Final NYC casino bids have been submitted: Who’s in the running?
Since 2013, New York City’s residents have been waiting to hear where three new casinos will be built. Finally, eight bids have been officially lodged, and decision makers are expected to make a final choice by the beginning of December. BonusFinder, an online casino comparison site, gives you the latest on the NYC casino bid – with eight casinos in the running.
The licenses will each cost $500m, and bids must include proposals to invest at least the same amount in local ‘capital investments’. Experts predict that the new casinos will make upwards of $4bn a year in annual revenue, justifying the huge initial outlay.
NYC casino bid: Final bidders
While Las Vegas Sands and Wynn Resorts both officially pulled out of the process earlier this year, there are still some significant names among the final bidders.
1. Coney Island
The $3bn Coney Island bid would see a 1.4 million square foot complex built between Surf Avenue and the boardwalk that would include a 500-room 32-storey hotel, as well as a live theater with seating for 2,400 guests. Other features include a convention center, retail space and restaurants.
Estimates suggest the project, which would replace many smaller buildings on the existing site, would generate 4,500 jobs during the construction phase and an additional 4,000 jobs once the casino is completed.
The project has been put forward by Thor Equities in conjunction with the Chickasaw Nation, Saratoga Casino Development and Legends. Opponents fear the development would detract from existing Coney Island attractions, while supporters claim it would help further fuel ongoing development of the area.
2. Bally’s Bronx
Bally’s Bronx casino would be built on the site of Bally’s golf course at Ferry Point in the Bronx, which has direct access to the Whitestone Bridge and major highways. The bid includes proposals for a 5,000-capacity car park, an event center for 2,000 guests and 500,000 square feet of gaming space.
If the bid is selected, President Donald Trump would receive a $115m payout, according to reports.
Construction would create 15,000 jobs, and the new casino is expected to support around 3,7000 unionized jobs, on completion.
Bally’s already owns 19 casinos in the US, which gives them experience working on this kind of project, but there are objections to the alienation of parkland to create a casino complex.
Local conservative residents are also highly opposed to the construction of a giant casino complex and the council recently rejected the proposal – so Bally’s is likely off the cards now.
3. Freedom Plaza
The Soloviev Group and Mohegan have put forward a bid to redevelop an abandoned lot to the south of the UN headquarters between East 38th and 41st Streets in Manhattan.
The $10bn proposal would incorporate a 1,200-room hotel as well as retail space, a food market, a museum and park space.
Changes to the proposal have seen the group abandon a Ferris Wheel project in favour of the building of two new residential towers. The project is expected to deliver approximately 4,000 full-time jobs once work is complete.
This casino is unique as it would be built underground with green parkland above. The developers hope this, along with affordable housing plans, will help them secure a license. But local residents and the local community board are opposed to the project.
4. Caesars Palace Times Square
Caesars Entertainment, Roc Nation and Live Nation’s $4bn bid is for a skyscraper casino complex in the heart of Times Square.
It would include a 950-room hotel as well as 250,000 square feet of gaming space over eight floors. The skyscraper would also include restaurants and other amenities. It has been projected that there would be 6,000 jobs during the construction phase of the project.
The central location means the project has huge profit potential, and the development has a smaller footprint than most other proposals, which Caesars hopes will help it win the bid. However, local community leaders and Broadway groups want the area to retain its current charm. Caesars are also offering locals investment opportunities, which could potentially twist their arm.
5. Metropolitan Park
The Metropolitan Park bid is being fronted by MLB’s Mets owner Steve Cohen, in collaboration with Seminole Hard Rock Entertainment. The project is a bold one, costing $8bn and including a 2,300-room hotel, live music venue, park space, food hall and community space. There would even be athletic fields on the site.
There would be an estimated 23,000 jobs combined during the construction phase and once the work is completed.
The bid has some local community support, and Steve Cohen has been extremely busy lobbying local residents, who they claim want a casino in the area. However, State Sen. Jessica Ramos is opposed to the plan, which would make progression difficult.
6. Resorts World New York City
Resorts World New York City is being fronted by casino giant Genting Group, which are planning to expand their existing racino site on Rockaway Boulevard.
The new casino would include a 7,000-seat arena as well as a conference center, a hotel with 2,000 rooms, and parking for 7,000 cars.
Genting claims they could have the casino completed within a matter of months, potentially giving them the upper hand over other bidders.
The group expects to create 5,000 jobs during construction, and a further 5,000 once the upgrade is complete.
Additionally, the bid seems to have a lot of backing, although there are reports that the existing business has failed in anti-money laundering practices – as the company had to pay the Nevada Gaming Control Boards $10.5m on grounds of money laundering.
7. Empire City Casino
The MGM Resorts bid is another proposal to upgrade an existing racino site, this time in Yonkers. The upgraded venue would include a 192,500 square foot casino as well as a 5,000-seat concert venue and a 9,000 square foot sportsbook lounge.
The complex would create 2,500 jobs, once complete, according to officials.
MGM Resorts have a good reputation with the local community and local groups, but officials might prefer to grant licenses to new operators if they believe that this bid, and the Resorts World bid, have already hit a ceiling for potential revenue.
8. The Avenir
Among the NYC casino license bid is The Avenir casino project, proposed by Silverstein Properties, Rush Street Gaming and Greenwood Gaming and Entertainment.
They plan to develop a two-tower complex including 1,000 hotel rooms, a performance hall with 1,000 seats and 100 affordable housing units.
The group expects the complex to create 4,000 jobs during construction and 5,500 jobs once the project is completed.
Silverstein has a good reputation, having been responsible for rebuilding the World Trade Center site, and it claims it has the experience and expertise to complete the job quickly.
However, the planned site is in a more remote area so officials might prefer somewhere with easier access and higher potential revenue.
