NEW YORK | Casino Development| FT| FLOORS

[NYguy]

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[NYguy]

https://seekingalpha.com/article/458...all-transcript

Caesars Entertainment, Inc. Q4 2022 Earnings Call


Feb. 21, 2023

Chad Beynon

.....can you just update us on in terms of the size and scope, I guess, the spend in New York for a land-based casino and maybe the timing for that opportunity when we'll find out the next steps?

Tom Reeg

Yes. So I'd say spend to date has been modest. We see the same documents that you see that suggests they're looking to award something by the end of the year, but there's a potential cut through the location boards of the various properties that's upcoming in the next quarter or so. We continue to believe we've got the project that will open the quickest. We'll start paying New York, the tax is the quickest. It's in an area that doesn't need zoning approval.

Obviously, is already tourist-focused but I can assure you, we are not going to be the one that wins because we built the biggest housing development outside of our casino. We're going to win this on the merits of the property and how quickly we can get open and how well it fits into the local environment. If it becomes an arm's race of who is going to spend the most money, we won't win.

[mrnyc]

crusty cuoz sez jay z & roc nation will lean in to do times square programming if 1515 bway gets a casino and save it from mediocrity and weed stores:


Can Jay-Z save Times Square?

By Steve Cuozzo
February 25, 2023


more:
https://nypost.com/2023/02/25/can-ja...-times-square/

[NYguy]

Originally Posted by mrnyc

crusty cuoz sez jay z & roc nation will lean in to do times square programming if 1515 bway gets a casino and save it from mediocrity and weed stores:

Yeah, Roc Nation is part of the bid with Ceasars and SL Green. I'm all in favor of that one, it's one of my 3 picks for a casino license. They still haven't stated what would become Paramount headquarters, but that's for down the road.



Some pics taken last week...

[NYguy]

https://www.bonus.com/news/new-york-casino-bids/

Hundreds of Questions Arrive About 3 Downstate New York Casino Licenses


HEATHER FLETCHER
FEB 27, 2023

With “several hundred” questions to answer about three Downstate New York casino licenses, Robert Williams, executive director of the New York State Gaming Commission (NYSGC), said on Feb. 27 that it’ll take another three weeks to answer them.

On Jan. 3, the New York State Gaming Facility Location Board (NYSGFLB) opened up the Request for Applications process. The commission appointed members of the board to oversee the casino siting procedures.

On Feb. 3, potential applicants met the first deadline in the process. They’d asked the board questions.

Actually, they asked the board hundreds of questions. While it’s possible each entity sent several queries, the volume of interest may mean there are more interested parties than what the public’s seen. From their perspective, it may seem as though only about a dozen organizations want licensees.

Because of that, the public seems to think those interested parties have a lock on the licenses. That’s false, said NYSGC Chairman Brian O’Dwyer. Speaking on Feb. 27 during the commission’s monthly meeting, he reiterated what he’d said on Oct. 3, 2022. That’s when the commission appointed the board, and O’Dwyer first said the process is a “tabula rasa.”

However, opined O’Dwyer on Feb. 27: I’m sure it will be reported differently.

New York Casino Bids Aren’t in Yet

Because the board still needs to answer hundreds of questions from potential applicants, the commission’s site doesn’t yet show who will be submitting New York casino bids.

On Feb. 27, during the commission’s monthly meeting, Williams said the board received “several hundred” questions on Feb. 3.

Commission staff will need three more weeks to review the questions, find duplicate queries and consolidate them, then draft responses and get board approval.

At that point, the public will at least find out what types of clarification the possible retail casino license applicants submitted.

Then potential applicants will have four weeks (30 days) to ask questions in Round Two of the months-long process, Williams said.

The board will help the commission pick the three applicants best suited to purchase the three Downstate New York retail casino licenses. Those bidders will pay more than $1 billion for the privilege, most notably through the $500 million license fee and a “minimum capital investment” of $500 million.

Considering the application fee is $1 million, the commission may soon have some funds in hand.

However, state Sen. Joseph P. Addabbo Jr. noted in a Feb. 16 interview with Bonus, New York coffers won’t see most of the new retail casinos’ tax revenue until 2026. That’s one of his reasons for advocating S4856 become law in 2023. Addabbo, D-Ozone Park, told Bonus that legalizing New York online casino and poker gambling in 2023 could provide as much as $1 billion in tax revenue as soon as 2024.

3 Downstate New York Licenses Are Available

In 2014, a siting board chose four Upstate New York retail casino license recipients. These three Downstate New York casino licenses will complete the seven full casino licenses allowed by New York law.

Even before the siting board issued the Jan. 3 Request for Applications, entities were alerting the public that they’d vie for the licenses.

The announcements about the following entities don’t mean that they submitted applications to the board:

-Resorts World New York, an existing gaming facility in Queens

-Empire City Casino in Yonkers, which is an MGM Resorts International

-“Caesars Palace Times Square” is a proposal from Caesars Entertainment and SL Green Realty Corporation to renovate 1515 Broadway in Times Square.

-Saks Fifth Avenue wants to convert the top three floors of its 10-story flagship store

-Citi Field is another proposed retail casino site from Mets owner Steve Cohen and Hard Rock International

-Coney Island is another proposed site, this one from developer Thor Equities and many partners

-Hudson Yards is a proposed casino site announced by the developer Related Companies and Wynn Resorts

-The former Hotel Pennsylvania near Penn Station and Madison Square Garden is the brainchild of Vornado Realty Trust

-The Nassau Veterans Memorial Coliseum may be “a multi-billion-dollar flagship hospitality, entertainment, and casino project on Long Island, New York,” by Las Vegas Sands

-United Nations headquarters guests may see a Ferris wheel, a “Democracy Museum,” a large hotel, and a retail casino if developer Soloviev Group and Mohegan Gaming and Entertainment build the Freedom Plaza

-Developing a casino at the Trump Golf Links at Ferry Point in the Bronx is the proposal from Bally’s Corporation

[NYguy]

Just saw renderings of the Coney Island casino - to be called "The Coney" - on TV. I approve (of course). (Also, a shout out to Affirmation Tower).

[Busy Bee]

Please post it if you get a screen shot or find online. The CI is the one I'm most excited about.

[NYguy]

• Video Link

[Busy Bee]

Whoa.

First thoughts... Looks.... Ambitious. There's a lot going on in the rendering so without better stills ots hard to tell. Not really a huge fan of the name... Seems like a lack of imagination and I've always thought putting "The" in front of a name reminds me of the attempt at bravado and notoriety when the same is done in regards to public housing projects in hip hop culture. Just off the top of my head Steeplechase sounds like a cool ass name for a casino and directly references old CI.

My .02

[NYguy]

^ Not sure if they could use that name legally, but this new generation probably couldn’t make the connection. “The Coney” sounds more like a hot dog special, but it’s all very early, even for the renderings. I like that it’s “big”, the area needs something ambitious.

I also like that it looks like it’s being designed to blend in with Luna Park, which has slowly expanded it’s presence around the district with a unified look.

[Busy Bee]

...but this new generation probably couldn’t make the connection.

All the more reason to make that connection. People need bridges to the past. It makes society richer.

And yes "Tha Coney" sounds like a meatsauce hot dog and a rap album.

My .02 + .01

[NYguy]

^ I get the need to bridge the past, but even in its greatest period, “Coney Island” was the brand. Everybody knows Coney. From its glory days, to its harder times. Coney is Coney. The name also lets people know where it is.

Coney Island Casino & Resort does have a better ring than “The Coney” though.

I wonder who put the designs together. Looks like something from SHoP Architects.

[NYguy]

[NYguy]

https://www.nydailynews.com/new-york...2se-story.html

Developer gambling on new name, ‘The Coney,’ for Brooklyn’s Coney Island casino bid


By Leonard Greene
Mar 03, 2023

The Cyclone may soon have some company. Developers behind a bid to bring a casino to Brooklyn’s Coney Island gave a sneak peak of the proposed site and a new name — The Coney.

The first renderings of the proposal show a project designed to build on the area’s rich history, blending the old and new, placing their biggest bets on a Coney Island comeback.

Casino backers say The Coney, a brand new, state-of-the-art, year-round entertainment venue, will provide jobs and help jump-start the economic revival of the legendary neighborhood.

“The Coney will help revitalize Coney Island, bringing year-round jobs and world-class entertainment to Brooklyn and New York City,” project spokesman Eric Koch said in a statement.

“The project’s revitalizing power will help drive a Coney Island comeback for a community that has lagged behind Brooklyn and the rest of New York City in several areas, including a higher poverty rate, unemployment rate, and higher rates of New Yorkers without health insurance.”

Developer Thor Equities is proposing a $3 billion casino, indoor water park, hotels, and a museum for the South Brooklyn tourist attraction that would be paid for with private financing.

Partnering with the development firm are Saratoga Casino Holdings, The Chickasaw Nation, and Legends, a sports and entertainment company.

Organizers said turning a seasonal entertainment venue into a year-round facility will bring jobs that actually last past the summer.

[NYguy]

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[NYguy]

https://www.yogonet.com/internationa...-organizations

Plan to build a casino near Citi Field draws opposition from community organizations

A plan to build a casino near Citi Field in New York City has spurred a rally by concerned residents opposing the move. Protesters gathered outside on the steps of the Flushing Public Library on Friday to voice their opposition, arguing that building a casino in the area would "devastate the Flushing community."

The protests against the potential Queens casino come as MLB’s Mets owner Steve Cohen explores the idea, having held several “visioning sessions” earlier this year. Last month, he released a report which said community members would like to see something built in the area, but made no specific mention of a casino.

"Flushing Workers Center is happy to join others in speaking out against the treatment of our community and to unequivocally say no to a casino at Willets Point,” said Sarah Ahn of the Flushing Workers Center as per ABC 7. “This is not about whether or not we like to gamble, it is about whether or not we sit silent and let someone come in and get more people hooked to gambling, destroy families, and bring only more problems to Flushing.”

Protesters also want to protect 50 acres of public parkland. "There are no two ways about it," said Rebecca Pryor, Executive Director of the Guardians of Flushing Bay, as reported by the cited source. "Privatizing 50 acres of public parkland in the middle of low and middle-income communities of color is environmental injustice. This is not the time to sit back and enable a 50-acre, public parkland grab.”

Those against the plan are calling on local community organizations, NYC parkland advocates and elected officials to oppose the Citi Field casino license and to protect parkland. “We do not need a backroom deal casino,” added Pryor. “We need transparently planned, community-generated neighborhood projects that absorb rainfall, reduce air pollution, protect our public parkland and prioritize rather than prey upon our environmental justice communities.”

https://twitter.com/FlushingWorkers/...-organizations

We reject a racist casino that will only get more people hooked on gambling, siphon our hard-earned wages, and destroy families!

Let's join together & protect our community--residents, workers, and small businesses--and demand development that helps Flushing thrive!

[NYguy]

https://nypost.com/2023/03/10/mayor-...n-nyc-casinos/

Eric Adams, City Council mull zoning changes to make casinos a safer bet for NYC


By Carl Campanile
March 10, 2023

Mayor Eric Adams and the City Council are mulling changes to the zoning law to make opening as many as three casinos in New York City a sure bet, sources told The Post.

Bet on proposed casinos in locations, including Times Square, Hudson Yards, the Trump Golf Course at Ferry Point in the Bronx, Willets Point in Queens and Coney Island in Brooklyn, sources told The Post.

State gaming officials will weigh casino license applications in the New York City region — including Times Square, Hudson Yards, the Trump Golf Course at Ferry Point in the Bronx, Willets Point in Queens near Citi Field and Coney Island in Brooklyn — after a lengthy review that includes community advisory boards comprised of the mayor, and representatives from the council, the state Assembly and Senate.

Under state law, the community advisory boards must give their stamp of approval before the state will even consider a proposed casino at a specific location in the five boroughs.

The city zoning law is silent on the legality of casinos, sources said, and the mayor and council are brainstorming to see whether they need to amend it.

“The administration is in discussions with the City Council and our state partners to determine what, if any, zoning changes would be required in accordance with the state’s casino approval process,” a mayoral spokesman said Friday.

“Those discussions are ongoing, and no decisions have been made whatsoever about how best to proceed.

“The state siting board will decide where casinos get sited.”

Per state law, any casino applications must abide by local zoning laws in order to be considered, including the city’s time-consuming Uniform Land Use Review Procedure (ULURP).

The law forbids the state from overriding local zoning.

ULURP involves input from the mayoral-controlled city Department of Planning and Planning Commission, local community boards and ultimately approval from the City Council.

Many of the suggested casino sites are on city or state-owned property.

Casino industry sources expressed concern that the approval process has slowed down, and the approval of any gaming license could be a year or more away.

The state Gaming Commission, for example, has yet to seat a deadline to receive bids for the new casino licenses.

Still, potential bidders have been talking up their proposals in public announcements and in meetings with local community leaders.

Last week, a consortium unveiled renderings for a dazzling new “Coney” casino and hotel that would be erected just steps from the storied Brooklyn boardwalk and beach, located smack between the iconic Cyclone and Wonder Wheel, the renderings show.

The consortium includes Thor Equities, gaming operators Saratoga Casino Holdings and The Chickasaw Nation and Legends, the sports and entertainment firm co-owned by the Yankees.

Gaming giant Bally’s is betting on the Bronx — recently discussing a plan to build a casino on what is now the Trump Organization’s public golf course at Ferry Point.

The owners of the existing slots parlors at the Aqueduct race track in Ozone Park, Queens and Yonkers race track — Genting/ Resorts World and MGM’s Empire City — are expected to submit bids to expand their offerings to include table games.

Meanwhile, Mets owner Cohen is eyeing a casino near the team’s stadium in Flushing, Queens — potentially partnering with Seminole Hard Rock. A 25,000-seat professional soccer stadium is also planned in the vicinity.

Others planning bids to operate a casino include the Steve Ross-Related Companies/Wynn Resorts partnership for Hudson Yards, and the landlord SL Green/Caesars Entertainment team in Times Square.

[NYguy]

https://www.amny.com/new-york/brookl...t-makes-sense/

Op-ed | Why a Coney Island casino just makes sense


By Robert Cornegy
March 13, 2023

Whether it’s vibrant communities, buzzing restaurants, thriving arts and culture, and a people and spirit that is unmatched in the world, Brooklyn has shown that it’s the place to be. This revival has benefited countless neighborhoods around Brooklyn. However, while many have had success, some have been left behind. One such area is Coney Island. That’s why I am proud to support a premier entertainment venue on Coney Island that will bring year-round jobs and an economic revival that is long overdue.

Coney Island’s history is rich. From the 1880s through the Second World War, Coney Island was one of the most popular vacation destinations. Legendary amusement parks like Dreamland, Luna, and Steeplechase emerged as places where people of all classes could enjoy their free time. This history is seen throughout Coney Island today. A walk along the boardwalk is rife with this history. The history of vacations and amusement runs directly across Surf Ave. However, following the end of World War Two, Coney Island as an amusement destination fell into steep decline and multiple efforts at revitalization across the decades fell short.

As a result, this former center of tourism, leisure and entertainment, Coney Island has since lagged behind the rest of Brooklyn and New York City. Coney Island has a higher poverty rate than the rest of Brooklyn and New York City. Coney Island has lower levels of on-time high school graduation than the rest of New York City. Coney Island has higher unemployment rates than Brooklyn or New York City has a whole. And Coney Island has higher rates of New Yorkers without health insurance than the rest of New York City. Quite simply, Coney Island is a neighborhood in need of a boost.

This is why a premier entertainment venue on Coney Island just makes sense. A casino on Coney Island would bring year-round jobs to an area in desperate need of them. Rather than the seasonal employment that dominates Coney Island, a casino and resort, with restaurants and other jobs would create thousands of career pathways where none existed before. These are jobs and opportunities that this community needs. Without a premier entertainment venue, Coney Island will languish behind the rest of New York City for the foreseeable future. For a community that once led the way, a casino can help restore Coney Island to its past greatness.

A premier entertainment venue would harken back to a time when Coney Island was a destination spot that served all classes of New Yorkers. It would contain retail, restaurants and entertainment that would be accessible to middle-class New Yorkers at a time when the city is increasingly unaffordable except for the rich. While Manhattan has high-end locations, Coney Island is, and always will be, about accessible entertainment for families and working people – a value this casino is committed to upholding. This will be true for concerts, events and other events the casino would host. Brooklyn is already a major tourist destination, and a premier entertainment venue on Coney Island would only add to the borough’s renaissance. This will be a family-friendly place for tourists and New Yorkers alike.

Coney Island also makes logistical sense. Situated between two major airports, the D, F, N and Q trains, major roads from Manhattan and Long Island, and possibly even a ferry, Coney Island is easy to get to via all major forms of transportation. New Yorkers, no matter their preferred form of transit, will be able to safely and early get to Coney Island.

When I was on the City Council, I always looked for opportunities to serve my community and Brooklyn. I have signed on to help bring a premier entertainment venue to Coney Island because this is a continuation of that work. New York has a chance to get this right. Coney Island is a community crying out for help and revitalization. Coney Island was once a destination for everyone and its history as an entertainment hub is deep. If Coney Island is picked as the location of the casino, New York will be able to lift an entire community out of decades of economic malaise, all while creating jobs for Brooklyn. Coney Island is the only choice for a casino.

[Busy Bee]

I concur.

[NYguy]

https://theisland360.com/featured/ho...at-nassau-hub/

Hofstra officials formally oppose Sands’ casino proposal at Nassau Hub





By Robert Pelaez
March 14, 2023

Hofstra University officials formally opposed the Las Vegas Sands’ casino and entertainment proposal at the side of the Nassau Coliseum and surrounding area known as the Nassau Hub.

A letter from Hofstra trustees published online said potential “traffic congestion, crime, economic harm to local business” would have a negative impact on the school community, directly adjacent to the area.

“The Nassau Hub is an entirely inappropriate location for a casino,” officials said. “There are other locations in and around New York City to site a casino that are not in such proximity to multiple educational institutions where so many young people live and learn.”

Efforts to reach Sands officials for immediate comment were unavailing.

Sands Vice Presidents Ron Reese, in January said the company and Hofstra have engaged in discussions regarding the proposal and hopes to have a continued dialogue throughout the process.

“We don’t build $4 billion casinos, we build multi-amenity real estate developments and we want to engage with the community and local labor leaders,” Reese said. “We’ve spoken to Hofstra and we hope there are more opportunities to engage in conversation.”

Reese and David Paterson, the former New York governor, said the company’s plan includes a casino, hotel, a live performance venue, restaurants and a spa.

Reese told Blank Slate Media in January the hotel will be at least 800 rooms, the live performance venue will have a 5,000-7,500 seat capacity and there will be roughly 400,000 square feet of “corporate meeting facilities” to go along with other amenities.

Hofstra President Susan Poser previously expressed concerns in a guest essay in Newsday that a casino would exacerbate traffic, contribute to addiction and mental health tendencies in college-age students and would not guarantee an increase in revenue to the area.

“A casino at the Hub is not about the future, and it would not be an engine for economic and social prosperity,” Poser said in the essay. “It would be dangerous for adjoining neighborhoods, and create a nightmare of traffic and pollution, not to mention anti-social behaviors that often crop up around casinos.”

Despite the company’s name, Reese said, Nassau residents should not anticipate structures that belong in Las Vegas coming to Long Island.

“I want to be clear that I don’t want to call it a Las Vegas-style resort because I don’t think that’s appropriate,” Reese said. “It will be Las Vegas style in terms of amenities, but the size and design is going to fit in with the local look and architecture.”

Paterson said the company has a self-imposed April 1 deadline to have the application completed and be ready to go before the state. Reese said the company launched the plans to develop the Hub into this entertainment center a few weeks ago and did not make any commitment on what the fate of the Nassau Coliseum would be.

Reese said that the company anticipates a minimum of 5,000 people working at the site, though no residential buildings are part of the Sands’ plan. Reese said the next steps for the Sands is for the Nassau County Legislature to approve the lease transfer of the Coliseum and the Hub.

...Nassau County Executive Bruce Blakeman discussed what would warrant approval for the Sands’ proposal during his State of the County address.

“It must be world-class with a luxury hotel and entertainment component…it must bring significant revenue to the county and surrounding areas, including construction and permanent jobs…and it must have the support of the community,” Blakeman said. “We will continue to explore this possibility and we’ll keep county residents informed throughout the process.”