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Council approved the amended zoning proposals with no gambling portion in two separate 6-3 votes.
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The amended zoning proposals with no gambling portion passed in two separate 6-3 votes. Another factor, he explained, was the uncertainty of when or if gambling would be legalized in Texas. The Texas Legislature would need to vote to send a constitutional amendment to voters state-wide for consideration.
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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.
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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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To a large extent, that corridor has been left behind on economic growth for quite some time and so they need it,” Hefner said. A recent economic development study shows that the investment in the Santee area would support the underdeveloped Orangeburg community. The study found it would generate over $75 million in annual tax revenue according to Santee Development Corporation.
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The license would merely be an expansion with new restaurants and entertainment facilities, and not a project that has to be built from the ground up. The applicants must also meet all environmental and zoning requirements before the Gaming Facility Location Board reviews their plans. It is anticipated a final decision on the three licenses will come at the end of 2025. Like an exclusive, high-stakes game of Texas Hold’em, the process has been reserved for the uber-wealthy — with an applicant needing more than $1 billion just to be in the running.