Bally’s is planning to open a new casino right next to the Trumps golf course in the Bronx. In what seems to be a scramble for all the prime spaces near notable properties, the Mohegan Tribe is also proposing to build a casino adjacent to the United Nations headquarters. These are not the only groups that have expressed interest in running casino operations in NY City. As a matter of fact, the list of major gambling entities that are eyeing licenses is quite long. Judging from the number of applications coming in for an opportunity to carry out business in New York City, the market will be dominated by brand names that are already known.
New York has for a long time carried the mantle as the business capital of the United States. No wonder big betting brands are looking for ways to tap into the action that will be the state’s profitable industry. As it is now, NY is one of the most popular tourist destinations in the country so investors anticipate booming business from visitors and residents alike.
During the past week, it was revealed that there were two new players that had plans to enter the market; the Mohegan Tribe of Indians and Bally’s Corporation. Bally’s management plans to set up a casino right in the middle of the Bronx. They are specifically interested in a property that sits next to a public golf course Trump Golf Links at Ferry Point operated by the Trump Organization. Company officials have already spoken to the management of the Trump property concerning the use of 17 of the 300 acres of the land to create a Bally’s branded casino.
When the property was relatively new, Donald Trump was in charge of everything but the management has since been handed over to Eric and Donald Jr., sons of the boss. The Trump Organization enjoys all privileges of using the property as their own after they signed a 20-year agreement with the local Parks Department to use the land as a golf course.
Bally’s plans to utilize 10 acres of its target land to set up the casino building and use the rest of the property as green space. It is also possible that the management of the casino will use the free land to put up housing for its more than 2,500 employees. Bally’s has a history of dominating all the jurisdictions that it operates in – the long-term plan is to take over the full property in the future.
Mohegan Tribe to dominate midtown
Nobody has so far expressed interest in the midtown area of New York City except the Mohegan Tribe which is also eyeing a portion of the revenue accrued from NY City gambling. Armed with a plan of how they will establish a gambling operation in the city of New York, the Mohegan Tribe is in talks with the Soloviev Group. The two groups are working towards the creation of a casino near the United Nations headquarters in the Midtown area of the city.
Although there is little in way of available information regarding the upcoming project, it is still too early to draw conclusions since the alliance between the two companies has just been launched. The group is not just planning any other project but judging from info that is available in the public space, it will be more than a typical casino. Dubbed “Freedom Plaza,” the project will comprise hotel accommodation for the overnight stay of guests, a pair of residential high-rise flats for rental accommodation, Ferris wheel, a museum, an open space and top of the list will most definitely be a casino.
Soloviev comes into the agreement as the owners of the site and so it is expected that they will be using the gaming experience of the Mohegan Tribe casino to run the property. So far, the tribe can be linked with eight casino resorts spread out across the United States. Although it still lags behind in some states, its popularity in places where it has established its presence is a great resource for doing business. Based on the preparations that are currently underway, the two casinos are on the path to becoming top operators in the state.
With Bally’s and Mohegan jumping in as the early market entrants, the NYC gambling market will soon be dominated by promotional materials that draw in the player to explore what the operators have to offer. Based on current trends in the casino industry, it is expected that both these brands will offer a wide range of products for their players to choose from. While it is not clear what each of these companies’ plans on offering to the market, the guess is that they will each try to outdo the other.
Bally’s and Mohegan might be the large fish on the table but they are just a drop in the ocean of entities that hope to clinch one of three casino licenses available in NYC. It already looks like two have already been grabbed out of availability since existing casinos operating in the state would need to be upgraded to match the present casino industry standards. That leaves only a single license for the rest of the potential brands to contest. Other well-known brands that are in the race to earn a NYC casino license include Thor Equities, Mets owner Steve Cohen, Caesars Entertainment, and Wynn Resorts.
A lucrative market is judged based on a host of parameters that could be favorable even when no related business has been in existence in the jurisdiction before. It is obviously easier for an established brand to set up shop and hit the ground running compared to how a startup would perform. This is why the caliber of promotional materials released by Mohegan and Bally’s portrays established outfits that are able to make generous payouts and award deserving players handsomely.