Casino developer Mohegan recently proposed a casino megaproject near the United Nations headquarters in New York City. Located on Manhattan’s east side, the Freedom Plaza development is a proposed entertainment district offering sustainable green spaces, a first-class hotel, two residential towers, a Ferris Wheel, the world’s first Democracy Museum and, most significantly to our readers, a casino.
If approved, this will become Manhattan’s first Vegas-style casino and has the potential to lead to similar projects being greenlit around New York and other parts of the country. This could be a monumental move for the gambling industry in the USA.
What is the Proposal?
Major casino developers have been hungering to build in New York City for many years, and it finally seems their desires could come to fruition. This would be a Las Vegas-inspired megacomplex complete with a vast range of hotel rooms and entertainment facilities.
The proposal is from Mohegan, an extension of the Mohegan Tribe of Indians of Connecticut and is the owner, developer, and manager of eight premier integrated entertainment resorts in the United States, Canada, and Northern Asia.
Economic Use of Space
The behemoth company wants to develop on a 6.7-acre plot of land owned by Soloviev Group, located between Grand Central Station and the 34th Street ferry. The latest reports say that the landowner is open to the partnership, and plans could be put in motion shortly.
The casino itself will be underground, while the main building will tower over the city and include 1,200 rooms. The centerpiece will be the Ferris wheel, which would be located within four acres of garden area, and would be visible from much of Manhattan.
Why Now is the Right Time
The USA’s gambling industry has enjoyed an incredible surge over the last decade. According to the American Gaming Association, the industry generated an enormous $60.42 billion in revenue in 2022, an increase of 13.9% from the previous year. It’s clear that millions of people across the country want to gamble!
As of 2022, 25 states have legalized commercial casinos or racinos, and 44 states allow casino gambling in one form or another. The industry supports over 1.8 million jobs and pays more than $41 billion in taxes, meaning that it is a major source of income for local governments around the country.
Massive Tourism Boost
It’s important to note that the tourism industry in New York City could do with a boost, as visitor figures have declined over the last few years. The New York State Comptroller Office estimates that tourism’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020. The Mohegan Casino Megaproject could be just what the Big Apple needs to reignite this sector.
The project is expected to attract over 10 million visitors annually. This influx of tourists would help reinvigorate the local economy by staying in local hotels, dining in local restaurants and shopping in local stores.
Why the Mohegan Casino Megaproject is a Good Move
The proposed Mohegan Casino Megaproject in New York City is a smart move for several reasons. Firstly, it will provide a significant boost to the economy. The project is expected to create over 10,000 jobs during construction and another 4,000 high paying, permanent jobs once the casino is operational. Additionally, the casino will generate a serious injection of tax revenue for the state of New York over the next decade.
The Mohegan Casino will also provide a fresh form of entertainment for both locals and tourists. New York City has long been known for its Broadway shows, museums, and other cultural offerings, but it lacks a world-class casino. The Mohegan project would fill this gap. The addition of an iconic Ferris wheel and community focused green space makes it an even more attractive proposition.
The Potential to Influence Other Projects
If approved, the Mohegan Casino has the potential to influence similar projects to be developed around New York and other parts of the country. New York City has long been a hub of innovation and a trendsetter. If this project is successful, it could inspire other casino developers to invest in similar concepts, creating a domino effect that could help boost the national economy even further.
The Mohegan Casino Megaproject is a smart move. The project will provide a significant boost to the economy, attract tourists from all over the world, and bring a new form of entertainment to the city. New York City’s tourism sector is struggling, and this project could be just what the city needs to get back on its feet.
Sources:
New York Times: New Manhattan Casino Bid Includes a Ferris Wheel Near the U.N.
American Gaming Association: Gaming Revenue Tracker
TheDay.com: Mohegan Teaming with New York Developer on Manhattan Casino Bid
