The big news breaking is that there are three casino companies vying over a very rare opportunity to bring a little of the Las Vegas Strip to the Big Apple. Bally’s Corp, Las Vegas Sands and Wynn Resorts are setting to compete with each other for a New York City-area casino license.
This quiet jockeying is all in anticipation of Albany putting out their request for proposals as early as January 2022 and the three companies have already been in discussion with politicians and potential developer partners for support.
Albany, just like many other areas in recession, suffering massive job losses and plunging tax tax revenue which has led to some lawmakers pushing the issue of there gaming licenses earlier rather than in 2023 as originally planned.
A Pretty Safe Bet
Two of the three licenses are expected to got to gaming properties that have already been given permission to run slot machine in the area which would leave only one license for the Las Vegas and Atlantic City operators who want to bring other forms of casino entertainment like roulette and blackjack to the Big Apple (or neighbouring Nassau County.
About the Big Three
- Las Vegas Sands is run by casino mogul and Republican donor Sheldon Adelson (until his death in January) and is the largest of the three casino chains competing for a gambling license. With six casinos in Macau and one in Singapore, Las Vegas Sands has a $48 billion market cap.
- Bally’s is the smallest of the three contenders with a $2 billion market cap and 15 casinos in 11 states. It might be the smallest but has been rapidly expanding and once more it is run by born and bred New Yorker Soo Kim who grew up in Queens and went to Stuyvesant High School.
- Wynn Resorts was founded by Steve Wynn (who resigned in a covering cloud of sexual misconduct allegations back in 2018) Wynn Resorts has a $16 billion market cap and boasts two casino in Macau, two in Las Vegas and one in Boston.
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