REPORT: Slow Casino Review Process Threatens Billion-Dollar Manhattan Bids
Red tape could kill three proposals gunning for a New York City casino license.
The New York State Gaming Commission hasn't yet begun environmental reviews for SL Green’s bid in Times Square, Silverstein Properties’ project near Hudson Yards and the Soloviev Group’s plan near the United Nations, Crain’s New York Business reported, citing anonymous insiders.
Some working on the proposals are reportedly worried that the slow roll could make them miss the Sept. 30 deadline to resolve any land use disputes.
“Unless the schedule is changed or the Gaming Commission does something extraordinary to speed up the process, we won’t have a rational selection process,” an unnamed attorney for one of the three projects told Crain’s. “Because three of the important applicants won't have even been allowed to run in the race.”
The Gaming Commission has been tapped to handle the reviews for the three projects due to site-specific complexities in their zoning and local approval procedures. The decision was originally viewed by some as an unfair fast track, but as the deadline looms it seems to have done the opposite, according to Crain’s.
Other proposals, like Steve Cohen's bid in Queens, Related Cos.' at Hudson Yards and Thor Equities' at Coney Island, either have or are close to finishing their reviews with local agencies, despite neighborhood backlash.
Scoping hearings for Cohen’s Citi Field-adjacent proposal began in December 2023 and were completed in February. The city council gave it the green light March 12, over a year after he first pitched the project.
In a statement to Crain’s, SL Green spokesperson Jack Lynch denied that the firm had doubts about the environmental review process.
“We’re confident the state can meet the deadline as well,” he said. “Any further delay would be unwarranted.”
Another unnamed developer told Crain’s that the deadline was “doable but challenging” and that they were submitting their concerns to the state.
The Gaming Commission previously pushed back issuing casino licenses to 2025 due to issues surrounding zoning approvals and environmental reviews. Spokesperson Lee Park told Crain’s in a statement that the process isn't delayed.
“The commission has been in communication with potential applicants regarding their environmental reviews and has developed a timeline that, while tight, will enable the consideration and completion of [State Environmental Quality Review] requirements,” he said.
The state is expected to select the winners of the licenses by the end of this year. The winning bidder, in addition to project costs expected to comfortably exceed 10 figures, must also pay the state a $500M upfront fee.
