Tom Reeg of Caesars Entertainment Believes a New York Casino Would Generate Over $100 Million in taxes for the State

Do you ever bet on yourself? It is time for you to start betting on yourself as Tom Reeg does. The Caesars Entertainment Tom quoted to News12 Connecticut that he felt lucky about his company’s bid to enter New York State.

Tom was speaking to Sara Rosenblum during a show called Power & Politics. He believes that Caesars’ bid to bring a casino to Times Square is a good gamble as the venue will likely bring in huge earnings and good tax revenue to the state.

Reeg cited that his company was paying more than $100 million in taxes to the fourth-biggest state from sports betting.

Considering New York is a much bigger market, Caesars will probably generate more taxes for the state.

New York State has three casino licenses to give. Yet, more than ten gaming companies are campaigning for the license including Caesars. All the companies vying for the license are the who’s of who, making the competition more interesting.

What’s more, people are speculating that the gaming regulator in the state will award two licenses to Resorts World New York and MGM Empire City. These casinos offer slot machines and already have established foundations.

It would make sense to grant them the new license, allowing them to upgrade their services. This leaves only one license, with over ten companies wanting it.

So, apart from Caesars, Wynn Resorts, Las Vegas Sands, Hard Rock International, and Bally`s are vying for the New York casino license. There are several other companies to complete the list. Meanwhile, Caesars is collaborating with SL Green and Roc Nation to bring a casino to Times Square.

Caesars Bid Attracts a Fair Share of Supporters and Detractors

Every company bidding for the New York casino license has received both positive and negative feedback. Caesars is no different.

Those opposing the casino in Time Square are businesses and residents. They believe that a casino in that district will harm local businesses, especially the live theater industry. Restaurant owners also fear the presence of a casino.

Meanwhile, Caesars wants to change the narrative. The company is doing everything possible to convince the local business of the benefits of the casino.

For instance, earlier this year, Caesars said it would extend its loyalty program to the state. The participants of the program will earn reward points that they can convert into gift cards that can be used at local businesses including hotels, restaurants, clubs, and others.

Some people fear that a casino in Time Square will increase traffic to the already congested district. However, Reeg has confirmed that his company is working with experts to analyze the problem and give solutions.

New York Casino Could Be One of the Biggest Achievements for Caesars

New York is one of the biggest gambling markets worldwide. It explains why most companies want to bring their casino to the city.

Bringing a casino to Time Square would be the greatest way to diversify Caesars’ portfolio. The company already is the biggest casino operator, as it has more venues than other companies.

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