After fast-tracking the process of introducing the three downstate licenses more and more companies have expressed interest in applying for one of those. Just recently, Thor Equities shared its intention of submitting a hefty bid and thus hoping to land one of the licenses to bring a casino property to Coney Island. However, the company will face severe competition.
A few years ago, the Empire State’s legislature put a moratorium on the three commercial downstate licenses, which allowed for the upstate ones to accommodate the local gambling landscape. But recently many casino stakeholders and lawmakers called for the lift on the moratorium, which led to the state adding it to the 2022 budget.
Preparing a Bid
In the last few days, reports emerged from the state that Thor Equities a real estate development and management firm are preparing a hefty bid to become of the three licensees. An industry source said that the company has been working on it for a while. However, a potential issue for the company would be to obtain community support for the project, which currently lacks.
There have been some major developments regarding the downstate licenses in recent weeks, as the New York State Gaming Commission appointed the Gaming Facility Location Board. The panel of specialists has 90 days to issue a request for applications. But it should be noted that the panel will not consider an application until a project is backed community advisory committee.
Then, only after the local committee’s approval and following a formal zoning process, then the newly elected board will be allowed to review the submitted bids. There seem to be plenty of candidates, however, two of the available licenses are almost certainly nailed on to go to Resorts World New York City and Empire State Casino.
According to CGS-CIMB Research, Genting Malaysia’s Resorts World New York City is a front-runner for one of the licenses. The organization noted that as an existing gaming amenity, it will be able to quickly deploy live gaming tables and quickly generate more revenue for the region. The company checks another requirement as it was backed by many local unions and organizations.
Wynn Resorts and Related Companies
Meanwhile, the battle for the third and last license is set to be an exciting one. Recently Wynn Resorts in a coalition with Related Companies announced their intention to build a casino on the Western Yards at Hudson Yards. The new gaming location would provide entertainment in gambling and it would aim to provide thousands of permanent and construction jobs in direct and indirect tax revenue.
The Western Yards is ideally located right next to the Javits Center, which has recently undergone a US$1.5 billion redevelopment, and it is one of the largest convention centres in the U.S. The two companies believe that a commercial casino in the area along with the Javits Center would create the country’s pre-eminent convention and entertainment district.
Source: Lucas, Grant “Thor Equities Working On Bid For Downstate New York Casino At Coney Island” PlayNY, October 12, 2022