The landscape of downstate New York may soon undergo significant changes with the introduction of three new casino facilities. This development is set against a backdrop of legislative and procedural intricacies that could potentially reshape the region’s entertainment and economic sectors.
New Casino Proposals and Legislative Hurdles
The New York State Gaming Facility Location Board has set a bid deadline for these casinos to June 27, 2025. However, a bill authored by Senator Joe Addabbo, known as S9673A, could disrupt this timeline. This bill, currently awaiting Governor Kathy Hochul’s signature, mandates a deadline of August 31, 2024, for proposal submissions. If enacted, it would override the facility location board’s decision, placing bidders under increased pressure to expedite their plans.
The bill passed through both the house and senate in early June, signaling significant legislative support. Nevertheless, the facility location board has voiced its concerns about the ambitious new deadline. According to the board, bids cannot be reviewed until all ‘entitlements and zoning’ are approved. Environmental impact studies and necessary zoning changes are preconditions that must be met before any bid is reviewed.
Specific Proposals Needing Zoning Changes
The Bally’s Bronx proposal and Steve Cohen’s Queens proposal, for instance, require rezoning from their current parkland designations to accommodate casino facilities. This adds an additional layer of complexity and urgency to the already tight timeline dictated by S9673A.
Diverse Bidders and Ambitious Plans
The competition is fierce, with 11 bidders vying to develop casinos in a range of prime locations, from Times Square to Brooklyn. These proposals are not limited to casino facilities; they encompass resorts, housing units, and neighborhood improvements, signaling a wave of comprehensive urban development. The proposals feature a mix of commercial and tribal operators, each aiming to carve out their niche in the coveted downstate New York market.
Key Bidders and Their Proposals
- Avenir: Silverstein Properties and Greenwood Gaming in Manhattan.
- Bally’s Links at Ferry Point: Bally’s Corporation in The Bronx.
- Caesars Palace Times Square: Caesars Entertainment, SL Green, and Roc Nation in Manhattan.
- Coney Project: Thor Equities, Legends Entertainment, the Chickasaw Nation, Saratoga Casino Holdings in Brooklyn.
- Freedom Plaza: Soloviev Group and Mohegan Gaming in Manhattan.
- Metropolitan Park: Steven Cohen and Hard Rock International in Queens.
- MGM Empire City: MGM Resorts International in Yonkers.
- Resorts World New York City: Genting Group in Queens.
- Sands New York: Las Vegas Sands in Nassau County, Long Island.
- Saks Fifth Avenue: Hudson’s Bay Company, with the operator to be determined, in Manhattan.
- Wynn New York City: Related Companies, Oxford Properties Group, and Wynn Resorts in Manhattan.
The array of proposals underscores the significant interest from both established casinos and new entrants looking to stake their claim in this lucrative market.
Board’s Stance on Timeline
During their meeting on Thursday, the board members acknowledged the potential conflict between their decision and the stipulations of S9673A. They underscored the impracticality of rushing the process, with Vicki Been remarking, “Politicians may want a quicker deadline, but that would be impractical.” The board views the current deadline set by the bill as unreasonable since bids cannot be reviewed until all necessary approvals are secured. “Because bids cannot be reviewed until all ‘entitlements and zoning’ are approved, the board views the current deadline as unreasonable,” the board stated.
Future Implications
The board remains optimistic, however, expressing hope that obtaining bids by the new deadline will not hamper their overarching goal of issuing licenses by the end of 2025. Vicki Been added, “The hope would be that our reasoning will be helpful to the governor.”
The final decision on whether the bill will be signed rests with Governor Kathy Hochul. Its outcome holds the potential to significantly reshape the entertainment and economic landscape of downstate New York, bringing gaming and broader development projects into some of the state’s most iconic areas. As these developments unfold, all eyes will be on Albany and the stakeholders vying for a piece of New York's gaming future.