Published in cooperation between Valuewalk and Good Times
New York has been in the news a lot lately given the national attention its mayoral race came with. At the helm of much of the debates has been economic uncertainty faced. Facing rising costs, which for many in the city are already untenably high, most ordinary New Yorkers have to work three or more jobs just to make ends meet. With the city opening bids for major new casino projects, the city hopes these plans will attract plenty of new jobs and added investment.
With the city on political tenterhooks, major developers and entertainment brands have thrown their hats into the ring. However, with major construction projects in New York notorious for delays, going over budget and facing bureaucratic challenges, there’s still a long way to go. Adding to all the uncertainty is the fact that competition from online casinos has grown immensely over the last two decades.
These days, modern iGaming platforms come with a host of different models. Among them, options like casinos with no verification are becoming highly attractive to players who prefer more online privacy. These sites are designed with easy registration processes and often integrate options like blockchain-based payment systems to make them more convenient. The result is a new movement in iGaming. This one makes it clear that centralized models, where even casual players have to part with sensitive banking and identification information just to play, are outmoded. In their place, players now have access to an array of modern options where trends like anonymous gambling are quickly becoming the norm.
Many feel that instead of pumping billions into a major physical casino, the city should simply become more open to regulating online casinos. There’s something to be said of this notion. The United States currently only has seven states that have fully embraced a regulated online casino industry. Yet, in places like Pennsylvania and New Jersey, where this model has been tried, the results speak for themselves. In Pennsylvania alone, local online casinos helped generate $6 billion in gaming revenue for the state.
Given the massive market that exists in New York, experts believe it could become one of the largest online casino markets in the world. To unlock this, New York state would simply have to legalize online casinos. Other major cities like Toronto have shown that allowing local and offshore operators to do business in such a regime can easily generate billions in added taxes. To many, it’s a no-brainer. Supporters of such a legislative regime say that so long as adequate safeguards are baked into the activating legislation, new sources of tax income can be unleashed.
However, for now, it’s only the physical casino project that is getting traction. With New York well known for being a mix of different cultures, the city and state view this as a long-term growth opportunity. New York’s appeal lies in its constant energy and unmatched diversity, qualities that make it an ideal home for large-scale integrated resorts. The bidders, aware of this potential, have each promised more than just gaming floors. Many proposals include new hotels, theaters, concert venues, retail centres and public green spaces. They envision entire ecosystems that can draw tourists and locals alike while expanding the state’s tax base.
Several prominent bids stand out in the New York race, with celebrities like Jay-Z even getting involved. The Times Square project, proposed by Caesars Entertainment and SL Green Realty, promises to bring a sleek casino destination to the heart of Manhattan. The developers say it would inject new life into an area known for tourism but still recovering from the pandemic slowdown. A different proposal, led by Related Companies and Wynn Resorts, would see a casino rise at Hudson Yards, merging gaming with luxury retail, dining and residential developments.
State officials want to emphasize transparency above all else. The licensing decision will involve public hearings and a range of background analyses. While there has already been some pushback, it is clear that the project will go ahead. With three licenses for downstate casinos up for grabs, competition is intense. The applicants each come with billions to splash and individual visions of what will be the best way to make it all profitable and worthwhile for locals. The infrastructure development needed will be a major undertaking. However, the popularity of casino gaming makes it clear that the winning bidders will be able to look forward to handsome returns in the long run.
For the locals, the projects promise more than just gambling. Restaurants, added accommodation options and general entertainment centers are all expected to come with the new projects. The opportunity for jobs will be welcome but may still be a few years away, as layoffs across different sectors nationwide continue to occur for a range of reasons. For now, the regulatory hurdles and red tape will have to be traversed just for developers to get a foot through the door. However, there’s a deeper issue at play as all these processes take place. With New York being a global economic hub, many from the business world decry the fact that so many hoops have to be jumped through just to bring economic growth.
Amid the rising anxiety over the presence of ICE agents in towns and cities throughout the nation, for some, the new casino projects just represent a welcome respite from all the negative news. The competition has also become a story of partnerships that have even roped in sports franchises. For example, a project backed by Mets owner Steve Cohen has proposed a casino complex near Citi Field.
The city’s cultural identity plays a role as well. New York has long thrived on reinvention, embracing new forms of commerce and entertainment that keep it ahead of global rivals. The introduction of resort-style casinos fits within this tradition. However, for now, there is still much to be done before any of the promises these projects hold can become tangible for anyone.
