As the state of New York is exploring the potential economic growth opportunities from the gaming sector, the competition for the business is getting real hot among popular casino operators. While MGM intends to secure one of the three commercial licenses, Wynn Resorts and Las Vegas Sands have also thrown in their hats for the bid.
New York is boasting a competition similar to that of the gambling capital of the US as the largest casino operators are racing to secure the license for the multi-billion dollar business. As MGM Resorts International already has a horse racing business in the Empire State, this license might be the upgrade it needs.
A casino needs to spend about $500 million just to run a casino in the region, five times higher than the industry standard. It means the operators cannot compromise on their services if they intend to see profits. The bid winners would have to keep aside at least a couple of billion dollars to see to the developments.
The Empire City ‘racino’ is the horse racetrack of MGM Resorts running in New York. Currently, the establishment is meticulous in offering games and lotteries as it does not have the state’s casino license. If the operator manages to secure one of the commercial gaming licenses, it will be a significant upgrade for this current business.
The expansion is approximately valued at a minimum of two billion dollars, bringing slot games, table games, and resorts with amenities worldwide. According to MGM President William Hornbuckle, a significant portion of the fund will be spent on basic amenities like car parking. However, there was no specific report about what the money would be spent on.
Yet, Harbuckle’s statements confirmed that the 97-acre area owned by MGM Resorts would receive a complete makeover once they get the permission for full-scale gambling. One of the exciting changes is adopting actual slot machines in place of the pre-programmed video lotteries.
Not only that, but MGM reports also suggest the arrival of table games to the casino. The game offerings are likely to be designed to cater to the demands of the local market and the players.
Finding a project site also would be a difficult task in New York for the operators. The stretch from Queens to Coney Island is filled with a regional population. But revenue would not be as handsome as Manhattan. However, the operators would have to tackle political and neighborhood pressure in areas like Manhattan’s East River or Times Square.
Nonetheless, MGM seems to be a likely candidate to tackle these obstacles, given its previous experience in the region. Moreover, they already have their site in Yonkers, only 15 miles away from Times Square. So, all MGM’s leadership is concerned about are the bids and the billion-dollar development plans.
