The three downstate New York casino licenses have caught the attention of several investors. Hudson's Bay Company (HBC), owns Saks Fifth Avenue department stores and it announced on Friday that it will bid for a gaming license in the state.
Saks Fifth Avenue is interested in a luxury casino in the region. It will be HBC's new casino between East 49 and East 50.
The company's proposal indicates that it will use three floors in its new building from the 9th floor. The casino will occupy 200,000 square feet, have a distinct entrance and lobby from the department store.
Saks started planning its gaming project when New York declared in 2022 that it would offer three casino licenses this year. The store aims at increasing activity, security, and light on Fifth Avenue.
Pending Stiff Competition
Saks' bid won't sail through easily without competition. The New York Gaming Facility Board recently approved the Request for Applications (RFA) to seek casino proposals a few days ago. New entrants are still joining the casino race as they formally declare their bids.
Las Vegas Sands disclosed recently that it will seek a gaming license in Nassau County. Its proposal featured an integrated resort that would have four- and five-star hotel rooms, convention and meeting spaces, a high-end live entertainment venue, and outdoor community spaces.
The company revealed that it made deals to get the site's long-term lease that hosts the Nassau Veterans Memorial Coliseum. But, the agreements need regulatory approvals before Las Vegas Sands gets 80 acres in Nassau County.
Are There Direct Competing License Bids?
Manhattan has two directly competing bids that are a threat to Saks. Caesars Entertainment and SL Green proposed to construct a casino, Caesars Palace Times Square at Times Square at 1515 Broadway building. It will occupy 250,000 square feet, 8 floors in the 54-story building, and have an 800-room hotel on top.
Wynn Resorts also bid for a Manhattan gaming license. It has collaborated with Related Companies to construct a gaming site on western Related's $25 billion office and a residential development site that stalled due to the Coronavirus pandemic. Moreover, it is adjacent to the Jacob Javits Convention Center.
Steve Cohen, New York Mets' owner, recently met with residents at a public forum in CitiField to discuss a Willets Point project. He wants the Mets' home stadium to have a huge neighboring development project.
Does the New York Casino Have Other Bidders?
Thor Equities partnered with Legends, Saratoga Gaming Holdings and the Chickasaw Nation in Coney Island's proposed $3 billion casino. Stefan Soloviev proposed to construct a gaming property on a six-acre land near the United Nations.
Vornado's Steve Roth wants to build a gaming site in Herald Square. The state has two slot parlors in Queens' Resorts World New York City and Yonkers' Empire Casino City. Both of them intend to seek a full-casino license and they will have an advantage in getting two downstate New York casino licenses which the New York Gaming Commission shall offer.