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One of the most heated battles in all of New York City isn’t happening at Madison Square Garden (sorry, Knicks). It’s not happening on Wall Street, but it’s actually happening in public and community meetings.
You see, the New York State Gaming Commission is in the process of handing out three casino licenses in the city. New York betting already exists for casinos, but it’s all upstate. These licenses will be inside the city and for its affluent population.
The state deadline to hand out licenses is December, and a lot has happened in the last month. Mostly, a string of proposals have been nixed. Keep on reading and we’ll tell you who’s out and who’s still in to expand legal betting in the Big Apple.
Hudson Yards Casino Is No More
The Hudson Yards casino proposal is officially dead, and honestly, it never really stood a chance. The project was being led by developer Related Companies and casino operator, Wynn. The two sought to bring a luxury casino resort to Manhattan’s Far West Side.
The move ends one of the most ambitious and controversial bids in the race for a New York City betting license. The casino was supposed to anchor the second phase of Hudson Yards — a mega-development already home to high-end shops, office towers, and condos. The new plan would’ve added a Wynn-branded casino, hotel, thousands of apartments, office space, a school, and a massive park built on top of the active rail yard.
But from the beginning, the project ran into a brick wall politically. Community members were overwhelmingly against it. Local councilmember Erik Bottcher was anti-betting, and he held special power in this whole ordeal. You see, the whole project hinged on City Council approval to update the area’s zoning, and the Council typically defers to the local member for such decisions, and Bottcher wasn’t having it.
“Something as significant as a casino in a community requires substantial community buy-in,” Mr. Bottcher said. “That didn’t exist here.”
Even when Related sweetened the deal, offering to build up to 4,000 residential units (up from the original 1,500), the opposition didn’t go away. The new housing and public park helped quiet some critics, but the idea of a full-blown casino in a residential and commercial neighborhood never sat well.
So now Related is pivoting. The casino’s gone, but the rest of the development will still move forward — albeit slower and more modestly. A total of 4,000 apartments are still in the mix, including 400 below-market units, plus more office space and a 6.6-acre park. It’s a safer bet politically, and one that Bottcher has already endorsed.
Wynn’s Frustration Is Obvious
It’s been a rough go as of late for Wynn in the betting world, what is supposed to be their bread and butter. A year or so ago, they announced their mobile betting app would shutter in eight states, leaving them mostly out of the booming industry of online sports betting.
So losing out on this casino was another huge blow. Wynn called the situation “years of persistent opposition” and made it clear they saw no path forward. For a company that has developed luxury properties all over the world, that’s not a statement they make lightly.
Wynn was supposed to be the crown jewel in Related’s Hudson Yards expansion. But after watching the rezoning process stall — and realizing the sheer political capital it would take to move the needle — they bailed. Instead of spending millions on lobbying battles and legal hurdles, Wynn said they’d rather use their money on projects with less friction. They’re currently developing a new casino resort in the United Arab Emirates and expanding in other friendlier markets (hopefully without contentious councilmen like in NYC).
Las Vegas Sands Threw In The Towel Long Ago
Wynn isn’t the first operator to walk away. Las Vegas Sands did the same thing just weeks earlier. They were pushing to build a casino at the Nassau Coliseum site just over the Queens border in Long Island.
Why’d they leave? Officially, they blamed the looming threat of online casino legalization, claiming that it would undercut their retail footprint. But privately, most in the industry know that’s not the real story. The New York casino bidding process is expensive, hyper-political, and dragged out. Sands spent millions and years on their bid, only to hit a wall.
However, that casino project isn’t completely dead. The Sands is looking to sell their stake in the project to another operator. Though we can’t imagine that being successful this late in the process.
Who’s Still In The Race?
With Sands and Wynn gone, the list of serious contenders is getting shorter and shorter. Two operators — MGM Resorts and Resorts World — are considered near-locks to grab licenses. They already operate slot parlors in Yonkers and Queens, and both are expected to get upgraded licenses to offer full-scale casinos.
That leaves one license still up for grabs.
Caesars is trying to claim it by building a casino in Times Square, alongside SL Green and Roc Nation (yes, Jay Z’s famed group). It’s a flashy pitch with Jay Z as a frontman, but it’s also one of the most controversial locations in the running.
Steve Cohen, owner of the New York Mets, is pushing his own plan near Citi Field with Hard Rock. That one’s gaining steam and has some real political support in Queens.
Bally’s wants a Bronx location. Larry Silverstein is proposing a project near the World Trade Center.
We’ll be monitoring this story closely so be sure to check back with us from time to time.
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