Caesars Entertainment Enters Bid to Develop $750 Million Casino Resort in New York
Caesars Entertainment announced on Wednesday that it plans to pursue a license to develop a resort casino in Woodbury, New York, located about 50 miles north of New York City. Caesars, which owns 53 casinos across the globe, recently posted a $1 million application fee for one of the four available licenses in New York State.
Caesars' proposed $750 million luxury resort is planned to be situated on 121 acres of land in Woodbury under the control of developer David Flaum. Caesars visualizes the resort including a hotel, restaurants, bars, retail and entertainment/meeting space.
"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 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 already has five Indian-run casinos upstate, plus nine slot-machine parlors at racetracks. However, last November New York voters approved a constitutional amendment to expand casino gambling, which could result in up to seven full-scale casinos. Gov. Andrew Cuomo has requested that only four new casinos be permitted at first.
Cuomo says the expansion is meant to bring 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 numerous casino operators, including the Las Vegas Sands, MGM and Boyd Gaming, but only Caesars submitted a bid for an upstate resort. That might change if and when Cuomo permits the construction of casinos in the New York metropolitan area.
Photo courtesy of freeimages.com.