Casino fans in New York City may soon receive some exciting news. Various lawmakers across New York are beginning to show support for the opening of a Class III gambling venue in the Big Apple. The focus is now finding suitable locations for a NYC casino.
Many feel that it is only a matter of time before a casino opens its doors in this city. Now is a great time to talk about some of the latest updates surrounding this property.
Here’s what you need to know!
Breaking Down the Possible Locations for a NYC Casino
New York’s days as a largely anti-gambling state are officially over. For years, lawmakers in this state have been working hard to expand the number of legal gambling options available. Both casino gambling and sports betting are widely available throughout the state.
A law was approved in New York back in 2013 to allow six commercial casinos to open in the state. Today, all of the casinos here are located in the Upstate area. These casinos have struggled to generate much revenue over the years and many have been pushing for a casino to finally open its doors in New York City.
The calls to open one of these properties have been intensifying in recent years. Various officials are now debating the best possible locations for a NYC casino. Certain areas of the city seem more likely to welcome one of these properties than others.
Times Square is one possible location. Hard Rock Hotel New York is opening in this area of the city in April. The Hudson Yards area is another possible location to host a casino in the Big Apple. Senator Brad Hoylman spoke to the media about this situation earlier this week.
“My concern, representing Manhattan and Times Square is the neighborhoods which would be adjacent to any proposed casino and the impact. Casinos can have negative externalities, to put it mildly,” Hoylman said. “I oppose them strongly and generally have done so in the Legislature. When it is in my Senate district, it is even a greater concern.”
It will likely be years before construction on a casino in New York City will begin. We’ll be sure to offer updates on the location of this proposed casino over the next few months.
New York is Now the Country’s Sports Betting Capital
Millions of gambling fans are excited to hear that a casino could soon be opening its doors in New York City. Nothing has been made official, yet. In the meantime, lawmakers continue to focus on the state’s rapidly-growing sports betting industry.
The first retail sportsbooks launched in New York back in 2019. These were only available inside the aforementioned casinos located in the Upstate area. As a result, millions would flock to nearby New Jersey, where online sports betting is legal and regulated.
This past December, New York gave final approval for online sportsbooks to launch. In just their first three weeks of operating, these properties saw more than $1 billion in wagers flow in. That marks the most successful opening month for an online sports betting industry in US history.
Super Bowl LVI is just around the corner. New York will experience a massive surge of tax revenue flowing in from bets on this game. Many expect these revenue figures to come out higher than what the legal sportsbooks in New Jersey will bring in.
New York’s entire gambling industry continues to expand. Nearby New Jersey is expecting its casinos to thrive this year. Let’s take a quick look at how Atlantic City might fare in 2022.
Atlantic City’s Casinos Brace for Revenue Surges
Atlantic City has been one of the world’s most profitable casino destinations for many years. The casinos here experienced periods of struggle over the last couple of decades. Aside from the mass casino shutdowns it experienced in 2020, this city has thrived over the last decade.
2021 was a fantastic year for Atlantic City’s casino industry. Tourism rates increased throughout the year and several of the casinos here underwent major renovations. Casino executives here are now focused on growth throughout 2022.
Tourism into Atlantic City will likely surge throughout the spring and summer. Of course, some wonder if New York’s growing casino industry will end up taking away from the one in New Jersey. This is all but a guarantee if a casino opens its doors in New York City.
New York’s online sportsbooks are already taking away from the revenue earned at sportsbooks in New Jersey. New Yorkers no longer need to cross into New Jersey’s border to make bets on their favorite teams and players. Stay tuned for revenue reports on New Jersey’s gaming industry throughout 2022.
Officials continue looking at locations for a NYC casino. Do you expect this to happen this year? Let us know in the comments section below.