Since the state is about to issue three new gaming licenses by the end of 2025, some of the city’s hotspots such as Times Square, Hudson Yards, and the area near Citi Field in Queens are on the way to become major casino and entertainment centers.
While most New Yorkers find their game on online platforms, a prospect of main casino resorts in iconic parts of NYC has developers champing at the bit. The competition is cutthroat, for much more billion-dollar investments, and thousands of created jobs are involved.
The March to New Licenses Still On
It all began in 2013 when the voters of New York gave a thumbs-up for seven casino licenses to get things moving with their state economy. Currently, four casinos run upstate, bringing in jobs and tax money.
Now, it would appear that all eyes have diverted to those last three downstate licenses and the competition is serious – we are talking about 11 different proposals that could change New York City entertainment forever.
Old Games but New Rules
As New York gears up for new casino licenses, the online gambling scene is getting stronger every day, especially since many experienced players are looking for no verification casinos to avoid the boring KYC process and jump straight into action.
These casinos offer fast deposits and withdrawals, greater privacy, and minimal registration steps so you can enjoy your favorite games in a safe environment without any hassle or delays.
Big Names Bringing Big Proposals
If there is one thing the heavy hitters are not doing, it is playing around. Wynn Resorts and Related Companies showed up and impressed the audience with a $12 billion pitch for Hudson Yards – we are talking it all: luxury resort, hotel, spa, and a five-acre park with homes.
Mets owner Steve Cohen is also interested in boosting his business, he has partnered with Hard Rock to propose a Metropolitan Park casino and entertainment complex in Queens, just over from Citi Field. The location is tailor-made to bring out big crowds, and they say it will be transformed into a major tourism destination.
On the other hand, Jay-Z’s Roc Nation and Caesars Entertainment want to build a Caesars Palace right in Times Square, promising to pump $250 million into Hell’s Kitchen to support small businesses, improve security, and fund neighborhood development initiatives.
The project aims to boost the casino experience and create thousands of union jobs, elevating the local economy and infrastructure to the deserved level.
Economic Impact – Jobs and Revenue
The money talk is serious. Just look at Wynn’s Hudson Yards plan in and of itself, and the numbers become staggering – they are talking about 30,000 construction jobs and 5,000 permanent ones.
Up to $500 million annually in taxes apiece could be brought into city coffers courtesy of each casino. No joke for a city still reeling from CoViD-19.
Mixed Public Reaction
Yet, not everyone is doing backflips over this plan. Groups like Protect the High Line are concerned about what these massive projects might do to their neighborhoods.
Manhattan Community Board 4 expressed fears that the building could cast shadows over parks and public spaces, undermining years of careful urban planning.
The unions, though? They are all in. Back in October, hundreds of union workers showed up to rally for Hudson Yards, seeing it as their ticket to solid jobs. The debate showcases the sheer complexity of these decisions, a trade-off between economic gains and community fears is no piece of cake.
Online and Bitcoin Casinos on the Rise
Meanwhile, New Yorkers are not exactly holding their breath while these casinos get built. Online casinos and crypto gaming sites are blowing up, especially those offshore without all the red tape.
Not only do they provide privacy and speed, but since there is very little local regulation on offshore gambling, New Yorkers are free to play.
What Is Next in the Industry
Looking ahead to 2025, when the Gaming Commission makes its picks, we can expect these new casinos to make money for the city, but online gambling will continue to be the first choice of many players.
Meanwhile, the state is trying to juggle enticing those sweet casino dollars with community pushback, not to mention the positive market trends in the sector.
Since billions of dollars and thousands of jobs are hanging in the balance, the next few years could be decisive for big developers in the industry. But, beyond the glitz and economic promises, these projects will face rigorous regulatory inspection, with officials closely evaluating potential impacts on the local area and its people.
As plans unfold, the stakes go beyond concrete and casino floors, tapping into what it means to build within the heart of New York.
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Featured image credit: DepositPhotos.com
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