Nas Faces Industry Giants in NYC Casino Development Battle
As the New York City casino development competition intensifies, four major players remain in the race for three coveted licenses. This high-stakes battle involves prominent developers with proposals totaling billions in investment and projected revenue.
Key Players in NYC Casino Development
The remaining contenders for New York’s casino licenses are:
- Bally’s Bronx: A $4 billion investment by Bally’s Corporation aims to create a large casino and resort next to their golf course in Ferry Point. The proposal features a 250-foot-tall casino with 3,500 slot machines and a luxury hotel.
- MGM Empire City: MGM seeks to elevate its Yonkers racino into a Las Vegas-style casino with a $2.3 billion project. This includes revamping current facilities and adding entertainment venues.
- Metropolitan Park: This $8.1 billion project, backed by billionaire Steve Cohen and Hard Rock International, will transform the area around Citi Field into a casino and entertainment hub over 78 acres.
- Resorts World New York City: Supported by rapper Nas, this proposal aims to expand the existing facility with a $5.6 billion investment. The plan includes a large casino and hotel designed to capture significant tourism revenue.
Current Context and Considerations
The New York State Gaming Commission plans to announce its decisions by December 1. Each project is being evaluated based on various criteria, including operational ability and community impact.
Chairman Brian O’Dwyer emphasized that no proposals have favoritism and the commission is committed to prioritizing public interest. Analysts suggest that securing a license in New York, with its vast market potential, could significantly benefit the chosen operator.
Projected Outcomes and Community Impact
The four proposals not only aim for entertainment and casino development but also promise substantial economic benefits, including job creation and tax revenue. Key projections include:
- Bally’s Bronx: Expected to generate over $1 billion annually and $200 million in taxes.
- MGM Empire City: Anticipated annual revenue of approximately $1.39 billion.
- Metropolitan Park: Projected revenue of $3.9 billion and $850 million in annual taxes.
- Resorts World: Estimated annual revenue of $2.2 billion upon completion.
The potential for community investment is also notable, with commitments ranging from $27.5 million annually from Bally’s for local projects to a $1 billion impact fund from Metropolitan Park.
Conclusion
The race for casino licenses in New York City represents a transformative moment for the gaming industry. As developers finalize their proposals, the outcome will be crucial for both the selected projects and the local communities they serve. The New York State Gaming Commission’s forthcoming decision will shape the landscape of urban gaming in one of the country’s largest markets.
