A casino in Times Square? Gambling companies compete for real estate in New York

A battle to win a New York City casino license ensues, with real estate and gaming giants making competing proposals.

In April, New York State officials voted to grant three new casino licenses in the New York City area. The decision leaves major developers and casino operators competing for the support of the New York State Gaming Commission and Community Advisory Boards.

Potential locations for the new casinos include Times Square and Hudson Yards in Manhattan, and Flushing, Queens and Yonkers in Westchester County.

Caesars Entertainment and SL Green Realty Corporation are currently pursuing the construction of a Caesar’s Palace in the heart of Times Square above the Broadway Theater which will screen The Lion King.

Nevada-based Caesars (CZR) has reached out to local businesses and organizations for support, although the project faces opposition from The Broadway League, a national trade association with over 700 members. The developers have promised to invest in safety and hygiene improvements throughout Times Square. Local residents and commuters are concerned about increasing congestion in the area and its impact on an already ailing theater industry.

Other bidders include Wynn Resorts (WYNN), which is looking to build a casino on the west side of Hudson Yards. Related Companies, the area’s real estate developer, is committed to building residential and parking space in the area by 2025.

“Racinos,” racetracks with video slot machines, are also competing for permission to upgrade their facilities to include full-scale casino services. Genting Group’s Resorts World and MGM Resorts International are two such facilities and are pioneers in permitting in Queens and Yonkers, respectively. The existing infrastructure and community relationship of both properties support their bidding prospects.

The participation of several developers in the permit bidding process, which officially begins on January 6, 2023, has raised concerns about privacy concerns and community development. A proposal received by The New York Times from Caesars Entertainment said that over 50 artificial intelligence cameras would be added throughout Times Square, “each capable of monitoring more than 85,000 people per day,” as well as surveillance drones.

The move comes just weeks after New York Gov. Kathy Hochul announced the installation of cameras in every subway car.

The New York State Commission has developed a NYC Gaming Facility Location Board to help decide which developers will receive the three casino permits. Members say the board likely won’t make a decision until late 2023.

Proponents of casino development cite increased tax revenues and tourism as community benefits.

https://www.ibtimes.com.au/casino-times-square-gambling-companies-compete-new-york-real-estate-1839756?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution A casino in Times Square? Gambling companies compete for real estate in New York

Fry Electronics Team

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