The Future of Casino and Gambling in New York

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roulette casinoWill We See Legal NY Casinos in 2023?

This year, gambling in New York has been on everyone’s lips after the launch of Online Sports Betting in January of 2022. Since then, the betting revenues in NY have beaten new records almost every month. In October 2022, the nine online bookies of New York reported a combined GGR of $145.7m.

New York State Senator Joseph P. Addabbo Jr said “In less than a year, New York State has collected over $500m in tax revenue from mobile sports betting, with a large portion of that money going towards our educational system, problem gaming services, and youth sports programs”.

Mr. Addabbo and his team have been the driving force in bringing regulated online sports betting to New York. He is also chairman of the New York State Senate’s Committee on Racing, Gaming and Wagering.

In March, at iGamingNext NYC 2022, a panel of experts met to discuss the future of New York, which Mr. Addabbo also attended. The panel consisted of Catie Di Stefano, Richard Schuetz and Per Hellberg, moderated by Brendan Bussman. By the end of the session, the panel speculated that New York was most likely to go live next in the US with online casino (iGaming).

And while we are still waiting for the green light for online casinos in NY, it has been confirmed that three land-based casino licenses will be handed out in the boroughs of New York.

Expected Bidding War for New York Casinos

Many big operators are expected to place bids on one of the three available licenses.

Caesars has been eyeing redeveloping 1515 Broadway on Times Square as a potential location for a new casino resort. To do so, Caesars has partnered up with SL Green Realty. Together the groups plan to build an “entertainment and gaming destination in the heart of Times Square”.

MGM Resorts and Resorts World are expected to apply for the licenses too. Both will likely try to upgrade their current slot parlors in Queens to Class III casinos. Upgrading to Class III casinos would allow them to offer table games, retail sportsbooks and poker. Since it’s only three licenses up for grabs in the five boroughs, MGM Resorts and Resorts World are expected to compete for one license slot.

To spice up the competition, Hard Rock Casino is reportedly also talking with the owner of New York Mets regarding a location in Queens. Wynn Resorts is not far behind in New York, as they are proposing a casino in Hudson Yards in Manhattan. There are endless possibilities as to who will win the bidding war!

 

Billionaire Betting For New York Casino LicenseSoloviev rendering of freedom plaza casino in New York

The latest news is a seemingly unknown (in our circles) business mogul who has his eyes set on adding gambling to his empire. Named Stefan Soloviev, he is the son of Sheldon Solow.

Mr. Soloviev plans to convert one of his current NYC properties into a casino resort. Considering he already owns the property, he might have a good chance of fairly entering the bidding war.

Known in real estate circles as 9 West, his father, Mr. Solow, originally purchased the property in the year 2000. Now he wants to bring more entertainment to the sleeping area on 57th street.

In addition to his gambling facilities, Mr. Soloviev’s plan called “Freedom Plaza” includes a Ferris Wheel, a 4-acre park, a hotel with 1,000 rooms and a museum dedicated to the democratic party.

To proceed with his plans, the business mogul and billionaire must partner up with a casino operator. The Soloviev Group’s representative confirms that they are currently discussing with several Las Vegas-based operators to obtain a recommended casino license in New York.

casino coney island new york

Casino Fun at Coney Island, New York

The most recent group to join the casino bidding war is Thor Equities. Partnered with Saratoga Casino Holdings and The Chickasaw Nation, Thor Equities is expected to place a bid for a location on Coney Island.

The group plans to “develop a top-tier entertainment venue that promises to respect the history of the neighborhood and breathe new life into this iconic New York City landmark”. If the group were to be successful, they plan on building job training programs focusing on hospitality and gaming. That scencario would bring a good economy to an area in need.

Legal Casino Resorts in New York

The New York State Gaming Commission has gathered a board overseeing the land-based casino license bidding war. Before recommending any bid, the board needs to consider each bid’s impact on business development, diversity framework and local impact.

The board consists of three people who will decide the fate of gambling in New York:

  • Vicki L. Been, Boxer Family Professor of Law at New York University School of
    Law
  • Stuart Rabinowitz, Senior Counsel to Meltzer, Lippe, Goldstein & Breitstone, LLP
  • Quenia, A. Abreu, President and CEO of the New York Women’s Chamber of Commerce

Each member has extensive experience in the gambling space and comes highly recommended. The board have committed to deliver the RFA (Request For Applications) by Jan. 6, 2023.

 

Catie Di Stefano has worked in the gambling industry since 2011 for major brands like Hard Rock Hotel & Casino, Gaming Innovation Group and Betsson Group. She started in customer support at age 19 and has since worked her way through VIP, CRM and Marketing. Today, Catie is passionate about educating players on consumer rights and the best approaches for legal play in the United States as the Director of Community Marketing at OnlineGamblers.com. Catie was born in Indonesia but grew up in Sweden. Currently, she resides in Spain with her two daughters.

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