Licenses will be good for a minimum of 10 years and a maximum of 30 years. Without question, the three winning bids will have the potential to reshape the socioeconomic landscape of the New York City metro area. Wednesday’s vote marked the first time the City Council had voted on one of the several casino proposals that will require land use approvals.
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The property would also include boutique shops, two luxury hotels, a live entertainment venue, a conference center, and open space, in addition to a casino taking up less than 10% of the footprint. Rolled out last June, the plan also includes $250 million in community reinvestment to support businesses and groups in Midtown and nearby Hell’s Kitchen. Both Resorts World NYC and MGM Empire city are likely to have little community resistance, pundits say, and would be able to convert to a full casino relatively quickly. Furthermore, they have the infrastructure needed for expansion, with parking and access to highways. Like an exclusive, high-stakes game of Texas Hold’em, the process has been reserved for the uber-wealthy — with an applicant needing more than $1 billion just to be in the running. The ante to merely apply is $1 million, with successful bidders required to pay $500 million upfront for the license and at least $500 million as part of a development plan.
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According to reports, SL Green has also pledged to use a portion of the casino’s revenues to fund safety and sanitation improvements in Times Square. The Times Square plan involves redeveloping 1515 Broadway, an office skyscraper in the heart of Times Square by West 44th Street that has an existing Broadway theater located on the ground floor. The casino would be housed in the building, which would also include a hotel and restaurants.
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A casino is at the heart of the Metropolitan Park plan, which is entirely contingent upon the venture receiving one of the three coveted downstate gaming licenses. Each project is to be reviewed by a local group — known as a Community Advisory Committee — which must sign off on it. Each committee consists of six people, with the governor, mayor, the local state senator, local state assembly member, the borough president and the local city council member each appointing a representative.
The bidders include some of the state’s wealthiest interests, often in partnership with major gaming outlets across the country — stretching from Connecticut to Las Vegas. Their plans are not merely visions of roulette wheels and crowded craps tables; they include major public investments — skyscrapers, public parks, retail and gaming opportunities, hotels, and even affordable housing. In order to get the council’s OK, Cohen would need two-thirds of the group to vote in support of Metropolitan Park. In November, all five of the community boards charged with reviewing the plan voted in favor of Cohen’s casino. The approval grants Cohen and his partner in the project, Hard Rock International, the right to make several zoning changes to the site, which currently houses Citi Field’s parking lot. While the zoning changes are needed in order for Cohen’s plans to move forward, Metropolitan Park will still need several other approvals, both from local and state officials, before the project truly will be granted the green light.
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The city owns the property, and Trump’s company had a 20-year contract with the Parks Department to operate it as a golf course. The Midtown East proposal, which would also involve the construction of a new development, is led by real estate billionaire Stefan Soloviev and the Mohegan Tribe. It calls for a 1,200-room hotel, about 1,300 apartments, and an underground casino—all to go up just south of the United Nations headquarters.