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Betting on Gotham – The New York Times


Gambling companies have dreamed of operating large-scale Las Vegas-style casinos in New York City for decades. Now, state agencies are on the verge of opening up the city, the country’s last major untapped gambling market, and a host of extravagant proposal are competing for some coveted licenses.

Imagine the roulette wheel parked above the womenswear at Saks Fifth Avenue. Blackjack by the boardwalk on Coney Island. United Nations spitting distance card game. Or maybe even an entertaining casino Caesars step from the lights of Broadway.

It’s easy to see why so many gambling companies care. Greater New York City is home to nearly 23 million people and is a destination for millions of tourists each year. “For gambling companies, New York is their mecca. It’s the last major prize in the United States,” my colleague Dana Rubinstein, who was covering the casino competition, told me.

But until recently, state law and a local protest wall have disrupted any serious plans for downstate casinos. What has changed? A combination of economic and political factors is accelerated by the pandemic. They have made New York City casinos or its suburbs not only palatable but desirable for state leaders, though locals will still have a say.

Today’s newsletter will explain how New York City casinos evolved from a concept into a serious prospect.

There has been a long history of politicians from Nevada to Louisiana using legalized gambling to try to stimulate the economy and increase public revenue. The idea is to put gambling that was once done on the black market on the tax list, and more recently, to prevent people from crossing state lines to gamble.

New York voters first approved a constitutional amendment to allow large casinos in 2013, following the Great Recession. Native American tribes ran casinos in New York. But politicians on both sides — many of whom have received generous donations from the gambling industry — say new casino sites could help create jobs, attract tourists. and generate much-needed tax revenue.

To try to maximize the economic impact, New York’s plan stipulates that companies are initially only allowed to operate in the areas most in need of recovery, outside of New York City. In the years that followed, casinos opened in the Catskills; outside Albany; and elsewhere in upstate New York. Some have struggled to meet economic forecasts.

New York’s gambling plan offered the possibility of up to three suburban casinos, but only after a lengthy delay. And it does not guarantee that the license will be issued.

Now, state leaders are using the same logic they applied to suburban casinos to try to speed it up and all but secure the expansion of gambling in and around. New York City. National gambling revenue hits a record high in 2022. In essence, New York is looking for a bigger piece of the action.

The pandemic has only made that desire all the more urgent. Covid hit New York City, the state’s main economic engine, especially hard. Midtown office towers are still only partially filled, some wealthy individuals have moved to lower-tax states, and the tourism industry has yet to recover to pre-pandemic levels. The result is less reliable revenue in city and state coffers, especially as once-draining sources of federal aid.

Governor Kathy Hochul and Mayor Eric Adams, both Democrats, hope that the new casinos can help offset those financial losses and spark another beneficial development. Lawmakers have projected billions of dollars more in licensing fees and regular tax revenue. However, analysts warn that Those predictions may be too optimisticand skeptics say the East Coast gambling market has grown oversaturated.

There is also another, less obvious but still powerful motivation: New York’s Super Influential Hotel Workers Association. As the pandemic hit the city’s tourism sector hard, the group says up to 95% of its members are out of work. Now, union leaders see gambling projects as one of their greatest opportunities to create more jobs for their members. This change is significant, as it is reflected in the union’s recent decision to add the word “gaming” to its name, the Hospitality and Gaming Chamber of Commerce.

The group has turned itself into a useful political weapon for the Democratic Party in recent years, donating hundreds of thousands of dollars and providing plenty of volunteers for the campaign. In turn, the union put considerable pressure on state leaders to fast-track casinos around New York City, often working closely with the gambling companies themselves.

Related: Recommended by developers for casinos in the New York City area heavy on comfort and less focused on gambling.

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Older paintings once dominated the art industry. Now they make up a small percentage of major auction sales. contemporary artist with a strong presence on Instagram is commanding a market once ruled by European masters.

An example: In 2019, paintings by British artist Flora Yukhnovich sold for around $40,000 each. Her work then went viral on Instagram, making her one of the most sought-after young stars in the art world. Her paintings are now attracting international demand from collectors and are selling for $3.6 million.

That’s the same price paid for a 1735 oil painting at Christie’s auction last month. Some younger buyers are appreciating contemporary art as much as old masters’ paintings, which many consider inappropriate and difficult to authenticate and maintain.

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