The landscape of downstate New York is poised for a significant transformation with the introduction of three new casino facilities. The New York State Gaming Facility Location Board recently set a new bid deadline for these projects, giving developers until June 27, 2025, to submit their proposals.
A Bill in the Balance
However, the path to establishing these casinos might face a pivotal shift. A bill awaiting Governor Kathy Hochul’s signature proposes a much earlier deadline of August 31, 2024, for bid submissions. Authored by Senator Joe Addabbo and identified as S9673A, the bill has already passed through both the house and senate in early June.
If Governor Hochul signs the bill, it would override the facility location board's timeline, compelling bidders to fast-track their proposals by the end of next summer. Nevertheless, the board has expressed concerns about the feasibility of this accelerated schedule, citing that all 'entitlements and zoning' must be approved before bids can be reviewed.
Timing Concerns and Preconditions
“Politicians may want a quicker deadline, but that would be impractical,” noted Vicki Been, encapsulating the board's hesitation. Additionally, environmental impact studies and necessary zoning changes stand as vital preconditions that must be met before any proposal can be evaluated.
This complication is highlighted by current bids that face rezoning obstacles. For instance, the Bally’s proposal in The Bronx and Steve Cohen’s proposal in Queens would require converting parkland designations to accommodate the envisioned casino facilities.
The Bidding War
Despite these hurdles, the quest for casino licenses has attracted a throng of developers eager to capitalize on prime locations across New York City. A total of 11 bidders are in the race, each offering unique visions that combine casino facilities with resorts, housing units, and neighborhood improvements. Their proposals span various notable areas, from Times Square to Brooklyn. Among the key bidders are:
- 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, and 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
Each of these bids indicates a significant investment in developing the areas, promising more than just gaming facilities but also substantial community enhancements.
Future Prospects
The facility location board acknowledged its apprehension about the conflicting timelines during a recent meeting. They remain optimistic that obtaining bids by their preferred, extended deadline will not impede the overarching goal of issuing casino licenses by the end of 2025. "The hope would be that our reasoning will be helpful to the governor," remarked Vicki Been, reflecting the board's perspective.
Ultimately, the outcome of this process could profoundly reshape the entertainment and economic landscape of downstate New York. As some of the state's most iconic areas might see the advent of new gaming facilities, resorts, and other developmental projects, the stakes are high. Whichever timeline is adopted, the integration of these casinos will likely create ripple effects throughout the community, influencing both local businesses and residents alike.