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Potential economic impact of Irving development
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- The Santee Development Corporation said not a dime of public money would be used.
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The Santee Development Corporation said not a dime of public money would be used. There are not any state or county incentives and it would all be privately funded. Boekenheide’s presentation before City Council members largely echoed what he showed planning and zoning commissioners Monday, but he took time at the end to respond to concerns raised and allegations made against the company. Irving council member Luis Canosa, who represents District 4, twice made a motion to include a ban on gaming in the zoning amendment but did not receive a second to trigger a vote of the entire council.
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The Midtown East proposal, which would also involve the construction of a new development, is led by real estate billionaire Stefan Soloviev and the Mohegan Tribe. It calls for a 1,200-room hotel, about 1,300 apartments, and an underground casino—all to go up just south of the United Nations headquarters. Both Resorts World NYC and MGM Empire city are likely to have little community resistance, pundits say, and would be able to convert to a full casino relatively quickly. Furthermore, they have the infrastructure needed for expansion, with parking and access to highways.
Potential economic impact of Irving development
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The company aims to create a Monte Carlo-style playtsogo casino that will attract wealthy tourists from around the world. According to reports, SL Green has also pledged to use a portion of the casino’s revenues to fund safety and sanitation improvements in Times Square. SL Green Realty, Caesars Entertainment, and Jay-Z have put together the proposal. The Times Square plan involves redeveloping 1515 Broadway, an office skyscraper in the heart of Times Square by West 44th Street that has an existing Broadway theater located on the ground floor. The casino would be housed in the building, which would also include a hotel and restaurants. Resorts World’s expansion plan includes the creation of a new 50-acre park on the Aqueduct Racetrack site, as well as a 7,000 sq.
Some framed their opposition in religious terms and argued gambling would undermine the city’s family-friendly character. An official with University of Dallas, which would neighbor the resort, was among those to voice concerns about the plans. More than 170 people signed up to speak before the early Friday vote, with every speaker either criticizing Sands Corp.’s proposal or the city’s process. It is a good start, but having a license from a good regulator does not automatically guarantee that a casino will treat you well. At the same time, having a license from a bad regulator does not mean that the casino will be unfair and try to scam you. There are good and bad casinos on both sides of the licensing spectrum.
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Without question, the three winning bids will have the potential to reshape the socioeconomic landscape of the New York City metro area. Currently, only video lottery terminal (VLT) wagering is available in this region at places like Resorts World New York City Casino at Aqueduct Racetrack and MGM Empire City at Yonkers Raceway — with the parlors helping to support the horse racing industry statewide. In order to make this happen, the group is working with legislators to get a bill passed to amend the South Carolina Code of Laws. It aims to establish the ‘South Carolina Gaming Commission’ to award casino licenses in certain counties. A handful of speakers supported the zoning change, but those who did highlighted the potential economic benefits of the Sands Corp. proposal.
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The ante to merely apply is $1 million, with successful bidders required to pay $500 million upfront for the license and at least $500 million as part of a development plan. Licenses will be good for a minimum of 10 years and a maximum of 30 years. The bidders include some of the state’s wealthiest interests, often in partnership with major gaming outlets across the country — stretching from Connecticut to Las Vegas.
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- Irving council member Luis Canosa, who represents District 4, twice made a motion to include a ban on gaming in the zoning amendment but did not receive a second to trigger a vote of the entire council.
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Boekenheide had said the project is projected to generate as many as 9,000 full-time and well-paying jobs. The investment, he added, could total as much as $4 billion, possibly netting millions in tax revenues for Irving. During the public comment session Monday, most speakers critiqued Sands Corp.’s plans, citing a range of concerns regarding public safety and gambling addiction.
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