The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
Allowing the proposals to clear the environmental review process would eliminate a nightmare for Gaming Commission staff since the projects would need to be updated and could be subject to change.
ALBANY—The New York State Gaming Commission in a recently released projected casino approval timeline by Executive Director Robert Williams cited the need for environmental reviews as a factor in delaying the Request for Applications.
While casino industry leaders and advocates had hoped for a decision by the New York State Gaming Commission on the award of up to three downstate casino licenses sometime this year, it now seems clear the awards will likely come by the end of 2025.
Williams stated that 2024 will be dedicated to the proposed projects, particularly four proposals in New York City subject to the Uniform Land Use Review Procedure, securing approvals.
“While it is my understanding that each of these four is deep into the various stages of the ULURP process, I have been informally advised that navigating the ULURP process will extend through the second quarter of 2025,” Mr. Williams stated in his March 28th Executive Directors report.
The New York Post reports that four projects subject to the ULURP process are The Related Companies/Wynn proposal for Hudson Yards; Mets owner Steve Cohen’s bid by Citi Field; the Thor Equities consortium in Coney Island and Bally’s at Ferry Point in The Bronx.
He concluded his report by stating that allowing the proposals to clear the environmental review process would eliminate a nightmare for Gaming Commission staff since the projects would need to be updated and could be subject to change.
Therefore, the commission will not issue RFAs until next year. He added that the commission envisions the establishment of Community Advisory Committees in mid-2025, which would converge with environmental review completion by the summer of 2025, “allowing for a Gaming Facility Location Board decision in late 2025, resulting in Commission license consideration before the end of 2025.”
At a meeting of the Construction Industry Council of Westchester & Hudson Valley, Inc. and the Building Contractors Association of Westchester & Mid-Hudson Region on April 17 at the Sleepy Hollow Hotel and Conference Center, Taryn Duffy, vice president, public affairs, MGM Resorts Northeast Group, outlined the significant expansion planned at Empire City Casino in Yonkers if it were granted a full casino license by the New York State Gaming Commission.
If granted a full casino license, the property would be undergoing a two-phased expansion to convert the property into MGM Empire City that Duffy estimated to be valued at approximately $2.1 billion. MGM Resorts since it acquired Empire City Casino in Yonkers for $850 million in 2019, has spent another $20 million on renovations to the property.
Duffy said that if Empire City is granted a full casino license by the New York State Gaming Commission, the $2.1-billion investment, which will include renovations to the existing complex and new construction, will be the largest regional investment in MGM Resorts history. She stressed that the casino renovations and expansion involve strictly private investment and no tax dollars.
Duffy concluded her informative presentation by saying, “We realize that for the building and construction trades, this project is as important to your livelihood as it is to ours. We are incredibly honored to have the partnership that we do and the support that we do. It matters. It is going to help us get over the finish line. We will put forth a very compelling application. We are very confident, but not overconfident.”
The first phase of the MGM Empire City development would include renovations involving 283,000 square feet of space to the existing casino buildings. In addition, the first phase calls for 301,200 square feet of new construction, including 107,000 square feet dedicated to entertainment and meeting space; an 8,900-square-foot Sportsbook space and 70,500 square feet of casino expansion space. Rounding out phase one is the construction of a new 4,500-space parking garage. Phase two would involve the development of a convention center at Empire City Yonkers.
Duffy spelled out some of the future economic impacts of the project if the state grants it a full casino gaming license, including:
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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