Going for the jackpot: A look at the high rollers competing to build NYC casinos

Developers, place your bets.

Next month, state officials will start accepting proposals for new casinos in and around New York City. Six bigwigs have already unveiled visions for casinos in the five boroughs, pledging to parlay their winnings into the city’s economic recovery.

Firms proposing venues in Times Square and Hudson Yards — tourist attractions near transit hubs — have an edge, though opposition from local elected officials could cost them what is sure to be a lucrative pot. Other bidders are hoping to create entertainment ecosystems in Queens and Brooklyn.

Technically, three licenses are up for grabs, but only one is likely truly in play. Regulators may favor two sites that already have gambling — Aqueduct Racetrack and Yonkers Raceway — because the application provides a “speed to market” bonus, said James Featherstonhaugh of Saratoga Casino Holdings, which is working with Joe Sitt’s Thor Equities on a Coney Island bid.

The remaining license does not have to go to the city, just downstate. Manhattan is where the most money is, but has historically been a hard sell because few Manhattanites want a casino.

Approvals hinge on local support. If the City Council member is not on board initially, a proposal may face trouble later on, given that it would likely need to go through the city’s land use review process.

Details on individual proposals are incomplete, given that the state has not yet released a request for applications. Some developers have put some cards on the table, while others have yet to show their hands. The Real Deal took a look at the players going all-in.