New York City's Future: Can It Handle Three New Casinos?
The New York State Gaming Facility Location Board has handed down a recommendation that the city can support three full-fledged casino gambling operations, with one in the Bronx and two in Queens. The board's decision is based on projections of $13 billion in taxes generated over the first decade of operation, but critics say the plan neglects the cannibalization question: how these new casinos will affect each other.
The board's chair, Vicki Been, acknowledged that her consultants used a "very conservative" approach to assess the market's ability to sustain multiple casinos. However, Bennett Liebman, a former member of the New York State Racing and Wagering Board, believes the process was ill-considered. Liebman thinks the new casinos will be located far from Manhattan's central commercial districts, which are more likely to attract tourists and generate economic development.
The five finalists for casino licenses include Bally’s Bronx at Ferry Point, Hard Rock Metropolitan Park near Citi Field, and Resorts World New York City, an expanded facility where the Aqueduct Racetrack is situated. Proponents claim these projects will create thousands of new jobs and revive local communities. However, opponents argue that this proliferation of casinos will lead to economic cannibalization, harming existing businesses.
Experts predict that the total downstate casino market could reach $5.5 billion in gross gaming revenue by 2033, which would be more than enough to sustain a robust industry. Anthony Lucas, a professor of casino management at the University of Nevada, Las Vegas, agrees that New York City's large and diverse population makes it an ideal market for multiple casinos.
However, not everyone shares this optimism. A report by Vivian Lu, a researcher at the Urban Institute, suggests that the Hard Rock Metropolitan Park project could displace nearly 16,000 renters in Corona and Flushing. Local residents like Sarah Ahn express concern that the casino will exacerbate existing issues of displacement and increase housing costs.
Governor Kathy Hochul and other proponents praise the decision, citing billions in tax revenue and thousands of jobs to be created. However, opponents continue to voice their concerns about the potential negative impacts on local communities. As the Gaming Commission prepares to make its final decision, it remains to be seen whether New York City can truly handle three new casinos without sacrificing the interests of long-time residents and businesses.
The New York State Gaming Facility Location Board has handed down a recommendation that the city can support three full-fledged casino gambling operations, with one in the Bronx and two in Queens. The board's decision is based on projections of $13 billion in taxes generated over the first decade of operation, but critics say the plan neglects the cannibalization question: how these new casinos will affect each other.
The board's chair, Vicki Been, acknowledged that her consultants used a "very conservative" approach to assess the market's ability to sustain multiple casinos. However, Bennett Liebman, a former member of the New York State Racing and Wagering Board, believes the process was ill-considered. Liebman thinks the new casinos will be located far from Manhattan's central commercial districts, which are more likely to attract tourists and generate economic development.
The five finalists for casino licenses include Bally’s Bronx at Ferry Point, Hard Rock Metropolitan Park near Citi Field, and Resorts World New York City, an expanded facility where the Aqueduct Racetrack is situated. Proponents claim these projects will create thousands of new jobs and revive local communities. However, opponents argue that this proliferation of casinos will lead to economic cannibalization, harming existing businesses.
Experts predict that the total downstate casino market could reach $5.5 billion in gross gaming revenue by 2033, which would be more than enough to sustain a robust industry. Anthony Lucas, a professor of casino management at the University of Nevada, Las Vegas, agrees that New York City's large and diverse population makes it an ideal market for multiple casinos.
However, not everyone shares this optimism. A report by Vivian Lu, a researcher at the Urban Institute, suggests that the Hard Rock Metropolitan Park project could displace nearly 16,000 renters in Corona and Flushing. Local residents like Sarah Ahn express concern that the casino will exacerbate existing issues of displacement and increase housing costs.
Governor Kathy Hochul and other proponents praise the decision, citing billions in tax revenue and thousands of jobs to be created. However, opponents continue to voice their concerns about the potential negative impacts on local communities. As the Gaming Commission prepares to make its final decision, it remains to be seen whether New York City can truly handle three new casinos without sacrificing the interests of long-time residents and businesses.
. They're just gonna bring in a whole bunch of noise and problems for the people living in Queens and the Bronx. I mean, 16,000 renters being displaced by some fancy new Hard Rock casino? It's just not right 
. And let's be real, $13 billion in taxes sounds like a nice chunk of change to the city, but what about the long-term effects on property values and local businesses? They're gonna get squeezed out by all these new casinos and tourist traps. I don't think it's fair to put the burden on existing residents just so some big corporations can make a profit 
. It's like they're not even considering the consequences of their actions... Typical 
3x the fun for NYC? 
let's look at some numbers... estimated tax revenue over a decade: $13 BILLION 
that's like creating 650k jobs in one day 
, but what about cannibalization? 
experts think it'll be a non-issue, but I'm not so sure... $5.5 billion gross gaming revenue by 2033 is impressive, but how will it affect local businesses? 
let's look at the stats: NYC has over 18 million people, which means there's room for more casinos, right? 
but what about the Bronx and Queens? where are these new casinos gonna pop up? 
we need to see some pics of the sites before we get too excited... and what about the 16k renters that could be displaced by the Hard Rock project? 
. And what's gonna happen to all the smaller shops and restaurants that already struggle to make ends meet? It's like, they're gonna get squeezed out by some big casino chain, right? 
.
But three full-fledged casinos? That just seems like a recipe for disaster 
.
like seriously can we afford 3 more casinos in nyc?! imo we should focus on preserving our existing economy and community instead of chasing after more $$ 
. It's like, we gotta think about the people who've been here for years, not just the ones who are gonna be makin' all that cash 
.
. We need to think about the human cost of economic growth. Are we just prioritizing profits over people? It's a tough balancing act, and I'm not sure anyone has all the answers.
this is so not good news... i mean, think about it, more casinos = more tourists = more people who wanna gamble all day and leave their money in vegas... meanwhile local businesses like shops and restaurants are gonna get left behind 
? I guess only time will tell if Governor Hochul's team can find a way to make it work without sacrificing too many local interests 
.
.
And what about the rent prices gonna skyrocket?! 
, "Do the best you can until you know better. Then, when you know better, do better."
. And what's gonna stop people from just going to one casino and not another? It's like, cannibalization is real, guys 
. I'm rooting for the local communities to speak up and make sure their voices are heard 
.
. i'm all for creating jobs and reviving communities, but what about the ones who won't benefit from it? 
...but what if that's just a bunch of short-term gigs? 
. What about the people who live around them? Like, what about Corona and Flushing? They're already struggling with gentrification and housing costs are insane. Adding a giant casino to the mix could be disastrous