The Nevada-based, publicly traded corporation that develops and operates high-end hotels and casinos, Wynn Resorts, has offered additional details of its bold plans for a $12 billion casino development project.

Wynn Resorts has recently released the renderings of the upcoming complex that will be located at Hudson Yards in New York City. 

A 5.6-Acre Recreational Area

The project, proposed as part of a partnership real estate firm Related Companies, also features a series of office spaces, bars, a residential building, and a generous 5.6-acre park that will be used as a neighborhood recreational area.

Wynn Resorts’ chief executive officer, Craig Billings, explained that Wynn New York City would “attract luxury and aspirational travelers” to their destination resort in Hudson Yards.

He argued that Wynn guests usually spend more while traveling, thus generating higher tax revenue for the city and state and more spending in the local community while lowering the foot traffic compared to other resorts.

Additionally, the new resort could create as many as 40,000 open employment positions, roughly 35,000 in construction, and 5,000 permanent positions within the facility.

If it would have been awarded a license, the resort would need to cover a license fee of $500 million.

In February, Wynn Resorts announced it boosted its Las Vegas Resort fees for guests from $45 to $50.

Strong Competitors on the Horizon

While the facility looks promising, it has a few strong competitors over the three available licenses for downstate casinos provided by the New York State Gaming Commission. 

For instance, in 2023, New York Mets’ owner, Steve Cohen, also spoke about their plans to build a similar 50-acre development that would surround Citi Field in Queens. 

Metropolitan Park, which is the project’s name, would incorporate conference spaces, restaurants, and a Hard Rock hotel featuring gaming and live music.

The project would generate around 15,000 new jobs for the people of New York. 

Resorts World is also busy improving user experience amid the fierce competition. Its Queens casino has revealed a redevelopment plan valued at $5 billion that would change the venue into a “world-class” resort for entertainment purposes. 

At the moment, Resorts World New York City only provides slots and horse racing.

The promising project would include a performance space, a series of shops, 1,600 brand-new hotel rooms, and a casino inspired by the Las Vegas gaming market. 

The fate of the project will be eventually settled by Resorts World’s capacity to get one of the three licenses. 

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Considering the resounding success of mobile sports betting in New York, leading industry operators showed interest in securing one of the state’s three new downstate casino licenses. The fierce competition was joined by industry giants, including Wynn Resorts, Las Vegas Sands, MGM Resorts International and several other bidders. Overall, nearly a dozen bidders joined the race for a downstate license, acknowledging the exponential potential of such a victory.

Steve Cohen, the New York Mets’ owner, also joined the bidding for a downstate casino license in New York. Details regarding his intention to build a casino near Citi Field, his team’s home stadium, emerged last year. Upon announcing that he decided to join the race, Cohen said that the new casino is expected to deliver entertaining experiences for Mets fans before and after home games. He also did not rule out that such a venue can help propel interest in the area, attracting more visitors than before.

Now a new report reveals that the Mets owner is trying to spice things up for his casino license bid in New York. As announced by Spectrum News NY1, earlier this week, Cohen’s Point72 Asset Management presented a multi-billion-dollar plan for the development of the area near City Field. Besides the casino, Cohen reportedly plans to introduce significant improvements to the area, including five acres of athletic fields and 20 acres of park space using City Field’s parking lots.

Moreover, the ambitious plan seeks to create easy access to Willets Point station. Further improvements to the area include investments in senior and youth programs, as well as additional health care, legal and immigration services for the community in the area. Reportedly the project has a price tag of $8 billion.

The Casino Proposal Is Important for Communities in the Area

While undoubtedly, there are positive sides to the casino proposal, not everyone agrees. At a town hall meeting on Wednesday, New York Sen. Jessica Ramos spoke about the importance of the casino bid in the area for communities. “I still think not enough community members know about either proposal or that there is this possibility of a casino coming, and our community does deserve to know,” she explained.

Sen. Ramos is among the decision makers for the casino bid considering that she will be appointing one out of five members within a special community advisory committee that will vote for or against the proposed project.

Cohen became the owner of the Mets after a deal for a staggering $2.4 billion back in 2021. At the time, he purchased the famous MLB franchise from the Wilpon and Katz families ahead of the start of the MLB season.

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The Adams administration unveiled a comprehensive zoning proposal that could pave the way for casino developments across broad sections of New York City. 

Proposed Zoning Overhaul Opens Doors for Casinos Across New York City

Unlike the city’s current zoning regulations, the proposed changes would permit the establishment of casinos in any manufacturing district and nearly all commercial areas, with minimal restrictions on their size. The scope of the proposal extends beyond just gambling halls, as developers could incorporate additional amenities within the casino footprint, such as restaurants, hotels, bars, and performing arts venues.

City officials argue that these sweeping changes are essential to streamline the regulatory process for the winners of the highly sought-after casino licenses. The move is seen as an effort to position New York City as a more attractive option compared to neighboring areas, where casinos are currently not allowed under existing zoning codes.

Dan Garodnick, the head of the Department of City Planning and the City Planning Commission, stressed the importance of establishing a level playing field for casino applicants within the city, reported AM New York. He stated that it was crucial to create such an environment as the state considers proposals for casinos downstate, allowing applicants within New York City to compete for this opportunity.

Concerns Rise Over Ambiguous Casino Zoning

While several bids for casinos have emerged, targeting prime locations such as Times Square, Hudson Yards, and Coney Island, some industry insiders believe existing “racinos” at Aqueduct Racetrack and Empire City Casino have an advantage due to their current footprint in racetracks with video slot machines.

The proposed zoning changes are expected to face a rigorous approval process, involving local community boards, Borough Presidents, Borough Boards, the City Planning Commission, City Council, and the Mayor. If approved, the amendment would expedite the process for chosen casino projects, bypassing the traditionally lengthy and complex land-use review.

However, the lack of specificity in the proposal has raised concerns among civic leaders. Layla Law-Gisiko, the land use chair at Manhattan Community Board 5, expressed bewilderment over the vague nature of the proposal, especially considering the meticulous details required for other zoning amendments.

Critics point out apparent contradictions within the proposal, such as the exemption of casino developers from the special permit requirement for new hotel developments, a requirement implemented in 2021 to mitigate adverse effects on local communities. The proposal’s ambiguity has sparked calls for a more detailed and strengthened review process to ensure the responsible development of potential casino complexes in the city.

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A state judge has invalidated the Nassau County government’s approval of a 99-year lease agreement, dealing a severe blow to the proposed $4 billion casino complex at the Nassau Coliseum. 

Hofstra University Secures Legal Victory as Judge Nullifies Nassau Casino Lease

The judge’s decision, issued on November 9, not only voids the existing lease but also mandates that Nassau County planning officials restart the entire process, including new hearings with the county legislature. The ruling is seen as a significant victory for Hofstra University, whose campus is adjacent to the proposed casino site, and has been a vocal opponent of the development.

In a public statement, Hofstra President Susan Poser expressed gratitude for the court’s ruling. Poser highlighted the importance of public participation in decision-making and conveyed eagerness to contribute to the planning process while ensuring the community is protected from potential environmental risks.

The legal setback for the casino project comes just days after Mets owner Steve Cohen unveiled an $8 billion casino plan near Citi Field, intensifying the competition among gaming operators for coveted state licenses in the New York City metropolitan area, including Long Island.

Las Vegas Sands Stays Committed Amidst Legal Scrutiny of Nassau Casino Development

The judge specifically cited violations of both the Open Meetings Law and the State Environmental Quality Review Act (SEQRA) in approving the lease transfer. 

While Nassau County has not issued an official statement in response to the court’s decision, Las Vegas Sands Corporation remains undeterred. In a statement, the company conveyed its dedication to the Nassau Hub project, asserting that Las Vegas Sands is moving forward with their proposal for an integrated resort and entertainment center at the Nassau Hub with pride and enthusiasm.

Judge Kapoor’s ruling orders Nassau County to conduct a comprehensive environmental review of the proposed casino development, emphasizing the failure of the county legislature to take a “hard look” at the Sands casino project beyond the technicalities of the lease transfer.Las Vegas Sands

revealed plans for the significant entertainment, hospitality, and casino complex on the Nassau Veterans Memorial Coliseum site in Nassau County, western Long Island, New York back in January.

The multi-billion-dollar project, covering up to 80 acres, aims to offer a diverse range of amenities, including hotels, outdoor spaces, live performance venues, and celebrity chef restaurants. The company, committed to fostering economic growth and job creation, anticipates the resort to generate substantial tax revenue and provide new career opportunities for residents, emphasizing its transformative impact on the community.

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After legalizing and launching mobile sports betting, New York surpassed markets that have operated for years, bringing record handle and revenues. Amid the growth of the popularity of mobile wagering, lawmakers in the state proposed expansion for the retail gambling sector. Earlier this year, New York lawmakers approved a plan that proposes the creation of up to three new downstate casinos. The proposed locations include Westchester County, New York City, as well as Long Island.

Identifying the potential of the market, many leading gaming companies have already joined the race for a downstate casino license. Las Vegas Sands (LVS), the leading developer and operator of integrated resorts, is one of the companies that joined the race for a New York casino license.

Rob Goldstein, LVS’ CEO, discussed the company’s latest financial results at an earnings call last week. At the time, he spoke about strong Q3 financial results and reaffirmed LVS’ plans to pursue a license in New York. The area where the company anticipates building an integrated resort in Nassau County. Overall, LVS plans to use nearly 100 acres for its new resort and that area includes the Nassau Veterans Memorial Coliseum.

New York Casino Resort Represents a $5bn Investment

Goldstein explained: “We have secured the Nassau Colisino and the process of gaining necessary selling requirements to move forward.” He revealed that the local community supports the company’s project and hinted that the new integrated resort may cost north of $5 billion. Still, Goldstein said that this billion-dollar investment enables the company to deliver supreme entertainment and amenities. Finally, he acknowledged that the project represents a unique opportunity for LVS.

“The resort will cost in excess of $5 billion, but enables us to develop a five-star resort with unlimited appeal. This is simply an extraordinary opportunity.“

Rob Goldstein, CEO at Las Vegas Sands

Patrick Dumont, LVS’ president and COO, also participated in the recent discussion. Speaking about the company’s cash flow, he outlined that LVS is “sitting at about $5.6 billion worth of cash systemwide.”

“We’ll be able to do our concession commitment to Macao and then we’ll have excess capital and we’ll pursue New York, and we’re going to pursue other growth opportunities in new jurisdictions, and we’ll be able to do it all because of the timing of the cash flow, the cash we have on hand and the cash tentative nature of our assets.“

Patrick Dumont, president and COO at LVS

Dumont praised LVS’ operations in Singapore and Macau, explaining they continuously generate cash. Considering the current cash flow, he predicted that the company would be able to continue to invest in its Macau operations while at the same time proceeding with the casino license bid in New York. Dumont did not rule out further investments and pursuing opportunities in emerging markets.

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Seeking to expand gambling in New York, the state confirmed plans for three downstate casinos earlier this year. The competition is fierce, given that only three licenses are planned but two of them are likely to be secured by existing racinos. This means that it is quite likely major gambling industry players to compete for the single license remaining.

Now, a recent report released by the New York Post reveals that Related Companies revised its plans for a new massive casino mega-complex at Hudson Yards in New York. The project has a price tag of $10 billion, according to Related’s CEO, Jeff Blau. It is expected to feature a luxury hotel with 1,700 rooms within a “resort” tower. This would complement the nearby Javits Center and is expected to help attract more visitors.

More importantly, the project is expected to offer casino gambling with the globally-recognized Wynn named as the operator. The proposed skyscraper project is expected to offer up to 250,000 square feet of gaming floor that will house craps, poker, roulette, as well as blackjack games. Additional amenities the project will include would be retail outlets, as well as fine dining options.

In addition, Related pitched a plan for a 2 million-square-foot office tower that would use a part of the 6.5-acre Hudson Yards located between 11th and 12th Aves. in New York. Still, according to Blau, the “centerpiece” of the billion-dollar project would be the Wynn-branded tower, offering supreme entertainment and hospitality options.

“It will be one of the most incredible tall buildings in New York City.“

Jeff Blau, CEO of Related Companies

The Company Faces Competition

Although Related undoubtedly has an ambitious plan for a downstate casino, competition is certainly not backing out. Only recently, Toom Reeg, Caesars Entertainment’s CEO, spoke about the company’s New York bid for a Times Square casino.

In an interview for News 12, Reeg discussed for the first time publicly the company’s plans for the Caesars Palace Times Square venue. He revealed that the project would include a 52-story skyscraper and will offer a gaming area of 250,000 square feet. Additionally, Caesars Palace Times Square would offer 950 hotel rooms.

But it’s not only Caesars that aims to secure a license in New York. Las Vegas Sands, another major industry player, said last week that it secured a 99-year lease approval from Nassau County. This marked an important step in the company’s plan for a $5 billion-dollar casino project near the Nassau Coliseum located in Uniondale.

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Bally’s Corporation and Gaming & Leisure Properties (GLPI) have announced a binding agreement with the Oakland Athletics of Major League Baseball (Oakland A’s) to construct a Major League Baseball park at Bally’s Tropicana Las Vegas.

Bally’s consummated its purchase of the gaming and other assets when GLPI and PENN transferred ownership of the non-land assets of the Tropicana Las Vegas to Bally’s for $148 million in cash paid to GLPI on September 27, 2022.

Bally’s still intends to operate a casino from the location and expand assets on other portions of the property.

2.5 Million New Visits to the Location Expected Annually

The park is expected to deliver two and a half million fans per year to the only site of its type on the Las Vegas Strip. Benefits heralded in the announcement include enhanced attraction at the site driven by increased visitations, and the ability to further develop the site in a phased manner with a financial approach based on disciplined further investment.

Additional enhancements for iconic and sponsoring brands at one of the busiest traffic intersections in America which sees over seven-million visitor impressions each month, and significant marketing database growth for Bally’s to exploit as part of its global omnichannel growth strategy.

GLPI maintained ownership of the property which it had earlier purchased and was leased back to Penn National Gaming prior to Bally’s purchasing the gaming assets, license rights, etc. GLPI will pitch in up to $175 million toward improvements and receive future rent increases based on the increased value.

Bally’s is also banking on increased footfall for the casino and other assets through the ballpark and other attractions.

The Oakland A’s or stadium authority will have about 9 acres of the 35-acre site assigned for development by Bally’s and GLPI. The stadium would hold as many as 30,000 visitors at a time.

Oakland’s Triple-A minor league team, the Aviators already calls Las Vegas home.

Bally’s Confident but Hedging its Bet

Bally’s kept an Ace in the hole to assign assets and attract other partners, and it has other parties expressing interest in a similar offering. However, it is expected the necessary approvals from the MLB Association as well as public finance and legislative agreements will all come into place to make the current plan a reality.

Bally’s President, George Papanier, said “We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas and to be a part of the once-in-a-generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip.

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year,” Papanier noted.

Among other comments, Peter Carlino, Chairman and CEO of Gaming & Leisure Properties said: “We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres.

“As the project moves forward, we also expect that Gaming & Leisure Properties will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk-adjusted return on our shareholders’ capital.”

Oakland A’s President Dave Kaval added: “We are excited about the potential to bring Major League Baseball to this iconic location. We are thrilled to work alongside Bally’s and Gaming & Leisure Properties, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”

Source: Bally’s to replace Las Vegas Strip casino with MLB ballpark, G3 Newswire, May 16, 2023

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The Philippines’ Bureau of Internal Revenue (BIR) has decried the new revenue-sharing formula proposed by the Philippines Amusement and Gaming Corporation (PAGCOR). The BIR sees the new model as taking away “a huge part of the pie”.

Local media outlets are reporting that PAGCOR is proposing giving 2% of the tax payment from franchise operators to local government units (LGUs) hosting its casinos. PAGCOR’s reasoning for the revenue redistribution is to help the hosting cities develop themselves.

READ: Best Philippines casino sites in 2023

However, BIR representative and lawyer Ralbert Tibayan has told the country’s parliament that the sharing formula proposed by PAGCOR will drastically reduce government revenue from gambling.

The current sharing formula mandated by Philippine law is that 50% goes to the National Treasury as the government’s share of the tax revenue, 5% to the BIR, and 5% to the Philippine Sports Commission. PAGCOR also gives 1% of its income to the Board of Claims, while 1% goes to the LGUs.

Under the current model, LGUs last year walked away with PHP451.7 million while the BIR took PHP2.75 billion from PAGCOR’s earnings. But with the proposed model, PHP1.1 billion will go to LGUs and PHP1.65 billion to the BIR.

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