parkland designations to accommodate casino operations.
With 11 bidders vying for these coveted licenses, the competition is fierce. Prime locations including Times Square and Brooklyn are on the table, each proposal bringing not just casino facilities but comprehensive developments that encompass resorts, housing units, and neighborhood improvements. The proposals reflect a blend of commercial and tribal operators, highlighting the broad interest in this lucrative venture.
Competing Visions
The lineup of contenders is notable for its diversity and ambition. Avenir by Silverstein Properties and Greenwood Gaming aims to make its mark in Manhattan, while Bally’s Corporation has its sights set on The Bronx with Bally’s Links at Ferry Point. Manhattan may also see the rise of Caesars Palace Times Square, a collaboration between Caesars Entertainment, SL Green, and Roc Nation. Brooklyn's Coney Project is spearheaded by Thor Equities, Legends Entertainment, the Chickasaw Nation, and Saratoga Casino Holdings.
Further proposals include Soloviev Group and Mohegan Gaming’s Freedom Plaza in Manhattan, Steven Cohen and Hard Rock International's Metropolitan Park in Queens, and MGM Resorts International's MGM Empire City in Yonkers. Resorts World New York City by Genting Group aims to establish itself in Queens, while Sands New York by Las Vegas Sands targets Nassau County, Long Island. Manhattan’s Hudson’s Bay Company also enters the fray with Saks Fifth Avenue, operator to be determined, whereas Wynn Resorts teams up with Related Companies and Oxford Properties Group for Wynn New York City.
The Board's Optimism
Despite potential conflicts with the stipulations of S9673A, the board members remain optimistic. During a recent meeting, discussions highlighted the commitment to issuing licenses by the end of 2025, regardless of the deadline adjustments. “The hope would be that our reasoning will be helpful to the governor,” Vicki Been remarked, reflecting the board's strategic perspective.
The evolving situation could dramatically reshape the entertainment and economic environment of downstate New York. By introducing casino facilities alongside broader development projects, these initiatives promise to invigorate some of the state's most iconic areas. As the bidding process advances, the high stakes and complex dynamics ensure that industry stakeholders, local communities, and government officials will closely monitor each unfolding development.
The outcome remains uncertain, yet the potential for transformative impact is undeniable. The journey from proposal to realization will demand meticulous planning, negotiation, and cooperation among all involved parties, setting the stage for a pivotal chapter in New York’s storied narrative.