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Both MGM and Genting began lobbying state legislators this year to lift the ban, even offering to pay hundreds of millions of dollars in licensing fees if the moratorium was lifted early. At least not yet. We Are Motley. His coverage reflects his passion for motorcycles, booze, and guns though typically not all exercised at the same time , but his writing also covers the broader sectors of consumer goods, technology, and industrials. Moreover, New York is home to some of the richest major league sports franchises, including baseball's Yankees, basketball's Knicks, football's Giants and Jets, and hockey's Rangers. So having one that's just minutes away -- OK, an hour if you know anything about Manhattan traffic -- would be a mecca for gamblers. Industries to Invest In. Sands also hired David Paterson, a former New York governor, to lobby on its behalf. Yonkers sits a few miles north of Manhattan, the most populous city in the country, making it a prime location for a casino and sports betting operation. Search Search:. It's clear the New York City casino market is a potential mother lode for MGM Resorts, but its ambitions for casino gambling and sports wagering could turn into fool's gold if its big bet on Yonkers is delayed or -- worse yet -- if licenses are handed out to the competition instead. Planning for Retirement. Fool Podcasts. Stock Market Basics. When New York State legalized casino gambling in and established the four casinos, it created a year moratorium on issuing any additional downstate licenses in an effort to give the fledgling operators a chance to establish themselves. About Us. Gamblers currently need to drive about three hours north to Connecticut for the Mohegan Sun and Foxwoods casinos, or an equal distance to the south to gamble in Atlantic City, New Jersey. Retired: What Now? MGM has argued it will create jobs and revenue, and with Empire City having , square feet of gambling floor space -- the largest in MGM's portfolio and one of the biggest in all of North America -- the resort operator would be able to get up and running quickly. Cuomo also opposes lifting the casino moratorium, saying it was imposed for the upstate casinos. I may not be able to respond to every suggestion, but I do read them all! Have a story idea? Stock Market. Who Is the Motley Fool? The Ascent. Reach Rich here. CEO Jim Murren recently told area business executives that MGM wants to expand what's possible on the site to more closely tie sports and entertainment to the conference space and business opportunities it envisions: "Sports and live entertainment is a very big part of what we do. Think an article needs a correction? The closest one is Resorts World Catskills in Monticello, which is a two-hour drive. Andrew Cuomo rejected. Personal Finance. Author Bio Rich has been a Fool since and writing for the site since Image source: Empire City. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. New Ventures. Stock Advisor launched in February of Join Stock Advisor. The ban, which expires in , also prevents downstate tracks like Yonkers Raceway from operating a sportsbook. It believes the acre property that contains the casino and the Yonkers Raceway horse track is a potential gold mine, and it's not wrong. But convincing the politicians will likely be a hard sell, in no small part because the upstate casinos have not prospered as expected. New York does have four upstate casinos of its own, but three of them are even farther away, approaching a four-hour ride. Related Articles.{/INSERTKEYS}{/PARAGRAPH} Contact Rich here. Getting Started. {PARAGRAPH}{INSERTKEYS}Rich has been a Fool since and writing for the site since After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. We are really differentiated in how we use sports and entertainment to have a conversation. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Nov 12, at AM. Investing Best Accounts.