There is no guarantee that Jay-Z’s team of high-profile investors secures the casino bid. They are being rivaled by groups that include Wynn Resorts, New York Mets owner Steve Cohen and Soloviev Building Company, among others.
Cohen has been especially vocal in the process and has already theorized putting a casino in Willets Points, a neighborhood in Queen, NY across the street from Citi Field, the Mets’ home stadium.
The state is expected to ask for formal bids in January. A panel of experts will review the applications before sending the top applicants to a state committee, which will ultimately choose which plan to proceed with.
The state committee is expected to choose a location in one of the state’s five boroughs—The Bronx, Brooklyn, Manhattan, Queens, and Staten Island—for the casino.
Several criteria must be met by prospective interested investors. For example, casino plans cannot violate the “public trust doctrine,” which prohibits private developers from building on public land.
The situation in Times Square is bleak. Real estate company CBRE revealed that 25% of local offices are vacant compared to 5% in 2012. Nearby crime rates have also skyrocketed as large corporate buildings have been replaced by part-time food trucks.
New York voters legalized retail casinos in 2013. Legal sports betting came to New York in early 2022 jolted the gambling market to an all-time high and led to pressure for a casino that is now being felt.
Find more information regarding casino legalization at the state of New York.