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[NYguy]

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[NYguy]

https://www.casino.org/news/new-york...revenue-terms/

New York Casinos Could Rival Las Vegas Strip, Says Light & Wonder Exec


Todd Shriber
December 27, 2023

The gaming revenue generated by just three New York City-area casinos could rival or surpass levels seen on the Las Vegas Strip.

That’s the take of Howard Glaser, global head of government affairs at Light & Wonder. Glaser’s view on the matter is highly relevant because he previously served as senior policy advisor to Gov. Andrew Cuomo (D-NY), leading the effort to legalize traditional casino gaming in the downstate region.

"The numbers are eye-popping in terms of the potential revenue,” Glaser said in a recent CNBC interview. “A study New York State itself did said $8 billion a year in potential casino revenue from three casinos. To give you some perspective, the Las Vegas Strip produced $8 billion in casino revenue last year.”

That’s likely a reference to gross gaming revenue (GGR) as Nevada casinos, in aggregate, have been averaging north of $1 billion in monthly revenue for some time. The broader figure in Las Vegas and across Nevada typically includes nongaming items, such as food and beverage, hotel rooms, and shows in addition to gaming revenue.

With New York City widely viewed as one of the last great, untapped casino markets in the world, gaming companies are spending millions of dollars simply to have a chance at the three licenses regulators there could award at some point next year.

While the battle for the three downstate casino licenses has been lengthy and will ultimately prove expensive for the operators involved, the math confirms the winners are likely to benefit mightily.

“How is it possible that three New York casinos equal the whole Las Vegas Strip?,” Glaser noted to CNBC. “It’s 23 million people live here, 50 million people visit. Casino executives want to be into this market.”

New York City is undoubtedly enticing to casino operators, but the state has gaming companies in a tough spot. Not only are roughly a dozen firms vying for the three permits, but with the state needing revenue as residents flee to other states, it’s rumored that what was once a $500 million license fee could now be $1 billion or more.

As Glaser told CNBC, $1 billion sounds like a lot of money upfront — and it is — but over 20 years, the three operators that win the permits could be divvying up close to $200 billion in revenue.

https://www.playny.com/landlords-sup...ace-ny-casino/

Prominent Property Managers, Developers Support Bid For Caesars Palace Times Square





By Grant Lucas
December 27, 2023

It appears landlords in the New York City area are not only embracing the idea of a downstate casino, but they actually have one in mind.

As reported by the Commercial Observer, several prominent property managers and developers have backed a proposal for Caesars Palace Times Square. The Midtown collaboration between SL Green Realty and Caesars Entertainment, the supporting group says, will not overshadow what has already made Times Square a must-visit spot.

“Unlike other casinos,” Michael Phillips of Jamestown told the Commercial Observer, “this is a casino that I would say is amenity light and is relying on the amenity base in the surrounding neighborhood to be the attraction and the co-tenancy, which is a great way to think about an urban casino.”

The Coalition for a Better Times Square has long supported a Caesars NY casino in the heart of the Big Apple, forming the group in December 2022 and immediately backing the project that also includes Jay-Z’s Roc Nation.

“Times Square exemplifies the culture, energy and optimism of New York City and is justifiably referred to as the crossroads of the world. It is the destination for the domestic tourist as well as the international traveler and a playground for New Yorkers from all five boroughs,” Aby Rosen, co-founder of real estate investment, development and management firm RFR Holding, said in a statement.

“No location in the city is more suitable for the beginning of our gaming industry than Times Square, being the No. 1 tourist destination and hub for entertainment, hospitality, retail and transportation.”

As Phillips told the Commercial Observer, one of the bigger points in favor of Caesars Palace Times Square remains the company’s apparent willingness to let Times Square stand center stage.

“Most of the people who talk about Las Vegas, talk about concerts, theater and food,” Phillips told the newspaper. They don’t talk about gambling … The gaming culture has created an entertainment engagement that has now to some extent eclipsed the gaming.”

That said, like other bidders for one of three downstate casino licenses (which would open the door for NY online casino licensing), Caesars and SL Green still face their fair share of opposition.

For example, the Shubert Organization, Broadway’s largest theater owner, announced last year its opposition against a New York casino – any NY casino – moving into the theater district.

Shubert joined the Broadway League, a 700-member-plus group considered among the most influential in the theater industry, as those who have spoken out against a casino in the area. The Broadway League called it “detrimental” to the city.

Julio Peterson, real estate VP for Shubert, spoke on a podcast about the need need to “protect” Times Square “and not get lost in sort of the immediate gratification … and not think of long-term solutions and sustainability for Broadway.”

[NYguy]

https://thevillagesun.com/town-hall-...r-midtown-east

Town hall to ask: Is casino the right play for Midtown East?





JANUARY 4, 2024

Should Midtown East roll the dice on a massive casino and mixed-use project that would also include market-rate and affordable housing?

The scheme could well be in the cards for the centrally located area — but first must pass muster with an advisory committee whose members are appointed by politicians.

State Senator Kristen Gonzalez, Assemblymember Harvey Epstein and Councilmember Keith Powers, along with the Stuyvesant Town Peter Cooper Village Tenants Association, are sponsoring a Casino Town Hall to hear community feedback on the proposal on Thurs., Jan. 11, at 6 p.m., at the New York University School of Dentistry, at 345 E. 24th St., at the corner of First Avenue.

Dubbed Freedom Plaza, the plan is being pitched by developer Soloviev Group. The proposal calls for a hotel, two residential towers, retail space, a human rights museum, public green space and a partially subterranean casino operated by Mohegan, all stretching from 38th to 41st Streets between First Avenue and the F.D.R. Drive.

The proposal includes 1,325 apartments, with more than 500 of them slated to be permanently affordable.

The sprawling site, just two blocks south of the United Nations, was formerly home to Con Ed’s historic Waterside power plant, which was the city’s oldest operating electricity-generating station. But Con Ed decommissioned Waterside in 2005 and increased capacity at its East River plant at E. 14th Street. The East Midtown site was sold to a private developer.

Currently, the 6-acre parcel is being used for a yearlong art installation called “Field of Light,” which opened Dec. 15. The nighttime attraction features 17,000 low-light, fiber-optic bulbs that change color — like a made-for-Instagram, technicolor field of glowing poppies. Tickets are sold out through Feb. 1.

Meanwhile, for an applicant to obtain a casino license, they must demonstrate community support by gaining the required two-thirds vote of a Community Advisory Committee (CAC), which holds public meetings and takes testimony from the public. The membership of each CAC depends on the proposed site location, with members being appointed by the mayor and governor and the remaining seats being filled by politicians.

The CAC for the East Midtown site includes one appointee each chosen by Governor Hochul, Mayor Adams, state Senator Gonzalez, Assemblymember Epstein, Borough President Mark Levine and Councilmember Powers.

The Gaming Facility Location Board (GFLB) can only consider applications that are approved by a two-thirds threshold of the CAC.

The purpose of the Jan. 11 town hall is to gather community input and ensure that the voices of those who live in the community and the surrounding areas have a say in the decision-making process regarding the establishment of a casino in their area. Presumably, a casino — even one in an urban setting with access to mass transit — would have a major impact on traffic and potentially quality of life, too. The area already is hammered annually by increased traffic, plus street and sidewalk closures, during the U.N. General Assembly.

[NYguy]

https://www.qchron.com/editions/quee...ce48cbbc1.html

Cohen team gears up for casino bid
Metropolitan Park waits in wings as gaming commission moves slowly






by Sophie Krichevsky, Associate Editor
Jan 4, 2024

As the state prepares to award three casino licenses in the downstate region sometime in 2024, Mets owner Steve Cohen, his chief of staff, Michael Sullivan, and their team of lobbyists with New Green Willets, Queens Future and others are looking to stand out amongst a crowded field of applicants.

Cohen’s vision for a casino, hotel, concert venue, Queens food hall and 20 acres of green space next to Citi Field, would be called Metropolitan Park. Queens Future says the plan, which Cohen unveiled on Nov. 7 and Sullivan discussed with the Chronicle during a recent interview at the stadium, would also include extensive bike paths, allowing cyclists to ride from the Flushing Meadows Corona Park footbridge to Flushing Bay without having to navigate through traffic.

Project leaders also say the Mets-Willets Point No. 7 train station would also get some much-needed upgrades to the long-decrepit boardwalk connecting the subway stop to the Long Island Rail Road station and so as to be handicap accessible. The three proposed parking garages will have solar panels on top.

Though little has been said about the Queens food hall or the concert venue, the leaders likened the performance space’s capacity to that of Radio City, which has a little more than 6,000 seats.

But without a casino, Queens Future says, Cohen’s plan is not in the cards. Cohen told New York Magazine the same this fall. “It’s economically not feasible,” he said. “Which is disappointing.”

Meanwhile, the New York State Gaming Commission is slated to award licenses sometime in 2024 — though precisely when is unclear. At a Dec. 3 commission meeting, however, its executive director, Robert Williams, said staff would be working through the holiday season to respond to the second of two rounds of questions from applicants. Once those answers are made public, he said, those vying for the licenses will have 30 days to submit their final applications.

At the same time, the first round of questions, in which applicants can inquire about process logistics or whether the commission would favor certain proposal elements, was due Feb. 3 of last year; the commission responded on Aug. 30. The second round of questions, of which there were roughly 400 compared to about 600 in the first, were due Oct. 6.

State Sen. Joe Addabbo Jr. (D-Woodhaven) has not been pleased with the pace of things.

“It’s a process moving too slow at this point,” he told the Chronicle.

And Cohen is far from the only one vying for the licenses — nor is he the only one in Queens. Resorts World in South Ozone Park, which already has electronic table games and slot machines, is widely thought to be one of the favorites, along with Empire City in Yonkers. A source familiar with Cohen’s plan said his camp is not concerned about whether there is an appetite for two facilities in the World’s Borough. The same source said the casino actually takes up less than 10 percent of the space Cohen is seeking to develop.

But Cohen’s other obstacle is that the Citi Field parking lot is legally parkland. While the land could be alienated by state lawmakers to allow for a casino, that has been a source of criticism from some community members, who object to the notion that parkland would essentially be privatized.

Though Cohen’s team has avoided using that language, Sullivan confirmed to the Chronicle that Metropolitan Park’s green space would be privately run.

“Our elected officials have said to us that the Parks Department has serious budget constraints, and they’ve asked us to build it, and maintain it and provide the security for it, which we’re willing to do,” he said.

“If we don’t keep this park area safe and beautiful, people won’t want to come here.”

That is moot, however, if state Sen. Jessica Ramos (D-Jackson Heights) does not follow Assemblyman Jeff Aubry (D-Corona) in introducing legislation to alienate the land. As lawmakers return to Albany for the beginning of session this week, Ramos has yet to decide on that.

[Sky88]

Well, I think the only thing missing now is Related-Wynn's casino project in Hudson Yards. It's strange that we haven't seen any drawings or models of this project yet. I wonder at this point when there will be a presentation. Hopefully soon...

[Gantz]

One license needs to be awarded to a developer that has a proper convention center as part of the development plan.

[NYguy]

Originally Posted by Sky88

Well, I think the only thing missing now is Related-Wynn's casino project in Hudson Yards. It's strange that we haven't seen any drawings or models of this project yet. I wonder at this point when there will be a presentation. Hopefully soon...

We haven’t reached the point of bid submissions yet, though we have seen a few renderings from some potential bidders. Bids will be due 30 days after the state returns answers to a second round of questions that were submitted 3 months ago.

Originally Posted by Gantz

One license needs to be awarded to a developer that has a proper convention center as part of the development plan.

It’s highly likely that Related’s bid will win one if the licences partially for that reason.

[NYguy]

https://nypost.com/2024/01/07/metro/...x-golf-course/

Bally’s name replacing Trump on Bronx golf course






By Carl Campanile and Josh Kosman
Jan. 7, 2024

Bally’s name will officially replace Trump at the Ferry Point golf course in The Bronx.

“BALLY LINKS” will be emblazoned on a massive green berm on the links — a symbol of the company acquiring the lease of the golf course from the Trump Organization last fall — replacing “TRUMP LINKS.”

The giant TRUMP LINKS logo was visible driving over the East River on the Whitestone Bridge.

The scenic changeover — as shown in the below image obtained by The Post — will take place later this week, a rep for Bally’s said.

It’s a big move in New York for Bally’s, which will separately submit a bid to operate a casino adjacent to the golf course.

“We are incredibly excited about this new chapter for Bally’s Golf Links at Ferry Point. This course is one of the City’s crown jewels—an amazing public course right here in the Bronx—and we look forward to being both responsible and responsive stewards of this compelling community asset,” said Bally’s controlling owner Soo Kim, who grew up in Queens.

[NYguy]

https://www.nytimes.com/2024/01/11/n...lys-bronx.html

In the Bronx, Trump’s Name Is Replaced at a Golf Course





By Emma G. Fitzsimmons
Jan. 11, 2024

The golf course is under new management, and Mayor Eric Adams attended a rebranding event on Thursday at the course, formerly known as the Trump Golf Links at Ferry Point. The new operator, Bally’s Corporation, revealed a new sign: “BALLY LINKS.”

…Bally’s is hoping to win a casino bid at the Bronx site — part of a competitive battle for up to three casino licenses in the New York City area.

[Busy Bee]

Thrilled to see that filthy name off the place.

[NYguy]

• Video Link



https://gothamist.com/news/midtown-c...y-at-town-hall

Midtown community compares potential casino plan cash to ‘blood money’ at town hall









By Charles Lane
Jan 11, 2024

Through shouts and heckling, developers pitched a $10 billion casino for Midtown East that would include a five-acre park, a museum, a 1,200-room hotel, restaurants, entertainment venues and 1,325 units of housing – 38% of which will be deemed affordable.

Representatives for the Soloviev Group dubbed the project Freedom Plaza and promised the creation of an independently-controlled community fund that would direct 2% of the casino’s back to the neighborhood. Still, community members who spoke at Thursday night’s forum overwhelmingly opposed it, comparing the developer to a “drug dealer” and calling the community fund “blood money.”

“I do not believe, deep in my heart, that a casino should come to a residential neighborhood,” said a woman who only identified herself as Amy who lived above the proposed location at First Avenue between 38th and 41st streets.

Residents at the town hall complained about having to potentially trade more traffic and crime in order to receive more affordable housing.

“The casino is the economic engine for the affordable housing,” said Robert Huberman, the Soloviev Group’s land use attorney. “Without the casino, we would not be developing the affordable housing.”

.....“We certainly welcome the money that it brings, but it also brings–” Robert Gottheim, district director for U.S. Rep. Jerry Nadler, tried to say before the audience began yelling, “blood money.”

“It may be blood money, but the money is coming,” Gottheim said.

[Busy Bee]

The idea of a casino in a "residential neighborhood" is not what's offensive. I've said it before, there's fewer things more grotesque and "off-code" than a garish casino across the street from the planet's pre-immanent and frankly lone diplomatic institution committed to world peace and prosperity. Whereas a casino is committed to it's own prosperity at the expense of the wellbeing of mankind, not to put a too dramatic spin on it. Not quite a bomb factory, but somehow not far from it in it's contrast.

[NYguy]

Wow, this is shocking. So far, all of the Community Boards have been against, as expected. So this is good to see.



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[mrnyc]

Manhattan community board rejects plans to expedite casino, Penn Station-area development

By Max Parrott
Posted on January 12, 2024


Members of Manhattan Community Board 5 recommended rejection Thursday night of two large-scale plans that could have major implications on Midtown redevelopment.

The board passed resolutions opposing a Mayor Eric Adams-backed plan that would fast-track the development of casinos, as well as Gov. Kathy Hochul’s Penn Station-area redevelopment plan. In both motions, the advisory panel argued the plans would discourage housing development in the district.

The board unanimously passed its resolution against the casino zoning text amendment. The move adds Board 5 to a growing number of Manhattan community boards to do so.

Its resolution concerning the Penn Station redevelopment plan passed with a few members voting against. Though the board has a history of opposition to the Penn Station plan and has overwhelmingly passed resolutions against various elements of it before, three members disagreed on the substance of this particular strain of criticism.


more:
https://www.amny.com/news/manhattan-...station-plans/


SL Green and Caesars are hoping to build a new casino in Times Square.
Photo via Getty Images

[NYguy]

https://www.brooklynpaper.com/benson...casino-zoning/

Bensonhurst community board votes in favor of casino zoning, with conditions, paving the way for ‘The Coney’





By Jada Camille
January 16, 2024

Bensonhurst’s Community Board 11 voted almost unanimously last week on the citywide gaming facility zoning text amendment, which would allow up to three gaming facilities in the city.

The board’s “yes” vote applies to the three potential New York State gaming licenses, including the proposal for The Coney, a casino set to be built in Coney Island if it gets the downstate bid.

In total, 20 board members voted yes, with conditions that the affected community boards — such as 11 and Coney Island’s Community Board 13 — are allowed to provide input if The Coney is selected for the gaming license, that CB11 has an opportunity to review and speak out on traffic studies, and that southern Brooklyn residents would be allowed to participate in job fairs related to any new casinos in the area.

Two CB11 members abstained from voting.

Bidders looking to bring a casino to Coney Island released their vision for the gambling hub last March, featuring a towering glass building overlooking the amusement park in the heart of the waterfront community. The structure would feature the first legal gambling facility in the Five Boroughs, along with a new hotel just steps from the iconic Coney Island Boardwalk. CB11’s vote took place during a public hearing on the matter, following a presentation from The Coney’s community engagement team.

The gaming license still requires approval from a Community Advisory Committee, meant to gauge locals’ support of the potential casino. The Committee is currently evaluating proposals from bidders for various Downstate casino locations, including others in Manhattan, Queens and the Bronx.

CB13 in Coney Island has yet to take a formal stance on the issue.

[NYguy]

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https://abc7ny.com/hofstra-universit...eman/14333951/

Nassau County accuses Hofstra University of colluding with casino competitor


By Chanteé Lans
January 17, 2024

There's new controversy surrounding the future of a casino in Nassau County.

Standing inside the Nassau Legislative building on Wednesday, County Executive Bruce Blakeman announced a damning accusation against Hofstra University.

"We found that Hofstra University and one of the competitors to Las Vegas Sands were working in coordination and some might even say collusion," Blakeman said.

Blakeman showed an email sent from a consultant for the Hard Rock group.

The Hard Rock is a direct competitor of Sands for a bid for a New York state casino license.

Sands and Nassau County are fighting Hofstra to transform the Nassau Coliseum to create the Nassau County Hub.

The Hard Rock is copied on the email.

The consultant states, "I am checking with Hofstra to see if they will oppose this move."

"You have an applicant for a license that's not supposed to be colluding or coordinating with any other entity against anybody else's application," Blakeman said.

Hofstra is not on the email. Nor is there any evidence of their response to it, but the Nassau Legislature is now demanding answers from the school's president.

"I signed and had issued several subpoenas to Susan Poser for her testimony as well as production of documents," said Legislature Presiding Officer Howard Kopel.

Hofstra struck back, releasing a statement saying the subpoena is just another spurious attempt to distract and impede a fair and open process regarding the transfer of Nassau County land.

This comes after a judge blocked the $4 billion Sands Casino project after Hofstra sued Nassau County last April, accusing the county of violating the state's open meetings law.

Blakeman says the casino would bring in $100 million in revenue a year.

Hofstra and neighboring residents oppose the casino plan because of concerns of crime, traffic and gambling addictions.

Nassau officials say Sands promised to give a million dollars for added police patrols and programs for gambling.

Nassau residents who say no to the casino want the plan scrapped for good.

Hofstra's president has until Monday to hand over the subpoena documents to the Nassau Legislature.

Meanwhile, the town of Hempstead will hold its first public hearing on the casino plan right next door at the Marriott Hotel on Thursday.

[NYguy]

I've been wondering where SL Green had large vacancies, an alternative to 1515 Broadway for Viacom...


https://nypost.com/2024/01/18/real-e...new-buildings/

...RXR and SL Green’s 5 Times Square has 750,000 square feet available with gorgeous amenities and LED signage.

Still only about half the space they would need to move Viacom, but a significant amount of space.



https://www.nytimes.com/2012/04/26/n...-building.html

April 15, 2012

....Viacom is committing to take over the entire building as old tenants move out, increasing its space to 1.6 million square feet from 1.4 million.

“New York City is the undisputed media capital of the world and a vibrant source of inspiration for Viacom’s innovative and creative employees,” the company’s chief executive, Philippe Dauman, said in a statement released on Wednesday.

The deal is a victory for SL Green Realty Corporation, which owns 1515 Broadway.

“It is an enormously positive transaction for the city,” said Marc Holliday, chief executive of SL Green, “when a company like Viacom makes a long-term commitment to maintain its headquarters right in the heart of Times Square.”

Only the business of a casino could make it tempting to move such a tenant.


https://slgreen.gcs-web.com/static-f...6-1942316edf1e

[NYguy]

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[Busy Bee]

Well for once I'm on the side of the NIMBY's

[NYguy]

https://www.politico.com/news/2024/0...asino-00136687

Mets’ owner and gaming giant race to clear Albany hurdle in pursuit of casino plans
Billionaire Steve Cohen and gaming giant Bally’s need green light from city and state officials in order to move forward with plans.





By JANAKI CHADHA
01/22/2024

A hedge fund billionaire and a gaming giant hoping to land a coveted license to run a casino in New York City have to clear a major hurdle in Albany this year — or risk tougher odds in the crowded competition.

And a few weeks into a new legislative session in Albany, politicians who will help decide the fate of the proposals are already expressing doubts.

The race for three New York City-area casino licenses has drawn 11 proposals from gambling companies and real estate developers, who are sparing little expense for a slice of the lucrative untapped market. They will soon begin a lengthy state process that requires winning over local politicians and state gaming regulators.
But two of the proposals — one from billionaire New York Mets owner Steve Cohen, and another from the gaming firm Bally’s — need an added layer of approval from the City Council and state Legislature, due to an obscure process governing the land where both bidders are looking to build.

Cohen recently unveiled plans for an $8 billion casino complex on the parking lot adjacent to Citi Field in Queens, while Bally’s is looking to build a casino at the Bronx golf course it took over from the Trump Organization in September. Because both sites are public parkland, state and city officials need to approve the change of use. The additional step will mean winning local political support under a tight timeline, with key lawmakers expressing reservations and potential delays hindering their path to a license.

“I want my community to feel that I have really thought this through. The thing is, I’m not done thinking,” said state Sen. Jessica Ramos, whose district includes Citi Field. “Land is finite, and land is a very valuable resource in New York. These decisions should not be taken lightly.”

Her Assembly counterpart, Jeffrion Aubry, is supportive of the casino plan and introduced legislation sought by Cohen last March to allow new uses on the parkland. Ramos declined to introduce a corresponding bill last session, opting instead to seek more input from constituents.

Now Cohen and Bally’s risk legislators leaving Albany in June without resolving the parkland issue, leaving them at a disadvantage as the licensing process gets underway. Bidders are expected to submit formal applications in the coming months, which will then be reviewed by advisory committees appointed by the governor, mayor and local politicians. The final decision by a state-controlled selection board is anticipated in 2025 at the earliest.

”It’s a tighter timeline than most people appreciate,” said one person close to the casino bidding process. “If you don’t get it done by early June, then you’re talking about waiting until [next] January, which is conceivably well after the [community advisory committees] have been empaneled and have met. That becomes not a death knell but certainly a body blow.”

Ramos disputed the urgency, calling it a “billionaire-made deadline,” and remains decidedly skeptical of Cohen.

“With all of the bids that there are, I think there are questions given Steve Cohen’s record whether he would be considered a winner in this scenario,” she said in an interview. “I just don’t think money is everything, and I don’t think everything’s up for sale.”

The parkland issue would require a Council “home rule” resolution requesting the necessary state legislation. Since the Council typically defers to individual members on land use concerns in their districts, Cohen’s request would effectively be in the hands of Francisco Moya, who has not taken a public position on the issue and did not return multiple requests for comment.

The Council’s role could pose a particular problem for Bally’s. While the two state legislators who represent the area around the east Bronx site — Sen. Nathalia Fernandez and Assemblymember Michael Benedetto — have been generally warm to the prospect of a casino in the area, a new Council member, Kristy Marmorato, has raised strong objections. And Benedetto is not yet committing to introducing the parkland legislation.

“It is going to be an environmental disaster,” Marmorato said during a debate last fall with former Council Member Marjorie Velázquez, who was amenable to the plans. “If you’re going to create a venue that’s going to bring in hundreds of thousands of people, how many more cars are going to come to our area? There is no parking, highways are not set up, and we have the highest rates of asthma in our borough.”

“You’re also talking about taking away parkland. We don’t deserve that,” Marmorato continued. “They need to redevelop the area and make a beautiful boardwalk with some restaurants, something that families can use, not gamblers. … It’s just not what the Bronx needs.”