Quote:
Originally Posted by streetscaper
Why do you rank Related HY above SL Green Times Sq?
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-Related's casino proposal is what will kick-start the entire western half of the railyard development. It also ties into the Javits Center with a convention center hotel, both components drawing more business there, something long chased by the state.
-It's close between Times Square and Coney Island, the Vegas and Atlantic City of New York. I give TS a slight edge because first, it's the most obvious place for a casino. But this particular proposal won't be an "insulated" proposal, with it's own restaurants and stores (though it will have a few). It is relying on existing businesses in the area (theaters, restaurants, even hotel rooms) to boost it's bid. The City is always looking to boost the tourism engine, and Times Square is an epicenter of that. Still recovering from the effects of COVID, anything that can cement it further as the epicenter is a plus.
-At the same time, the City has been trying for years to turn Coney Island into a year 'round destination, and recapture some of the glory it once had. The zoning has been put in place for
exactly this type of development. It's one of the last, best shots to make it happen. Of the proposals so far, I believe its 350,000 sf gaming floor to be the largest, one of the largest in the country. The operator operates the largest casino in the country, Winstar in Oklahoma. Saratoga Casino and Legends Entertainment (Yankees, Cowboys) are also on board.
-I put the Sands in 4th place, because the local politicians are very eager to make it happen. They will steamroll over the NIMBYs if they have to, which is why it's in court now. But it is part of a larger development of the area. Personally, I think it's a little out of the way to count on tourists. But they are planning to build a HUGE amount of parking for people who will have to drive there.
-I placed Silverstein's bid ahead of the rest just based on location, and special circumstances of the remaining proposals.
-The Con Ed site will face the strongest opposition from even the politicians who would need to support it. Besides that, it's too far removed from transit by Manhattan standards.
And that leaves us with the rest:
-Cohen still doesn't have a site. The state would need to change the parking lot from park land to allow development on site.
-The same would go for Bally's. That site is also removed from transit, and opposition is very strong there.
-The issue with Resorts World and MGM casinos is the reason a lot of people seem to think they would just be granted a license - they already exists. But that's the exact thing that makes them the weakest. Though they would likely hire
more people, and could even see a little expansion, they won't be bringing in the numbers the other proposals will. And they are also both isolated, no spillover into surrounding businesses. They can continue to operate as is.
-I put Saks in last, because it's not the type of development the State is looking for. Just some fancy, upscale casino located on the upper floors of the store.