The possibility of casinos in New York City has attracted the attention of casino developers for years. In 2022, state officials authorized up to three casinos in the city, leading to speculation about their potential locations and the regulatory process they would have to undergo. Currently, potential New York online casinos are not live, this may chnage though in 2024.

The locations and controlling stakeholders

Each casino license authorised by the New York State Gaming Commission carries a hefty $500 million fee to be paid to the city and state but is still very much sought after by developers. This has prompted various developers to propose exciting projects across different parts of the city in a bid for the chance to gain one of the three casino licences. Here are some of the potential locations:

Saks Fifth Avenue: Hudson’s Bay Company, the owner of Saks Fifth Avenue, plans to add a luxury casino on the top floors of its flagship location in Midtown Manhattan. The company, headquartered in Canada, does not currently operate a gaming business.

Midtown Casino Complex with a Ferris Wheel: The Soloviev Group, known for its iconic NYC buildings, owns a 6/7 acre plot near the United Nations in midtown. Their casino project would include a 1,000-room luxury hotel, upscale residences, a museum, natural park areas and a large Ferris Wheel.

Caesars Palace Times Square: A collaboration between SL Green, Roc Nation (owned by Jay-Z) and Caesars Entertainment aims to bring a massive Caesars Palace Casino to Times Square. SL Green would convert the upper floors of its office building at 1515 Broadway into a casino, revitalizing the area.

Coney Island Casino and Hotel Tower: Thor Equities, the owner of Coney Island, is planning to develop a casino and hotel venue in the popular Brooklyn tourist attraction.

Hard Rock Casino in Queens: New York Mets owner Steve Cohen is reportedly partnering with Hard Rock International to create a Hard Rock-branded casino near Citi Field in Queens.

How is this possible?

New York City’s potential entry into the casino industry has been fueled by the success of legal online and retail sports wagering in the state with many believing that the city’s thriving sports betting market could benefit from the addition of retail sportsbooks in these future casino locations. With the strong interest and revenue generated by sports betting, the demand for casino gaming in the city is anticipated to be significant, as per aGamble.com.

Benefits and impacts

As the city eagerly awaits the decision on potential casino locations, it is worth considering the potential benefits and impacts that these developments could have on New York City and its residents.

First and foremost, the introduction of casinos would create job opportunities for local residents. The construction and operation of these establishments would require a significant workforce, ranging from construction workers and dealers to hospitality and support staff.

Furthermore, the presence of casinos could attract tourists from around the world, further bolstering the city’s already thriving tourism industry. Visitors who come to New York City for its iconic landmarks, Broadway shows and cultural attractions may be enticed by the prospect of combining their trip with some exciting casino entertainment.

The introduction of casinos in New York City would also generate tax revenue for both the city and the state. The licensing fees alone would bring in substantial funds, and the subsequent taxation of casino revenues would provide a consistent source of income for public services and infrastructure projects.

However, issues such as problem gambling, addiction and the social consequences of increased gambling activities must be carefully considered. Implementing responsible gambling measures, offering support programs, and conducting thorough research on the potential social and economic effects are crucial steps in ensuring a balanced approach to casino expansion.

As the selection process continues and proposals are reviewed, the city and state authorities must prioritize transparency, public input and comprehensive assessments to ensure that any approved casino locations contribute positively to the city’s overall development and well-being.