Caesars Leisure (NASDAQ: CZR) Tom Reeg believes the operator’s effort to carry a on line casino to Occasions Sq. in New York Metropolis is well worth the gamble and estimates the venue can be a big supply of tax income for the state.
Occasions Sq. in New York Metropolis. Caesars CEO Tom Reeg is constructive on his firm’s plan to carry a on line casino there. (Picture: CNN)
In an upcoming interview with Tara Rosenblum of News12 Connecticut’s “Energy & Politics” present, Reeg mentioned Caesars is already paying “north of $100 million” in sports activities wagering taxes to the fourth-largest state and that the Occasions Sq. on line casino would “exceed that by a wholesome margin.”
Caesars is one in every of greater than 10 gaming firms vying for simply three New York Metropolis-area on line casino permits. That competitors is all of the extra intense as a result of it’s extensively anticipated, although not confirmed, that regulators within the state will award two of the licenses to MGM’s Empire Metropolis in Yonkers and Resorts World New York in Queens, that are at present slots-only venues.
Along with Caesars, different large names competing for the permits embrace Bally’s, Exhausting Rock Worldwide, Las Vegas Sands and Wynn Resorts. The Occasions Sq. on line casino group is led by Caesars, actual property developer SL Inexperienced and Jay-Z’s Roc Nation leisure company.
Reeg Seems to be to Allay Occasions Sq. On line casino Considerations
As is the case with practically the entire different downstate on line casino pitches, the Occasions Sq. plan has its share of supporters and detractors.
The latter camp is comprised largely of companies and locals that concern a gaming venue would hurt the neighborhood’s storied dwell theatre business in addition to different space companies, reminiscent of eating places.
Caesars is taking steps to allay these considerations. Earlier this 12 months, the gaming firm mentioned it’s going to leverage its common Caesars Rewards loyalty program in order that contributors can convert factors to present playing cards to be used at Time Sq. venues, together with motels, eating places, retailers, comedy golf equipment, and leisure venues.
Different detractors concern a gaming venue would add visitors to the already congested Occasions Sq. space, however Reeg instructed News12 the operator is diligently engaged on security and visitors plans.
“Now we have visitors consultants all prepared with plans the place we would scale back the congestion in Occasions Sq. from the place it’s at this time. And I feel if opponents take the time to take a seat down and listen to what we’re planning, what my expertise has been, is that they stroll away with a special opinion,” the chief government mentioned within the interview.
Occasions Sq. On line casino May Be Coup for Caesars
New York Metropolis is arguably essentially the most fascinating untapped gaming market within the US — maybe in the entire developed world. That explains why Caesars and so lots of its rivals need in on the biggest US metropolis.
For Caesars specifically, successful one of many downstate on line casino licenses would characterize a big avenue for diversifying its prime and backside traces. By some estimates, half of the operator’s share value is attributable to its Las Vegas properties although it’s the most important on line casino operator within the US by variety of venues.
“This can be a worthwhile prize,” Reeg instructed Rosenblum of Caesars’ New York effort. “I’m feeling fortunate.”
