Downstate NY Casino License Bids Down to Eight

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The exciting race for three downstate New York casino licenses has taken a new twist as Wynn Resorts has withdrawn its plans for a $12 billion Hudson Yards casino project. This follows the decision by Hudson’s Bay Co. to drop out of the running on April 10th, with Las Vegas Sands following suit towards the end of the month.

The three new casinos will generate significant tax revenue streams and thousands of jobs for New Yorkers, and the potential for a licensed online casino industry in the state is also generating interest. At present, consumers only have access to licensed online sports betting facilities, while offshore casinos offer an alternative route for bettors.

Only the operation of online casinos is prohibited in New York State, so consumers can place bets with sites operating in other countries. Because of this, sites that accept cryptocurrencies have benefited thanks to the speed of transactions and not having to exchange for local currencies. The top BNB casinos can also offer enticing bonuses and offers to attract new customers.

The new downstate premises, when they are up and running, and access to offshore sites could help to make a better case for legislative changes in the future.

The Eight Remaining License Bidders

The three withdrawals will be good news for the existing bidders, with the odds of securing a license improving from 3 in 11 to 3 in 8.

Thor Equities

Thor Equities has teamed up with Saratoga Casino Holdings to create a proposal for a $3 billion, 1.4 million square foot casino complex in Coney Island. The site will feature a 500-room hotel, a concert venue, an event space, dining facilities, and retail space, and is expected to create 4,500 jobs during construction and a further 4,000 when the casino is operational.

Bally's

Bally's Casino project is proposed to be constructed at the Ferry Point Park golf course, with plans including improvements to local infrastructure to support increased traffic and footfall. The complex would cover more than 3 million square feet and could create as many as 15,000 jobs during construction.

The Soloviev Group

The Freedom Plaza project is a collaboration between the Mohegan and Bjarke Ingels Group and the Soloviev Group, which has been priced at approximately $10 billion. As well as a waterfront casino, the project also includes the creation of 1,325 residential apartments.

Caesars

The ambitious Times Square Caesars Palace project, in collaboration with Roc Nation and SL Green, would see the creation of a casino spanning across 8 floors of a skyscraper in one of New York's most recognizable locations.

Seminole Hard Rock Entertainment

Seminole Hard Rock Entertainment has teamed up with Mets owner Steve Cohen for a proposal that would see the conversion of the Citi Field parking lot and adjacent land into an entertainment district that includes a centerpiece casino.

Genting

Genting's Queens casino project proposes a casino, hotel, and housing project for the workforce, with an estimated 5,000 jobs on completion.

MGM Resorts

MGM plans a multi-billion-dollar upgrade to its existing Empire City racino in Yonkers and has support from the Mayor of Yonkers, its Chamber of Commerce, and other notable associations.

Silverstein Properties

Silverstein Properties has teamed up with Greenwood Gaming & Entertainment for its Manhattan hotel and casino proposal that would also include affordable housing.

Conclusion

The future of casino gambling in New York, both retail and online, is very exciting, and as the June 27th application deadline draws closer, locals will get a better idea of who will remain in the running to provide the new entertainment facilities.

If you or anyone you know has a gambling problem, call 1-800-GAMBLER.