The New York City billionaire best known for owning the supermarket chain Gristedes wants to bring a casino to the city.
Catsimatidis said from his office in New York that they would be willing to put up money and participate in the project. There are no limits when we control a deal.
He wants to bring gambling to New York if he can get partners. Manhattan is the worst place to put a casino, according to John Catsimatidis. He asked where you would put it.
The New York State Gaming Commission is expected to publish a request for proposals no later than January 6, 2023 in order to license up to three casinos.
A proposal for a casino in the heart of Manhattan: Caesars Palace Times Square, has captured the imagination of the public.
The New York-based real estate investment trust and the entertainment agency founded by Jay-Z are working together to bring a casino to New York. The office tower is located on the corner of 45th Street. If the companies are able to build a casino, shopping, dining and entertainment complex in the center of the world, it will bring millions more visitors to Times Square every month and attract billions in retail spending.
There are more than one bid for Manhattan. Stephen Ross, the billionaire owner of the Miami Dolphins, is the chairman of Related Companies, which is behind the Hudson Yards project. A casino with a Ferris wheel is being proposed by the scion of the late Sheldon Solow, who built a fortune in Manhattan real estate.MORE FROM FORBESThe Big Gamble: Inside The Battle to Operate A Casino In New York CityBy Will Yakowicz
The forces of NIMBY are strong. The Broadway League, a trade organization of producers and theater owners, is against gambling on the Great White Way.
Visitors to Times Square come on limited budgets that would be cannibalized by casino gambling. A dollar spent at the craps table, roulette wheel or slot machine is a dollar not spent on a play, dinner, or a souvenir. This is not good.
A casino would cause more congestion, disrupt the local economy, and reduce safety according to the Broadway League. Any proposal for Times Square will face a backlash according to New York State Senator Brad Hoylman.
He says it will be difficult to overcome when the Broadway League draws a line in the sand on casinos. Broadway is connected with Times Square.
Catsimatidis couldn't disagree more. The best places to avoid the powerful forces of NIMBYism and traffic jams are in the vicinity of two of New York's major outdoor stadiums. The northern shore of Staten Island, which is accessible by car from Brooklyn and New Jersey, is one of the things Catsimatidis makes a case for.
Catsimatidis is not the only developer in the area. A source familiar with the company's plans tells Forbes that Las Vegas Sands won't submit a proposal for a casino in New York. Long Island and Westchester will be looked at by LVS. A big, multi-acre plot of land is its ideal location.
According to the New York Times, Steven Cohen, the billionaire hedge fund founder and the owner of the New York Mets, has been discussing the possibility of developing a casino with Hard Rock near Citi Field.
A $3 billion proposal has been made by a real estate developer to bring a casino to America's Playground. There is a joint venture between the New York Yankees and Dallas Cowboys and a casino that is owned by a tribe.
The existing racinos, Empire in Yonkers and Resorts World in Queens, are likely to get two of the three new licenses, according to the COO of the company. Manhattan already has enough attractions, so it should not be called Manhattan. Brooklyn is a great place to live. Brooklyn and Coney Island should be included.
A casino in Coney Island could bring some real economic vibrancy to the area. There is a five-acre swath of land stretching from Stillwell Avenue to West 12th Street.
Catsimatidis is the owner of Ocean Drive, a two-tower, 22-story apartment complex on the Atlantic Ocean in Coney. Coney Island isn't ideal for a mega-casino; he thinks the area could only support a small gambling venue.MORE FROM FORBESHow New York Became The Capital Of Mobile BettingBy Will Yakowicz
New York State Senator Joseph Addabbo Jr., chairman of the committee on racing, gaming and wagering, said all of the doomsday scenarios for casinos in New York are very familiar.
He remembers a lot of opposition before the opening of Resorts World. 11 years later, Resorts World turned out to be a really good neighbor after residents said they would move if the casino came.
New Jersey is the state's main competitor when it comes to gambling revenue.
He says that people are worried about a casino in Manhattan. One of the ideas to keep money in our state should be how we compete.
It's possible to put a casino as close to NJ as possible. It will come down to money, power and politics if a casino is to open in Times Square. It looks like it's going to be a long shot.