ByWill Yakowicz,
Forbes Staff.
O
ver the last three years, many of the gambling industry’s biggest companies, from Wynn Resorts to Las Vegas Sands to Caesars, have fought to get a license to open a casino in New York City, which has never had one before. Now, there are just four contenders remaining and only three licenses available, each promising billions of revenue over the next decade.
With the New York State Gaming Commission expecting to make its selection by December 1, and grant licenses by the end of the year, the last leg of the race is on. Many political and industry insiders believe the two existing racinos near Manhattan have a tremendous advantage as they have already been operating and adding to the state’s coffers for years. Resorts World New York in Jamaica, Queens, which is accessible from the subway and owned by billionaire Lim Kok Thay’s Resorts World Genting, and MGM’s Empire City racino in Yonkers, operate racetracks and video slot machines, but currently have no live table games such as blackjack or roulette. Not only can these properties flip to full Las Vegas-style casinos quickly, but the businesses would be crushed if they weren’t granted a casino license.
