The race to secure one of the three coveted casino licenses in New York City is intensifying with the entry of new players into the arena. Despite the New York State Gaming Commission’s delay in processing license applications, major gaming, hospitality, and real estate entities are actively promoting their proposals and engaging in lobbying efforts. The most recent addition to the competition is Banyan Group, the parent company of Banyan Tree and other hotel brands, which has teamed up with gaming industry veteran Mohegan and developer Soloviev Group to put forth a bid for a mixed-use complex near the United Nations called Freedom Plaza.
The proposed Freedom Plaza project in midtown Manhattan’s east side includes a 280,000-square-foot gaming area, 30 dining establishments, and two hotels – a 1,000-room property operated by Mohegan and a 250-room luxury Banyan Tree hotel. This venture marks Banyan Group’s first foray into the U.S. hospitality market, with the company headquartered in Singapore and boasting a portfolio of 76 hotels across more than 20 countries, primarily in the Asia-Pacific region. Gabriel Gn, Banyan Group’s senior assistant vice president, expressed the company’s eagerness to be part of the New York project, emphasizing the immense opportunity it presents.
Banyan Group is no stranger to integrating its hotel offerings with gaming facilities, having successfully launched the Banyan Tree Macau within the Galaxy Macau casino-resort complex in 2011. Gn highlighted the popularity of the Macau property among high-end clientele and emphasized the company’s commitment to replicating that success in New York. The envisioned New York property aims to be a luxurious “oasis” focusing on wellness programming, featuring signature in-room relaxation pools characteristic of Banyan Tree’s brand. Gn envisions creating a unique resort villa experience within an urban setting, offering a distinctive hospitality blend.
Apart from Banyan Group’s ambitious proposal, several other renowned entities are vying for the opportunity to establish gaming and hospitality hubs in New York City. Wynn Resorts and Related Companies are eyeing a venture in Midtown West’s Hudson Yards, while Caesars Entertainment and SL Green Realty Corp. plan to introduce a Caesars Palace resort casino in Times Square. Hard Rock International and New York Mets owner Steve Cohen are collaborating on Metropolitan Park, a large-scale sports and entertainment complex in Queens. Additionally, established gaming giants like MGM Resorts International and Genting Group are seeking to enhance their existing casino operations in the region.
Industry experts anticipate that the advent of major gaming and hospitality hubs in New York City could bring about significant changes in the local tourism landscape. Sean Hennessey from New York University’s Tisch Center of Hospitality believes that the introduction of casino gaming could attract additional travelers to the area. However, concerns persist regarding the gambling preferences of the average New York gambler and the potential financial implications associated with developing and operating tourist facilities in the city.
While casinos are acknowledged for their economic benefits such as revenue generation and job creation, Kimberly Otis from SUNY Schenectady County Community College underscores the potential negative impacts associated with problem gambling. She emphasizes the conflicted nature of the casino industry, cautioning against overlooking the social and behavioral consequences that may arise with the proliferation of such establishments. Despite the promising economic prospects, it is essential to consider the broader societal implications of expanding the gaming sector in New York City.
The battle to build a casino in New York City is not merely a competition for a lucrative license but a multifaceted endeavor that encompasses economic, social, and cultural dimensions. As stakeholders navigate this complex landscape, the ultimate success of these proposed ventures will hinge on their ability to strike a balance between prosperity and responsibility in shaping the future of New York City’s hospitality and gaming industry.