The landscape of downstate New York may soon undergo significant changes with the introduction of three new casino facilities. This move could redefine the region's entertainment and economic dynamics, injecting new life into some of the state's most iconic areas.
Shifting Deadlines and Legislative Actions
The New York State Gaming Facility Location Board set a new bid deadline for these casinos to June 27, 2025. However, a pending bill with a deadline of August 31, 2024, is awaiting Governor Kathy Hochul’s signature. If signed, this legislation would override the board's decision, demanding bidders to submit their proposals much sooner, by the end of summer 2024. The bill, authored by Senator Joe Addabbo and known as S9673A, passed through both the house and senate in early June.
The facility location board has been vocal about its concerns regarding this ambitious timeline. “Politicians may want a quicker deadline, but that would be impractical,” remarked Vicki Been, echoing the board’s sentiment. They argue that bids cannot be reviewed until all 'entitlements and zoning' are approved, making the current legislative timeline appear unreasonable. “Because bids cannot be reviewed until all ‘entitlements and zoning’ are approved, the board views the current deadline as unreasonable,” stated the New York State Gaming Facility Location Board.
Environmental and Zoning Hurdles
Environmental impact studies and necessary zoning changes are prerequisites that must be satisfied before any bid can be reviewed. Significant proposals like Bally’s Bronx and Steve Cohen’s Queens project will need rezoning from their current parkland designations to accommodate casino facilities. This adds another layer of complexity to an already intricate process, requiring careful navigation through local and state regulatory frameworks.
Competitive Field and Visionary Proposals
The competition to develop casinos is fierce, with 11 bidders vying for prime locations ranging from Times Square to Brooklyn. These proposals are not limited to establishing casino facilities; they include comprehensive plans for resorts, housing units, and neighborhood improvements. The diversity of bidders reflects a mix of commercial and tribal operators, each bringing unique visions to the table.
Highlighted proposals include Avenir by Silverstein Properties and Greenwood Gaming in Manhattan, Bally’s Links at Ferry Point in The Bronx, Caesars Palace Times Square by Caesars Entertainment, SL Green, and Roc Nation in Manhattan, and Coney Project by Thor Equities, Legends Entertainment, the Chickasaw Nation, and Saratoga Casino Holdings in Brooklyn. Other notable bids are Freedom Plaza by Soloviev Group and Mohegan Gaming in Manhattan, Metropolitan Park by Steven Cohen and Hard Rock International in Queens, MGM Empire City by MGM Resorts International in Yonkers, Resorts World New York City by Genting Group in Queens, Sands New York by Las Vegas Sands in Nassau County, Long Island, Saks Fifth Avenue by Hudson’s Bay Company in Manhattan, and Wynn New York City by Related Companies, Oxford Properties Group, and Wynn Resorts in Manhattan.
Board members acknowledged the potential conflict between their set deadline and the stipulations of S9673A during a recent meeting. Despite this, they remain optimistic that obtaining bids by the new deadline will not compromise the overarching goal of issuing licenses by the end of 2025. “The hope would be that our reasoning will be helpful to the governor,” added Vicki Been.
A Transformative Impact
The introduction of these casino facilities holds the promise of reshaping the entertainment and economic landscape of downstate New York. Bidders’ ambitious proposals aim to blend gaming with broader development projects, potentially revitalizing some of the region’s most cherished locales. As the deadline approaches, stakeholders will closely monitor developments, recognizing the significant implications for both the industry and the communities involved.