New York’s Casino Competition Is Turning Into a Cutthroat Battle

• The big gamble: New York’s high-stakes casino race is down to its final bets—billion-dollar visions, community battles, and three golden licenses on the line.

• Chinese trophy: China’s costly bet on the Waldorf Astoria created a dazzling landmark rebirth but left investors questioning if the numbers will ever add up.

• Heightened stakes: Boston greenlights taller towers downtown, aiming for housing and vitality despite pushback over shadows and character.

Development

New York’s Casino Competition Is Turning Into a Cutthroat Battle

For more than three years, New York’s casino race has been less a sprint than a grinding war of attrition. Billionaires, developers, and gaming giants pitched glittering visions—Hudson Yards towers, Times Square revamps, even a Fifth Avenue casino above Saks. But the list of suitors has thinned. Some walked away, unable to muster political or community support. Others were voted down outright. The drama has made one thing clear: in this contest, community veto power has been just as decisive as billion-dollar budgets.

Now, with the application window closed, the final lineup is set. Six bids remain, but the field isn’t equal. MGM in Yonkers and Genting in Queens, both already operating racinos, are considered near-locks to win two of the three licenses. That leaves four contenders—Steve Cohen’s Flushing mega-plan, Soloviev’s Midtown East Freedom Plaza, Thor’s Coney Island resort, and Bally’s Bronx golf course gamble—vying for what’s effectively one open slot. Each proposal is more than a casino pitch; they’re packaged with promises of housing, open space, and community funds meant to appease wary neighborhoods.

The stakes go far beyond cards and dice. For City Hall, casinos represent one of the last large-scale economic development opportunities in play. Mayor Adams is pushing hard, framing them as a jobs engine and a chance to reshape struggling districts. For developers, the bids are a test of political savvy as much as financial muscle. And for the city, the outcome may reshape underutilized land, redefine local politics, and determine whether casinos can ever be sold as tools for equity in New York. By year’s end, the house may not be the only winner—the real gamble is whether communities hold the stronger hand.

Overheard

China’s $6 Billion Gamble to Rebuild the Waldorf Astoria

Eleven years ago, a breakfast meeting at Manhattan’s Peninsula Hotel set in motion one of the most ambitious and costly real estate projects in U.S. history. Chinese businessman Wu Xiaohui stunned Blackstone executives by agreeing to pay nearly $2 billion for the aging Waldorf Astoria, far above its estimated value. He envisioned transforming the 1.6 million-square-foot landmark into a combination of luxury condos and hotel rooms under Hilton’s management. What began as an aggressive three-year renovation stretched into an eight-year ordeal, with costs swelling to roughly $6 billion after factoring in construction overruns, union buyouts, and years of lost revenue while the property sat closed.

Wu’s personal downfall—arrested in China on financial crimes in 2017—forced Beijing to assume control of the project, but the overhaul continued under state-backed ownership. Construction firms gutted and rebuilt much of the property, while preserving landmarked interiors like the ornate lobby and ballroom. Upgrades included new elevators, electrical and plumbing systems, and thousands of windows. Despite pandemic delays and a glutted luxury condo market, the project pressed ahead. This fall, the Waldorf is reopening with 375 hotel rooms, 372 condominiums, and nightly rates starting at $1,500, with Hilton touting it as the crown jewel of its global brand.

Yet the financial logic behind the project remains in question. Wu saw the Waldorf as a prestige trophy, comparing its per-square-meter cost to deals in Beijing rather than New York’s fundamentals. That mindset, emblematic of China’s outbound-investment surge, drove pricing decisions more about status than sustainability. For today’s global investors, the Waldorf stands as a cautionary tale: chasing iconic assets at any cost can expose owners to political risk, market downturns, and spiraling construction budgets. The building has been reborn, but whether it will ever justify its astronomical investment is far less certain.

Boston Approves Zoning Plan to Allow Taller Towers Downtown

Boston’s planning board has approved a major zoning change that could reshape the city’s downtown skyline. The Boston Planning & Development Agency voted to allow taller towers in parts of the Financial District and Downtown Crossing, provided they include residential units. Some towers could reach up to 700 feet along Washington Street, rivaling or surpassing the height of Winthrop Center, currently the tallest building in that area. Office developments, however, would be capped at 200 feet. The plan now awaits approval from Mayor Michelle Wu.

The zoning overhaul is intended to address two major challenges: Boston’s pressing need for housing and its goal of revitalizing downtown with more vibrant retail and community spaces. By encouraging residential projects and making it easier for businesses like breweries, fitness studios, and restaurants to open, city officials hope to create a more dynamic and livable downtown. Board members pointed to the city’s office-to-residential conversion program as an example of how policy changes can breathe new life into struggling districts, with this zoning shift seen as a complement to those efforts.

Despite passing with a 4-1 vote, the plan has faced significant opposition from neighborhood groups concerned about its impact on the city’s historic character. Opponents, including the Friends of the Public Garden and the Boston Preservation Alliance, argue that taller towers could cast long shadows over parks like Boston Common and erode the charm of downtown streetscapes. While board member Raheem Shepard praised the plan as essential to keeping downtown Boston “the engine for the city,” critics worry it prioritizes growth at the expense of the area’s cultural and architectural heritage.

Office-to-Residential Playbook

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