Las Vegas has the New York, New York casino on the strip. Now New York City might be in line for a bit of Las Vegas.
The state’s Gaming Facility Location Board has opened up the application process for three full-fledged casinos in the state. Caesars Entertainment has already expressed interest in opening a casino in Times Square and is likely to make a bid. Another group has shown interest in building a casino in Coney Island.
Other interested parties include Resorts World, which reportedly has its eye on Yonkers and Wynn Resorts, which is considering the Hudson Yards area. And New York Mets owner Steve Cohen could be looking to build a casino next to Citi Field.
New York state currently has four approved casino licenses, though none are in the NYC area. A decade ago, voters in the state approved up to seven casinos in the state. The licenses up for bid now are the final three.
The asking price for the license stands at $500 million (with a $1 million application fee), though applicants can offer to pay more. The board will award the licenses based on the expected revenue, job creation numbers, salary projections, and other factors.
The license would allow holders to operate table games and other familiar casino offerings, much like those found in Las Vegas, Atlantic City, and a growing number of cities and states around the country.
The NYC licenses will run from 10 to 30 years, based on the investments by the winning companies. A decision on the winning bids is expected to be made by the end of the year.
Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of today's executives. Subscribe here.
