On Tuesday, Jeff Gural, the owner of a casino and a prominent figure in Manhattan real estate, expressed his belief that the chances of a New York casino being established in Manhattan are extremely slim.
According to him, “There will be opposition from everyone in Manhattan. Apart from my friends who own real estate, I sympathize with them because they are the only ones supporting it. However, their chances of success are slim. The general consensus is that nobody wants a casino.”
After participating in a panel discussion at The Racing and Gaming Conference in Saratoga, Gural shared his thoughts with playin-ny.com. The session he took part in delved into the matter of New York casino expansion.
The addition of three downstate casinos in New York State was legalized by the New York State Legislature in its April budget.
Gural expressed concerns about the numerous challenges that would arise in relation to New York problem gambling if a Manhattan casino were to be easily accessible.
“The residents have no inclination towards it,” he remarked. “Furthermore, the politicians are not keen on allowing easy access to gambling establishments where individuals can easily squander their finances. Therefore, witnessing the establishment of a casino in Manhattan would truly astound me.”
The presence of casinos in New York does not significantly contribute to the city’s appeal. New York already boasts numerous tourist attractions that make it an attractive destination, particularly in comparison to other states that may have casinos but lack iconic landmarks like the Statue of Liberty, the Empire State Building, as well as a vibrant theater, restaurant, and museum scene.
Yonkers and Aqueduct are shoo-ins for licenses
Gural stated that two out of the three licenses are almost guaranteed.
He is confident that licenses will be granted to further develop the current casinos operated by Genting at Aqueduct Racetrack in Queens and MGM at Yonkers Raceway, located just north of the Manhattan line in Westchester, NY.
Gural stated that this contest is solely for one license, emphasizing that Genting and MGM are bound to be granted the license without a doubt. Their advantage is so significant that it is unimaginable for there to be any opposition. Opening swiftly will be effortless for them.
Surprisingly, Gural welcomes downstate expansion of New York casinos
The owner of two upstate casinos and a major racetrack in New Jersey may seem likely to oppose the expansion of casinos in downstate New York solely due to the potential increase in competition.
Contrary to that belief, Gural believes it is a good idea.
I was taken aback by the length of time it took because Monticello, the casino that would be impacted the most, also owns Aqueduct. I am optimistic that they will obtain the licenses, and I hope it happens quickly. Subsequently, we can witness the public’s response.
Gural is the proud owner of three prestigious harness racing tracks. These include The Meadowlands, located in the charming region of northern New Jersey, as well as Tioga Downs and Vernon Downs, both situated in Nichols and Vernon, New York respectively. Notably, the New York tracks boast casinos, while The Meadowlands stands out with its exclusive FanDuel sportsbook.
According to Gural, he believes that the presence of casinos in downstate New York will not affect the business at Tioga or Vernon upstate. He stated, “We do not attract individuals from New York City.”
Gural expressed no concerns about the increased competition The Meadowlands may face from a full-fledged casino at Yonkers.
According to Gural, the racing division of Yonkers’ business currently receives approximately $50 million annually in purses from its casino. He does not anticipate any significant increase in funding for racing as a result of casino expansion.
According to Gural, in my opinion, Yonkers would face difficulties in making a case for additional funds.
Could this help Gural get a casino at The Meadowlands?
However, the expansion of downstate could potentially assist Gural in achieving his long-standing desire of establishing a casino at The Meadowlands.
For a substantial period, Atlantic City has been resistant to the idea of having casinos in northern New Jersey. However, Gural holds the belief that if there is an expansion of casinos in New York, it might persuade Atlantic City to reassess its stance and potentially establish a casino at The Meadowlands.
Ultimately, the legalization of sports betting in New Jersey, following Nevada’s lead, successfully attracted numerous New Yorkers to cross the George Washington Bridge and engage in betting activities. This significant influx of New York residents was a key driving force behind the recent legalization of sports betting in New York, as the state aimed to retain the financial benefits within its borders.
Gural suggests that New Jersey residents who desire to gamble at full-fledged casinos might consider visiting Yonkers or Aqueduct instead of making lengthy journeys to Atlantic City.
Gural stated that there is hope that Atlantic City leaders are currently considering the matter. He believes they are awaiting the response of individuals from northern New Jersey to determine if they are displeased with having to drive over the bridge to place their bets.
Gural expressed that with the success of sports betting at The Meadowlands, he no longer feels the urgency to introduce a casino to the track. He is now able to patiently observe how the situation unfolds.
Politics, power and bureaucracy means this could take years
Fortunately, downstate casino expansion may require a significant amount of time.
Governor Kathy Hochul of New York expedited the expansion process, however, a panel on Tuesday acknowledged that the presence of politics, bureaucracy, and power struggles might result in significant delays before new casinos can be established.
The panel was informed by Assemblyman Gary Pretlow, who serves as the Committee on Racing and Wagering chair, in the New York State Assembly.
According to reliable sources, it has been brought to my attention that the Gaming Commission believes this process will be prolonged for years as they mistakenly believe they must issue all three licenses simultaneously. However, it is important to clarify that this was not the original intention of the legislation, and necessary steps will be taken to rectify this misunderstanding.
Former New York Governor David Paterson and Executive Director of the New York Gaming Association, Mike Kane, were among the members on the panel.
There was a difference of opinion among the speakers regarding the likelihood of New York City having full-scale casinos by 2025. Gural’s affirmation of this possibility was solely based on his strong belief that Yonkers and Aqueduct would be chosen as two of the locations.
Paterson expressed his gratitude for the fact that the formulators of the Declaration of Independence and the drafters of the United States Constitution did not have to face a process like this in the late 18th century. He believed that the complexity of the present problems required a level of understanding comparable to that of nuclear physics.
Gural believes Citi Field location will get the other license
When asked to predict which of the numerous proposed downstate sites will be granted the third casino license, Gural stated that the Flushing location, situated close to Citi Field, the renowned home of the New York Mets, has the highest likelihood of being chosen.
He expressed that the entire place is filled with junkyards and lacks any significant value. According to him, it is an area with great potential for development, especially considering the subway and Long Island Railroad connections. Genting will likely pose as the main obstacle due to the potential negative impact it could have on their interests.
If I were to apply for a license, my sole focus would be on finding ways to ensure the community does not oppose my application.
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