The state of New York is about to issue three new gaming licences for land-based casinos in the city of New York by the end of 2025. Applications are due by 27 June 2025 so there’s room for even more than the existing eleven bidders to join in. Final candidates will be chosen by 1 December 2025, and then the community will get their chance to voice their opinions before any final decision is made.
This year there has been a lot of preparation for that, mostly through announcing locations where the future casinos could be located. Times Square, Hudson Yards and the area near Citi Field in Queens are looking to become major casino and entertainment centers.
In this article we’ll talk about some of the most interesting bids that are most likely to get one of the three licences, as each one is unique and is coming with its own sales pitch. Some are developing undeveloped areas of New York, while others plan to inhabit existing buildings.
Things got started back in 2013 when New York voters gave a green light for seven casino licences. Currently, four casinos run upstate. The last three downstate licenses is where things got serious in terms of competition, as there are 11 different proposals.
Wynn Resorts and related companies made a $12bn pitch for Hudson Yards, a luxury resort with a hotel, spa, and of course, a casino, on a underdeveloped site that is a former graveyard for LIRR trains on the West Side of Manhattan. Other features of the new development would include a residential building, office space, and a 5.6-acre park connecting to the Javits Center and surrounding parks.
There has been some backlash from the community and some nonprofits regarding this NY casino, so on October 24th workers from various unions hit the streets to show support for the proposed project. The objections were mostly due to ”design choices of Hudson Yards obstructing city views and casting shadows”, whereas the union workers claim that the casino would bring in 30,000 jobs.
When presenting the project, Wynn stated that the resort would open 35,000 union construction jobs and add 5,000 unionized employees to Manhattan’s economy.
Caesars Palace Times Square Casino is a partnership between Caesars Entertainment and Jay Z’s Roc Nation that includes a 250,000 square foot casino and a 950-room hotel in the existing 54-story building at Broadway between 44th and 45th streets. Jay Z also promised $250m to the Hell’s Kitchen community if he wins the bid.
Three blocks south of the United Nations, Bjarke Ingels Group have proposed a mixed-use development on a three-block 6.7-acre empty space that is named Freedom Plaza. This area has been fenced off and empty for fourteen years.
Saks Fifth Avenue would, just like the Times Square bid, put the casino in an existing building. Hudson’s Bay Company, owner of the renowned Saks Fifth Avenue department store chain, is looking to convert the top three floors of its flagship store in Midtown Manhattan into a Monte Carlo-style casino. The casino would cover about 200,00 square feet.
Finally, Larry Silverstein, 92, who never owned or invested in a casino, controls a site four blocks west of Times Square that he says is perfect for a casino because it borders several neighbourhoods but is central to none.
The Bally’s Golf Links at Ferry Point site is home to an 18-hole, 180-acre golf course and a 20,000 square-foot clubhouse. Bally’s Corporation took over from Donald Trump and are now looking to build one of the three pending casinos on this location.
Mets owner Steve Cohen partnered with Hard Rock to propose a Metropolitan Park casino in Queens, near Citi Field. This proposal intends to transform the 50 acres of asphalt around Citi Field into a park that has a casino at its center. The pitch is that the residents are getting a perfect opportunity to get a huge park with a lot of amenities that just happen to include a casino too.
New York is working on legalization of online gambling websites and there’s a rough proposed date of 2025 for online casinos to start operating under state-issued licences. Online sports betting is already allowed so the sportsbooks will likely get a head start when the online casino market upens up.
2024 has already been described as the year of the casino in New York, and it seems 2025 will be even more so, as New York City will likely learn which three bidders won the licence and where the new casinos will be located. Also, it looks like the online gambling scene will also open up.
At the moment, New York is the fourth-best US state by gambling revenue at $4.7bn, right behind New Jersey and Pennsylvania, both at $5.8bn. This could quickly change and New York could make it to position two within a few years because of the three new land-based casinos and the legalization of online casinos. Nevada is, of course, on the first place with a $15.5bn revenue.
Daniel Horvat
December 26, 2024