New York City is at the heart of a fierce competition as two of the city’s most influential figures, Steve Cohen and Jay-Z, propose multi-billion-dollar casino projects. Both developments promise to inject substantial investments into the local economy, but they also face challenges as community concerns and political hurdles stand in their way.
Steve Cohen’s Vision for a Queens Entertainment Hub
Mets owner Steve Cohen has set his sights on transforming a 50-acre area near Citi Field in Queens into a massive entertainment hub. His ambitious Metropolitan Park project, which includes a new casino, aims to turn underutilized parking space into a bustling destination with parks, restaurants, shopping areas, and more. At the heart of the development lies a proposed casino to be managed by Hard Rock Entertainment as Cohen looks to secure one of New York’s limited casino licenses.
The project, estimated to pump $8 billion into the local economy, promises to bring over 23,000 jobs and revitalize the Willets Point area, long known for its autobody shops and scrapyards. Beyond gaming, Cohen’s plans include 20 acres of public parks, five acres of sports fields, and significant infrastructure improvements, such as enhancements to the Mets-Willets Point 7 train station, roads, and bike paths. Additionally, a “Taste of Queens” food hall and a live music venue are planned to showcase local culture.
However, the development is not without its challenges. A key issue lies in the site’s designation as parkland, requiring a state bill to “alienate” the land for commercial use. While Cohen has garnered significant support from local politicians, unions, and community groups, he faces opposition from figures like state Sen. Jessica Ramos, who has voiced her constituents’ concerns about introducing a casino to the area. Despite this, Cohen’s team remains optimistic, asserting they have ample time and support to push the project forward.
Jay-Z’s Bid for a Times Square Casino
Meanwhile, Jay-Z, through his entertainment company Roc Nation, is leading the charge to bring a casino to Times Square. Partnering with Caesars Entertainment and SL Green, Jay-Z’s proposed Caesars Palace casino aims to become a central attraction in one of the world’s most iconic districts. To win over skeptics and secure a coveted gaming license, Jay-Z has pledged a whopping $250 million in community grants to Hell’s Kitchen and the surrounding neighborhoods.
This community-driven approach begins with an immediate $15 million investment and ongoing contributions tied to 0.5% of the casino’s revenue. The funds will be managed by a community trust, ensuring that the money supports local improvements, such as childcare programs, job training, and after-school activities. Jay-Z emphasized the long-term vision of his proposal, stating, “Our vision is to give back to New York and ensure that Broadway, Hell’s Kitchen, and surrounding businesses all benefit—not just for a minute, but for the long term.”
Despite the financial promises, the Times Square casino project has encountered resistance. Local groups, including the Broadway League and the No Times Square Casino Coalition, argue that introducing a casino in such a densely populated area could negatively impact residents and the theater community. A poll conducted by the coalition found that 71% of Midtown residents oppose the casino.
In response, Roc Nation has engaged directly with the community, holding meetings with residents of nearby Manhattan Plaza, a well-known affordable housing complex for artists. To ease concerns, Roc Nation’s CEO Desiree Perez and former NYPD Commissioner Bill Bratton outlined security plans and the long-term benefits of the casino, offering $15 million in funding for the tenants’ association and an ongoing share of casino profits to support local initiatives.
The Race for New York’s Casino Licenses
Both Steve Cohen’s Queens project and Jay-Z’s Times Square proposal are competing for one of only three downstate casino licenses being issued by New York State. The competition is fierce, with other bids coming from high-profile entities, including Saks Fifth Avenue, Wynn Resorts, and Mohegan Sun. Each proposal must navigate a minefield of community concerns, political negotiations, and stiff competition, all while promising to bring substantial economic benefits to New York City.
As these casino giants battle for the state’s approval, only time will tell which project—if any—will come to life. One thing is certain: whichever project succeeds will dramatically reshape its respective corner of New York City, for better or worse.
MGM Resorts Eyes Strategic Expansion in the UAE
MGM Resorts has officially applied for a casino license in the United Arab Emirates (UAE), marking a significant move as the first major operator to pursue such an opportunity in the burgeoning Middle Eastern market. This bold step was announced by Bill Hornbuckle, CEO of MGM Resorts, during the Skift Global Forum 2024, as the company seeks to expand its global footprint into the UAE, specifically in Abu Dhabi.
MGM’s Strategic Move to Abu Dhabi
MGM’s focus on Abu Dhabi is a calculated effort to enter the region’s gaming market. Hornbuckle confirmed during the forum that the company submitted its application to the Abu Dhabi government, with the federal authorities overseeing the process. “Yes, we have [applied]. We’ve done it in Abu Dhabi,” Hornbuckle stated, explaining that both federal and local approvals are required for the license.
The UAE’s General Commercial Gaming Regulatory Authority (GCGRA) only began accepting casino license applications in July, creating a fresh opportunity that MGM was quick to seize. Despite having no operating hotels in the region, MGM’s current focus is firmly on securing the casino license, with Hornbuckle hopeful that the company will gain more clarity on the federal mandate by the end of the year.
Competitive Landscape: Wynn Resorts vs. MGM
MGM’s application follows Wynn Resorts’ high-profile development in the UAE. Wynn is investing $3.9 billion into a luxury resort in Ras Al Khaimah, expected to open in 2027, although Wynn’s casino license status remains unconfirmed. This intensifies the competition between the two casino giants, with both companies seeking to capitalize on the growing demand for entertainment in the region.
MGM has a strong foundation in the UAE, having established ties through past collaborations such as the CityCenter project in Las Vegas, which was a joint venture with Dubai World. In addition to its casino ambitions, MGM is developing a luxury resort in Dubai, set to feature brands like Bellagio and Aria, further cementing its commitment to the region.
Potential Market and Regulatory Outlook
The UAE represents a unique market opportunity for casino operators, particularly due to its large expatriate population. With expatriates making up between 80% and 90% of the UAE’s residents, the country is seen as an attractive destination for global tourists, particularly from India, China, and other Middle Eastern nations. As Hornbuckle noted, “It’s a huge travel market… Dubai airport is one of the largest airports, and I think it will be the biggest in the world.”
The broader shift towards legalized gaming in the UAE reflects changing attitudes in the region. The creation of the GCGRA signals a gradual loosening of restrictions, mirroring efforts in other Gulf states like Saudi Arabia and Qatar to diversify their tourism sectors. However, the UAE has not yet permitted its Emirati citizens to participate in casino gaming, a policy expected to continue.
MGM is optimistic about its chances, leveraging its long-standing regional relationships and proven track record in global gaming. “We’re excited by what it presents and we hope to be there,” Hornbuckle expressed.
Future Prospects: A Regional Gaming Hub?
If MGM succeeds in its bid for the casino license, it could become a key player in establishing Abu Dhabi as a premier destination for international gaming. As the UAE continues to evolve its tourism and entertainment sectors, the entrance of world-renowned operators like MGM and Wynn could transform the region into a competitive hub for the global casino industry.
A Costly Wager
The glittering lights of The Star Gold Coast casino in Queensland, Australia, recently witnessed a high-stakes drama that culminated in a landmark legal ruling. Dr. Yew Choy Wong, a prominent Singaporean businessman, has been ordered by the Supreme Court of Brisbane to settle an eye-watering gambling debt of AU$38 million (US$25.3 million) to Star Entertainment Queensland.
Five Days of Fortune’s Folly
Dr. Wong’s financial predicament stems from an intense five-day baccarat marathon at the casino. Initially, his losses totaled a staggering AU$47.3 million, but after accounting for rebates and allowances, the final tally stood at AU$38 million. Justice Melanie Hindman’s ruling includes provisions for the casino’s legal expenses and interest accrued since 2018.
A Game of High-Stakes Hide-and-Seek
Following his losing streak, Dr. Wong departed Australia without settling his substantial debt. The plot thickened when Star Entertainment attempted to cash a cheque Wong had provided during a previous visit to their Sydney establishment. In a twist worthy of a thriller, Wong had instructed his bank to stop payment, leaving the casino empty-handed and setting the stage for a protracted legal battle.
Claims and Counterclaims
Dr. Wong’s defense hinged on an alleged verbal agreement with Star’s COO, Paul Arbuckle. According to Wong, Arbuckle had promised to waive his losses up to July 30, 2018, due to Wong’s dissatisfaction with the dealers’ handling of his baccarat games. However, this claim found no support in written communications, including an apology letter from the casino, and was vehemently denied by Arbuckle himself.
The Scales of Justice Tip
Justice Hindman’s verdict came down firmly on the side of Star Entertainment. The court found no credible evidence of the alleged verbal agreement and noted discrepancies between Wong’s claims and his testimony during the trial. As a result, Dr. Wong now faces the daunting task of repaying AU$38.7 million, a sum that includes daily interest and legal costs.
Lessons from the Casino Floor
This high-profile case serves as a stark reminder of the risks inherent in high-stakes gambling. It underscores the importance of responsible gaming practices and the need for clear, documented agreements in such high-value transactions. For casual players and high rollers alike, the tale of Dr. Wong’s misfortune highlights the potential pitfalls of unchecked gambling and the importance of choosing reputable, well-regulated gaming establishments.
As the dust settles on this legal showdown, the gambling world watches with bated breath. Will Dr. Wong’s cautionary tale inspire a shift towards more responsible gaming practices, or will it be just another chapter in the long history of high-stakes gambling drama? Only time will tell, but one thing is certain: in the world of high-roller gambling, the house doesn’t always win – but it certainly knows how to collect its debts.
Wynn Las Vegas, a subsidiary of Wynn Resorts Limited, has agreed to forfeit an astounding $130 million to settle criminal allegations related to illegal financial activities. Announced by the U.S. Attorney’s Office for the Southern District of California on September 6, 2024, this settlement is believed to be the largest forfeiture ever by a casino due to admissions of criminal wrongdoing.
Allegations of Illegal Money Transfers
The allegations against Wynn Las Vegas involve conspiring with unlicensed money transmitting businesses to move funds globally, allowing foreign gamblers to bypass both U.S. and international financial regulations. These operations included sophisticated schemes that evaded financial oversight, benefiting both the casino and its patrons.
U.S. Attorney Tara McGrath emphasized that casinos, like all businesses, will be held accountable when they participate in or facilitate illegal financial activities. She stated, “Federal oversight ensures that businesses like casinos are not used as vehicles for money laundering, and we are committed to enforcing these laws to maintain a legitimate and transparent gaming industry.”
Non-Prosecution Agreement and Admissions
As part of a Non-Prosecution Agreement (NPA), Wynn Las Vegas admitted to using unlicensed money transmitting businesses to conceal the origins of large sums of money. The casino used methods such as the “Human Head” gambling strategy and “Flying Money” transfers to further obscure the flow of funds.
One significant example highlighted in the case involved an independent agent, Juan Carlos Palermo, who facilitated over 200 transactions totaling more than $17.7 million. These funds were transferred for foreign casino patrons through bank accounts tied to Wynn Las Vegas. The casino also employed a proxy gambling system to help gamblers avoid scrutiny of their financial transactions, in clear violation of U.S. law.
Government and Casino Responses
“This case showcases the complexity of financial crimes in the casino industry and our resolve to bring justice to those undermining U.S. financial regulations,” commented Christopher Davis, acting special agent in charge for Homeland Security Investigations (HSI) in San Diego. Carissa Messick from IRS-Criminal Investigation noted, “Avoiding Bank Secrecy Act requirements is a clear case of money laundering, and we will continue to pursue such violations.”
Wynn Resorts acknowledged that the $130 million forfeiture was directly tied to funds involved in the illegal transactions. The company also agreed to bolster its compliance measures to avoid future violations and expressed relief at bringing closure to this lengthy legal process, which started in 2014.
Additional Legal Matters
In addition to the forfeiture settlement, Wynn Las Vegas has recently concluded a separate legal case involving former Chairman and CEO Steve Wynn. This settlement addressed class action lawsuits related to sexual harassment allegations against Wynn, closing another chapter in the company’s legal battles.
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Government Aims for Boost in Tourism and Economic Growth
Public Support for Casino Complex
Thailand’s ambitious plan to develop a mega entertainment complex featuring casinos is moving forward, according to Deputy Finance Minister Julapun Amornvivat. In a recent statement reported by local media, Amornvivat confirmed that 80% of participants in a public hearing voiced their approval of the project.
This entertainment complex is set to attract Thai gamblers, who are expected to make up 90% of the customer base, while also boosting tourism revenues by an estimated THB 12 billion (roughly $340 million). The government hopes this project will stimulate Thailand’s economy and further strengthen its tourism industry.
Casino Bill Progresses
The push to legalise casinos in Thailand is not new. Efforts were previously backed by former Prime Minister Thavasin, and the current government, including Prime Minister Srettha Thavisin’s father, has shown strong support for continuing the initiative.
The “Casino Bill,” released for public feedback in August, lays out a 30-year licensing framework for casino operators. Casinos would need to pay THB 5 billion for the initial licence, with an annual renewal fee of THB 1 billion, and a 17% tax on gaming revenue. Thai citizens entering the casinos would be required to pay a fee not exceeding THB 5,000.
Entertainment Complex Act Nears Completion
The Finance Ministry has completed the draft of the Entertainment Complex Act, which includes casinos as a central feature. In line with Thailand’s constitution, the draft will undergo a final public hearing before being presented to the cabinet for approval.
The government envisions that these integrated entertainment complexes will be a cornerstone for driving domestic investment and tourism growth. The draft outlines stringent regulations for operators, including regular assessments every five years. After 30 years, licences could be renewed for an additional decade.
Economic Potential and Regional Competition
Thailand’s vision for the casino complex is to compete with established players in the global entertainment industry. Macau and Las Vegas currently lead the market, generating $32 billion and $30 billion in annual revenue, respectively. Singapore, which recently joined the casino complex scene, brings in $2 billion each year. With Japan planning three major projects, Thailand is racing to establish its presence and capture a share of the estimated $2.2 trillion global entertainment complex market by 2028.
The government estimates the project will generate at least THB 12 billion in tax revenue during its first year of operation, providing a significant boost to the national economy.
Opposition Voices Concerns
However, not all parties are in favour. The opposition Thai Sang Thai Party, led by spokesman Pariyes Angkurakitti, has criticised the project, citing concerns over lax law enforcement, which they fear could hinder effective regulation of the casino industry.
Next Steps
With five potential locations for the complex, including two in Bangkok, and others in the Eastern Economic Corridor, Chiang Mai, and Phuket, the government is positioning the project as a major economic driver. As discussions continue, the outcome of the final public hearing and cabinet decision will determine the future of legalised gambling in Thailand.
