Atlantic City’s largest casino operator wants to expand to New York.
Caesars Entertainment announced Wednesday that it has submitted its application fee to the New York State Gaming Commission with plans to build a casino in Woodbury, OrangeCounty. Described as a “world-class luxury resort” with a hotel, restaurants, bars and retail, the site is a little more than 130 miles from Atlantic City.
A proposition approved by New York voters in November, allows seven Las Vegas-style casinos to be built in the state.
"Woodbury is already a well-known destination thanks to the world-class shopping at Woodbury Common. The site is ideally suited for the development of a resort casino given its proximity to transportation and other attractions," said Gary Loveman, chairman and CEO of Caesars Entertainment. "We are delighted to be collaborating with (developer) David Flaum, whose vision and experience will play a crucial role as we work to design and develop a project that fits well with the surrounding community."
Caesars said it plans to pursue financing for the proposed project, but it may elect to include its new joint venture, Caesars Growth Partners, LLC in development. In such an event, Caesars Growth Partners would make the capital investment for the project, while Caesars Entertainment would act as the operator and share in the management fees of the project.
Caesars Growth Partners was created to help repair the financial standing of Caesars Entertainment, which has $23 billion in long-term debt. Lenders have expressed concerns over the process by which the joint venture was formed, according to published reports.
Locally, Caesars Entertainment recently reached a deal to sell the Atlantic City Country Club to the Ottinger family for an undisclosed price.