Is it finally time for casinos in New York City?
With gambling an increasingly popular pastime in the US, it may surprise those from elsewhere to find out that New York City (NYC) is without a single casino. Yes, the state may be home to a select few operators, but the city itself has resisted time and time again and has flatly refused to house any land-based casinos. However, it appears that may all be set to change. Will we be seeing casinos in New York City?
There has been an acceptance that New York City provides the perfect location for casinos. It has an affluent population and is hugely popular with tourists. A casino placed here is more than likely to be a success story and, if everything is implemented correctly, it could bring major benefits to the city as a whole. Let’s take a look at some of those benefits and also consider how far down the line NYC now is: is a casino now set in stone or are we still in the early stages?
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So, what would be the benefits of casinos in New York City?
When you look at any states that have allowed casinos, both online casinos and offline casinos, they have generally painted a picture of how these bring numerous benefits. The state of New Jersey, for example, was at the forefront of legalising online gambling and set an example for other states across the US. It quickly showed them how much tax revenue could be generated and with this numerous states sought to follow.
When it comes to land-based casinos, there is still tax revenue to be had, but it perhaps has to be approached with an air of caution. There are numerous stories of operators exaggerating just how much they’ll generate in order to secure a license in the first place. The Encore Boston Harbor perhaps gives one of the clearest examples of when a casino has failed to live up to its projections.
The reality is that, regardless of the exact numbers, NYC will benefit financially from the addition of land-based casinos. Taking tax revenue out of the picture, you only need to consider the fact that the proposed fee for a license is $500 million, there is plenty of money there for the taking and no doubt the city will put it to good use.
Casinos in New York City – A boost in employment
Those who are pushing for casinos in NYC are keen to point out the impact that there would be on jobs. The thing is these casinos would pledge to hire locally and this would bring a real boost to the city. Of course, not everyone knows how to deal in blackjack or how to run other casino games, but there is also a pledge to build schools and train staff to fill these roles.
NYC saw significant job losses throughout the pandemic. Like other areas, it was the hospitality industry that took a mighty hit. The creation of casinos in NYC could see many of those who found themselves unemployed being thrown a lifeline.
High-end offerings
Those set to make the decisions in NYC have their preferences when it comes to what a land-based casino should look like. The concern is that a typical casino may act as a magnet for some of the poorest residents of NYC. This is unpalatable as the last thing that the authorities want is to encourage gambling amongst those who can least afford it.
A high-end casino would do away with this potential issue. It would serve to attract those from more affluent backgrounds and those who can afford to lose. After all, the golden rule of gambling has always been not to bet any more than you can comfortably afford to be parted from.
Lessons from Philadelphia
In Philadelphia, there had long been resistance to the idea of a casino. This changed back in 2010 when the first of two was opened and what has been experienced provides a great lesson for those in NYC considering their first.
While officials had been dead against casinos, it wasn’t long before they had rot acknowledge the benefits that had been brought. It was revenue from casinos that financed worlds to the sewer systems and this led to the creation of hundreds of local jobs.
While Philadelphia has experienced benefits, it’s keen to point out that it’s not a casino city. That’s something that NYC needs to keep in mind too. The presence of casinos in the city makes it a city with casinos and not a casino city.
What sites are being explored?
Part of approving a casino in NYC is knowing exactly where one could be placed. The location needs to be acceptable to the authorities, but, if a casino is to succeed, the location must work for the business too.
At present there is interest from Related Cos. It has been exploring the viability of a site at Hudson Yards. Then there is also Thor Equities and John Catsimatidis exploring Coney Island.
Are any operators showing an interest in opening Casinos in New York City?
For a casino to succeed it of course needs an operator. Two out of three available licenses will likely be granted to Queens and Yonkers. At present, these operate as what is known as racinos, but the granting of a full license would allow for them to expand their offerings to include the likes of slots and table games such as blackjack.
When it comes to the third license, there is plenty of interest coming from Hard Rock and Sands Casino. Before we get to see who gets granted the licenses, NYC needs to get its gaming commission ready with people sitting on the board. This is set to happen no later than October 4th.
Final thoughts
NYC stands to benefit hugely from the addition of land-based casinos. By targeting the right demographic, and also catering for tourists, there is the potential to generate significant tax revenue that will benefit the city as a whole. With just over a month to go before the gaming commission is in place, we’ll be keeping a keen eye on what happens next.
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