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wsj OP t1_j5v3ybq wrote

Hey everyone, Maddie here from the WSJ. We have a story out today on the future of gambling in the city and I thought you might find it interesting:

Gambling companies are competing to build a casino in Manhattan, but local officials could force projects to move outside the heart of the city.

From Jimmy Vielkind and Katherine Sayre:

>Real-estate and casino developers are pitching several sites in midtown Manhattan, including on the top floors of the Saks Fifth Avenue across from Rockefeller Center and in the very heart of Times Square. It’s vital to be near the city center to draw the right mix of tourists and wealthy clients, they said.
>
>For years, New Yorkers have had to leave the city limits to gamble at full-fledged casinos in Atlantic City or rural Connecticut. Four casinos in upstate New York have opened since 2014. Now, state gambling regulators are conducting a competitive bid process for three downstate licenses. Industry players expect two will go to video-slot parlors that already operate in Yonkers and another near John F. Kennedy International Airport in Queens—essentially leaving only one up for grabs.
>
>…State and local officials who represent midtown Manhattan have been openly skeptical about casinos, though they haven’t shut the door entirely. Construction of housing is a more pressing concern in a part of the city where the median monthly rent now exceeds $4,000.
>
>“There’s going to be an uphill road for any site in Manhattan,” said Manhattan Borough President Mark Levine, a Democrat.

Read more, free with email registration: https://www.wsj.com/articles/a-casino-at-saks-times-square-or-the-u-n-companies-pitch-nyc-officials-11674654233?mod=wsjreddit

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MerrillSwingAway t1_j5v40dn wrote

lol this city dry humped OTB out of existence, and that was a license to print money

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mowotlarx t1_j5v8z8e wrote

A casino at the UN is incredibly bleak.

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ECK-2188 t1_j5vb4xc wrote

Times Square: Keep all the tourists and trash in one place for them to blow their money.

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drpvn t1_j5vf8k8 wrote

Do it in Queens.

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wsj OP t1_j5vsofm wrote

That may be the move:

>State gambling regulators are conducting a competitive bid process for three downstate licenses. Industry players expect two will go to video-slot parlors that already operate in Yonkers and another near John F. Kennedy International Airport in Queens—essentially leaving only one up for grabs.

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wsj OP t1_j5vteaz wrote

Caesars wants to do Times Square:

>Caesars Entertainment Inc. and office landlord SL Green Realty Corp. have proposed converting a Times Square office tower into a hotel and casino. It would cater to Midtown office workers and tourists who already come to the area, said Brett Herschenfeld, an SL Green executive vice president.

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earlymountainrain t1_j5vw1th wrote

A Bloomberg Terminal behind the Wendy's on East 14th would do well.

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ECK-2188 t1_j5vwx65 wrote

Will these potential casino(s) revenues help contribute to the nyc fiscal budget?

Mainly: Lowering overall nyc residents city income Tax?

Not likely right? Haha

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Silo-Joe t1_j5vzc2n wrote

Wonder what happens to the current office workers in that Times Square office building being proposed for a casino.

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wsj OP t1_j5w93od wrote

Here's what our reporter had to say:

>they will contribute to the state fisc, but the exact tax rates are parts of their bids. So TBD!
>
>But my guess is it won’t have enough of a fiscal impact to be used to lower income taxes.

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LunacyNow t1_j5winud wrote

So the Amazon HQ2 serving as the tech hub for the organization - with many high paying jobs - was no good. But a casino? Great idea. Let's vacuum up money from the people who can least afford to lose it! This state is run by a bunch of cretins.

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Same-Helicopter-1210 t1_j5xdu9a wrote

Our local leaders would still tell us we have to raise your taxes even though we have casinos generating XYZ per year!!! It's just shameful to think how the average worker also gets bent over but not the %1

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Reticent_User t1_j5yotmb wrote

Just another regressive tax scheme albeit voluntary

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myassholealt t1_j60x0b4 wrote

UN makes the least sense cause there is nowhere near as much foot traffic over there as there is at options 1 and 2.

I see 42nd getting the green light. And if t's a success, they do a bougie version at Saks.

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