Ader enters race
Jason Ader, CEO of asset management firm SpringOwl, plans to put forward a $3bn+ bid for a New York-area casino license, with his proposal including a landing pad for flying cars and the world’s largest cryptocurrency trading floor.
Via Twitter, eToro’s head of US marketing Brad Michelson shared news of Ader’s innovative plan that he intends to pitch to the New York State Gaming Commission (NYGC) by Friday this week:
In an interview reported by Bloomberg on Tuesday, Ader explained his reasons for the interesting pitch. “The goal is to have a differentiated but comprehensive approach to entertainment that goes beyond casino gaming with some pretty cool elements,” Ader said.
The ex-casino analyst’s project will also feature an esports arena and convention space for events like the New York Fashion Week.
Is the future Mirai?
Ex-Las Vegas Sands board member Ader is going after one of three casino licenses still up for grabs in downstate New York. Just three more licenses remain as part of a 2013 ballot measure that made provisions for seven new non-tribal casinos. Developers have already built four upstate.
a price tag to match its lofty ambitions
Ader has christened his project Mirai, which means future in Japanese, and comes with a price tag to match its lofty ambitions. The site has yet to be determined, but the CEO labeled Manhattan his preferred location, with the project cost of $3bn+ dependent on this factor.
The chief executive’s New York casino pitch will come via a new business he is forming in partnership with Universal Entertainment Corp., a Japanese gaming machine giant also active in the integrated resort industry and media content business.
As a pitch sweetener, Ader said his new debt-free firm will benefit from Universal’s experience building the multibillion-dollar Okada Manila resort in the Philippines.
A tempting casino prospect
In October, Hard Rock International chairman Jim Allen also revealed plans to submit an expression of interest for a New York casino license before the December 10 deadline. Among the several major gaming brands also reportedly interested in the three licenses are Bally’s Corporation, Caesars Entertainment, MGM Resorts International, and Wynn Resorts.
Other interested parties include Genting Group, which owns slot gaming parlors at New York-area horse-racing tracks, and Sands. The latter has, according to Bloomberg, held preliminary talks with New York Mets owner Steve Cohen about raising a casino near Citi Field.
With local legislators against a Manhattan casino, other location options for the pitching brands include Long Island and neighboring counties. A recent study by the NYGC projected that three full casinos entering the downstate region’s market could bring in additional revenue of $420m to $630m per year.