New York City getting three casinos in major gambling expansion
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New York City is getting three new casinos — including one expected to be located next to the New York Mets stadium — in a major expansion of legal gambling.
Why it matters: The gambling industry has long been eager to tap into the biggest city in the U.S., a hallmark of wealth, capitalism and risk taking.
Driving the news: New York state gaming officials today voted to award three new casino licenses, all headed for projects proposed in the city so nice they named it twice:
- Hedge fund billionaire and New York Mets owner Steve Cohen won a license to build a Hard Rock casino next to the baseball team's Citi Field in the Queens borough, part of his vision for a massive entertainment complex there.
- Bally's received a license to build a $4 billion casino alongside a golf course in the Bronx.
- Genting Group got approval for a $5 billion expansion of its Resorts World New York City casino in Queens from slots and video gaming terminals into a full-fledged casino with table games.
State of play: The approvals came after years of debate over the gaming expansion and where the casinos should be located.
- Manhattan won't get a casino after considerable opposition from locals who feared the impact on an area like Times Square, which was in the running for a casino at one point.
What they're saying: "Each project proposes to deliver substantial community benefits, including infrastructure and transit improvements, local business partnerships and significant commitments to community-based organizations," location selection board member Greg Reimers said at the meeting where the licenses were awarded.
- He added that the project leaders had each committed to "workforce diversity," community investments and hiring unionized workers: "The board emphasizes the need for the applicants to fully deliver on all these commitments."
- Officials from all three projects were not immediately available for comment Monday.
By the numbers: The projects are expected to yield gaming tax revenue of $7 billion between 2027 and 2036, plus nearly $6 billion in additional taxes for the state, according to consultants hired by the board.
The other side: The projects drew stiff opposition from local residents who don't want casinos in their back yard.
- "Shame on you!" a group of protesters chanted Monday as they disrupted the location selection board's meeting.
