New York City’s long-running casino contest might end soon. State regulators will vote on Monday to decide its outcome. This vote has attracted a lot of attention.
With Finances Tight, State Nears Crucial Vote in Shrinking Casino Contest
Over the years, the contest has seen neighborhood fights, changing political trends, and many bidders. Now three contenders remain. Yet, none of them is sure to win.
The Gaming Facility Location Board, a group of five members, will pick up to three applicants for downstate licenses. They do not have to give out all the licenses, but the state’s financial problems might push them to do so. Each license needs a $500 million payment. It also requires at least that much in building costs. This money would go to Albany when the state is facing budget shortfalls.
The remaining proposals originate from three distinct areas of the city. In Queens, Mets owner Steve Cohen is collaborating with Hard Rock to create a comprehensive plan. This plan aims to transform the vast parking areas surrounding Citi Field into a resort. The centerpiece of this resort would be a casino, accompanied by a performance venue and a food hall. This project has become one of the most examined, attracting significant attention from business leaders. However, it has also faced opposition from nearby residents who are concerned about increased traffic and congestion.
Tax Tensions and Zoning Wins Drive Final Stretch of New York’s Casino Battle
Queens is also home to Resorts World, which runs electronic games at Aqueduct. In recent months, the company has been making the case that its proposed tax structure – much higher than its competitors – could put it at a disadvantage. Sources close to the company say it wants state officials to close the gap, either by lowering its taxes or raising those of others. Resorts World is pledging a major upgrade of its current location, including table games and more amenities.
Bally’s, the third finalist, wants to build a big casino and hotel next to its Ferry Point golf course in the Bronx. The project made it through a tough zoning process earlier this year with some help from City Hall. Soo Kim, the company chairman, has hinted in private that he feels good about their chances, saying the team came up with the best plan they could. If Bally’s gets a license, they will have to pay extra to the former owners, based on a deal made when they bought the golf course two years ago. After Monday’s vote wraps up, the state Gaming Commission takes over.
They will check the finances and legal status of each winner before approving the valuable licenses. This might end the ten-year-long contest – but keep in mind, in New York’s casino story, unexpected twists often pop up at the last minute.