Several companies have recently pitched proposals to New York City officials for the development of a casino in the city. These proposals include plans to build a casino at iconic locations such as Saks Fifth Avenue and Times Square, as well as the United Nations headquarters.
New York State legalized commercial casinos in 2013, but the city has yet to see the development of one. However, with the ongoing financial crisis caused by the COVID-19 pandemic, officials are considering the potential revenue a casino could generate. The proposals submitted by these companies aim to tap into this potential, offering a range of options for the city to consider.
One proposal comes from Saks Fifth Avenue, which is owned by Hudson’s Bay Co. The proposal suggests converting the iconic department store’s lower levels into a casino, complete with slot machines and table games. The proposal also includes plans for a luxury hotel and a rooftop terrace. According to the company, the casino would generate an estimated $500 million in annual revenue for the city.
Another proposal comes from Times Square Casino LLC, which suggests building a casino in the heart of Times Square. The proposal includes plans for a casino with slot machines and table games, as well as a hotel, a rooftop terrace, and a theater. The company estimates that the casino would generate $1 billion in annual revenue for the city.
A third proposal comes from a group of investors who suggest building a casino at the United Nations headquarters. According to the proposal, the casino would be located in the basement of the U.N. building, and would feature slot machines and table games. The proposal also includes plans for a luxury hotel and a rooftop terrace. The investors estimate that the casino would generate $800 million in annual revenue for the city.
The proposals have sparked mixed reactions among city officials and residents. Some see the potential revenue a casino could generate as a potential solution to the financial crisis caused by the pandemic, while others are concerned about the potential negative impacts a casino could have on the city, such as increased crime and gambling addiction.
It is uncertain at this time if any of the proposals will move forward. The development of a casino in New York City is a complex issue that would require a thorough examination of the potential benefits and drawbacks. The city officials have not yet made a decision on the proposals, but they have acknowledged the potential revenue a casino could generate and the need to carefully weigh the pros and cons of such a development.
Overall, the recent proposal of building a casino in iconic locations in New York City such as Saks Fifth Avenue, Times Square, and the United Nations headquarters, have sparked a debate on the potential benefits and drawbacks of such a development. While the potential revenue for the city is a major consideration, officials also need to weigh the potential negative impacts on the community. The decision is yet to be made, but it is clear that the development of a casino in New York City would be a significant undertaking with far-reaching implications.