Big Apple, Big Gamble: Casinos Roll into New York in 2024

NYC Bets on Boom: Casino Licenses Up for Grabs
NYC Bets on Boom: Casino Licenses Up for Grabs

The Big Apple is getting ready to welcome a new attraction: a casino resort. New York announced that it will accept bids from developers who want to build a world-class gaming and entertainment complex in one of the five boroughs. The deadline for submitting proposals is June 30, 2024.

The city hopes that the casino project will generate billions of dollars in revenue, create thousands of jobs, and boost tourism and economic development. The casino will also have to include a hotel, restaurants, retail, and other amenities that will appeal to both locals and visitors.

The city has not specified where the casino will be located, but it has set some criteria for the potential sites. They must be at least 60 acres in size, have access to public transportation, and be compatible with the surrounding neighborhood. The city will also consider the environmental and social impacts of the casino, as well as the quality and design of the proposal.

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The city expects to receive several bids from major players in the casino industry, such as MGM Resorts, Wynn Resorts, Caesars Entertainment, and Genting Group. Some of the possible locations for the casino include Willets Point in Queens, Coney Island in Brooklyn, Belmont Park in Nassau County, and Aqueduct Racetrack in Queens.

The city will review the bids and select a winner by December 31, 2024. The winning bidder will then have to obtain a license from the New York State Gaming Commission, which could take up to two years. The city hopes that the casino will be operational by 2027.

A proposed casino project in Times Square, near West 45th Street, has sparked controversy among local stakeholders. The project is a joint venture between Caesars Entertainment, a major gambling company, and SL Green Realty, the largest commercial landlord in New York City. The casino would offer games such as blackjack and baccarat, and according to Caesars Entertainment CEO Tom Reeg, it would also boost the economy of Times Square and Broadway.

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However, the project has met with resistance from some residents, community board members and the Broadway League. The theater industry trade group argues that a casino would reduce the appeal of the area’s cultural attractions, such as restaurants and shows, and keep visitors indoors.

“The proposal is facing strong opposition from many quarters,” Krueger said.

The casino project is part of a larger plan to expand gambling in New York State, which was approved by voters in 2013. The state has already authorized four upstate casinos and three tribal casinos. The city’s casino will be the last one to open under the current legislation.

The city’s casino will face some challenges and competition from other gambling destinations in the region, such as Atlantic City, Connecticut, and Pennsylvania. However, the city believes that its casino will have a unique advantage: the appeal of New York City itself.