"Roughly a decade ago, voters in New York approved a constitutional amendment providing for up to seven casino licenses throughout the state, including three for downstate facilities. Each license comes with a $500 million price tag. In 2022, New York authorized the licenses in its state budget, and the New York State Gaming Commission has until the end of the year to award them."
"The field narrowed to six applicants on Wednesday after CACs in Manhattan voted against Caesars Palace Times Square, projected to cost $5.4 billion, and The Avenir (French for "future"), a $7 billion project. In Queens, billionaire New York Mets owner Steve Cohen and Hard Rock International's Metropolitan Park-an $8.1 billion development that would be a stone's throw from Citi Field-has emerged as a front-runner in the sweepstakes."
Voters approved a constitutional amendment allowing up to seven casino licenses statewide, including three downstate, each with a $500 million fee. New York authorized the licenses in 2022 and the State Gaming Commission must award them by year-end. Community Advisory Committees must decide on proposed developments by September 30, and Manhattan CACs rejected Caesars Palace Times Square and The Avenir, narrowing the field to six. In Queens, Steve Cohen and Hard Rock's Metropolitan Park is a front-runner, pending a Metropolitan Park CAC vote. The Gaming Facility Location Board and state commission will determine final license distributions, with racinos as likely alternatives.
Read at The American Prospect
Unable to calculate read time
Collection
[
|
...
]