With New York State desperately looking for new sources of revenue, real estate developers and gambling interests are trying to revive interest in a long-shelved proposal: a casino in New York City, NYTimes reported. The state is authorized to issue three new casino licenses beginning in 2023, but pressure is building to accelerate the timetable.
- Major Caveat: State lawmakers and Gov. Cuomo have traditionally opposed past efforts; however, this latest push could carry more weight as the state faces a $15 billion budget shortfall.
- No shortage of interested developers: Vornado Realty Trust has pitched the idea of a casino on its expansive holdings near Herald Square, while L&L Holding Company has also proposed making one the centerpiece of its $2.5 billion development at 1568 Broadway. Morris Bailey, the owner of Resorts Casino Hotel in Atlantic City, has also discussed building a casino on the site of the former McAlpin Hotel in Herald Square.
- What comes next: The state’s upcoming budget negotiations, scheduled to begin in earnest later this month, could well be when new or expanded gaming comes into focus. Lawmakers and casino executives say that each new license would be a windfall for the state, with a likely asking price of at least $500 million apiece. [NYTimes]