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The New York Gaming Facility Location Board is set to decide on the three winning bids for casino licenses in downstate NY by December 1st, and eight projects are in the running, including the Coney Island 'Coney' project. The Coney recently presented its bid to the appointed local committee and must receive a minimum of four positive votes from the six committee members by the 30th of September if it is to move on to the next stage.
The state has 13 retail casino operations and a further 21 tribal casinos, but does not currently offer licensed online casino betting despite its successful online sports betting industry. Online gambling expert Charlie Pearson, who provides insights on US casinos, explains that offshore alternatives are proving popular among consumers looking for legal ways to place bets.
Live casino betting opportunities are set to improve in the downstate New York area with three licenses up for grabs. While it will be some time before the winning bids complete construction, it will be a boost to the state's gambling industry.
The Coney Project
A partnership between Thor Equities, Saratoga Casino Holdings and Legends, and the Chickasaw Nation's gaming business entity is behind the Coney Island project, which is estimated to cost around $3.4 billion. The plans for the project include a hotel with 500 rooms, a convention center, an entertainment venue, restaurant space, and a casino, which will span 1.4 million square feet.
The project will also include a publicly accessible space and is expected to transform the local economy by boosting footfall and employment. An estimated 4,000 jobs will be created on completion of the project, and 4,500 during construction. The project would take around 3 years to finish and would start in June 2026.
If the bid is to be successful, backers will have to allay fears that only a small minority of local workers will be employed. The revenue generated by the winning bidders will be big news for the gambling industry, and could pave the way for online operations.
The Coney's Competitors
While the project promises to transform Coney Island's Summer appeal into a year-round attraction, it faces stiff competition from seven competitors.
Times Square Caesars Palace
The Caesars Palace Times Square project has undoubted star power with Jay Z's Roc Nation alongside Caesars Entertainment and SL Green Realty as its backers. The proposed site is an office tower at 1515 Broadway, with a projected $5.4 billion renovation cost. The project would include a 992-room hotel, wellness retreat, restaurants, and nightclubs.
The incredible location would provide even more entertainment for visitors, but the bid is expected to attract opposition from community leaders and theater owners who are content with the current area.
The Avenir
The Avenir Project has been proposed for 11th and 41st St, Manhattan, with Silverstein, Rush Street Gaming, and Greenwood Gaming in partnership with Destination by Hyatt for the hotel side of things. The 1,000-room hotel and casino complex is projected to cost around $7 billion to complete, and would include the unique feature of natural light in a casino setting.
The hotel and casino are expected to generate approximately 5,500 jobs when it is complete, with around 4,000 jobs being created during construction. Silverstein Properties already owns the site, and they are confident that they can complete construction faster than any other bidder.
Freedom Plaza
The Soloviev Group and Mohegan are behind the Freedom Plaza bid that would see the construction of an $11.1 billion project at 686 First Avenue, Manhattan. The site would include 5 acres designated to public park space as well as residential units, a museum, a day care center, a food market, two hotels, and a casino.
This is the most ambitious and costly of all the proposals, and would generate 17,000 jobs during construction and 8,000 on completion. Half of the proposed residential units will also be designated affordable, with Soloviev also stating that as much as 12% of public equity is to be designated for NYC residents.
Metropolitan Park
The Queens Metropolitan Park Project at Willet Point is part of a plan put together by New York Mets owner Steve Cohen and Hard Rock International. The plan is to sink $8 billion into transforming 50 acres of land around the Citi Field stadium, including car lots, into an entertainment venue and public space.
A massive 25-acre park, hotel, casino, park theatre, and other amenities are planned for the area, with plans for affordable housing being added to increase the chances of selection.
Resorts World NYC
Resorts World NYC is being backed by the Genting Group as well as rap star Nas, who could reignite his old feud with Jay Z as the two back separate projects. The proposed site is the Rockaway Blvd Aqueduct Racetrack, which would see a $5.5 billion investment to create an integrated resort with a hotel, 500,000 square foot casino, and other amenities, including a 10-acre green space.
MGM Empire City
MGM Resorts International plans to transform the existing Empire City Casino in Yonkers with a $2.3 billion investment. The renovation would see an expansion of existing facilities, the creation of an entertainment venue, and several dining experiences. The proposal will create 2,500 new jobs, and the project already has the backing of key local figures, including the Mayor of Yonkers, Mike Spano, the Westchester Building Contractors Association, and the Bronx Chamber of Commerce.
Bally's NY Casino
The Bally's NY Casino project is proposed for Ferry Point, the Bronx, and would see a $4 billion investment to create an exciting new resort complex that would cover more than 3 million square feet. The construction would take place within the Ferry Point Park public golf course and include a 500-room hotel, event center, and meeting space.
Infrastructure upgrades to the local area would include road widening, pedestrian crossings, bus stops, and the construction of a new clubhouse. It is expected that 15,000 construction jobs will be generated during the building of the location, and 3,700 jobs after it has been built.
