Caesars Looking to Develop $750M Casino Resort in New York

by | Published: Friday, April 25th, 2014

The popular Caesars Entertainment, which owns fifty-three casinos across the globe, announced on Wednesday that it plans to pursue a license in a bid to develop a new resort casino in Woodbury, New York, which is located roughly fifty miles north of New York City.

Caesars are putting a lot into this process already. They posted a $1 million application fee to get one of the four available licenses in New York State for their proposed $750 million luxury resort. Caesars has big plans for the resort, which is situated on 121 acres of land in Woodbury, including a hotel, restaurants, bars, retail, and entertainment/meeting spaces.

“Woodbury is already a well-known destination thanks to the world-class shopping at Woodbury Common. The site is ideally suited for the development of a resort casino given its proximity to transportation and other attractions,” said Gary Loveman, chairman and CEO of Caesars Entertainment. “We are delighted to be collaborating with [developer] David Flaum, whose vision and experience will play a crucial role as we work to design and develop a project that fits well with the surrounding community.”

New York is already bustling with five Indian-run casinos upstate, as well as an additional nine slot-machine parlors at racetracks. Nevertheless, New York voters approved a constitutional amendment to expand casino gambling last November. The amendment could result in up to seven full-scale casinos, though Gov. Andrew Cuomo has limited the expansion permit to four new casinos to begin with – one of which Caesars has already bid on.

Cuomo believes the expansion will bring many jobs to the upstate region of the state.

“We literally hemorrhage people from the borders who go to casinos,” said Cuomo. “I think it will keep the money in the state, and I think it’s a major economic development vehicle for the Hudson Valley especially and for upstate New York.”

Cuomo reached out to a number of different casino operators, including the Las Vegas Sands, MGM, and Boyd Gambling, though only Caesars has submitted a bid for an upstate resort at this stage. The possibility of casinos in the New York metropolitan area may change their minds, if and when Cuomo permits the construction of them. With three casino expansions still up his sleeve, Cuomo holds all the cards.

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