Saks Global exits race for New York's coveted casino licences
The competition for three downstate New York casino licences has narrowed after a major bidder pulled out. Saks Global, which once planned a high-end casino inside its iconic Midtown store, has withdrawn from the race. The move leaves 10 companies still vying for the lucrative permits. Saks Global had proposed turning the top three floors of its Saks Fifth Avenue department store into a 200,000-square-foot casino. The project faced strong opposition from local community boards and challenges tied to redeveloping parts of the historic building. These hurdles ultimately led the company to abandon its bid.
The remaining bidders must now meet strict financial requirements. Each applicant needs to invest at least $500 million in their project, alongside a licence fee of a similar amount. To strengthen their chances, many are promising significant funding for local infrastructure and community programmes.
Originally, 11 companies expressed interest in securing one of the three licences. With Saks Global’s exit, the field has shrunk, but the selection process remains on track. Officials plan to award the licences by the end of this year. The withdrawal of Saks Global simplifies the decision for regulators, though competition remains fierce. The chosen operators will need to fulfil large investment commitments and address community concerns. The final licences are set to be announced before 2025 begins.
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