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Rolling the dice: Who will win three coveted New York City-area full casino licenses?
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Yeet.com, a new crypto casino and sportsbook, today announced it has raised $7.75 million in a funding round led by crypto venture fund Dragonfly, with participation from notable angel investors like Pudgy Penguins CEO Luca Netz and LayerZero CEO Bryan Pellegrino. The company plans to lease the county-owned facility that has remained largely unused since the coronavirus pandemic. Their proposal would feature a towering glass building overlooking the amusement park in the heart of the waterfront community.
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Without question, the three winning bids will have the potential to reshape the socioeconomic landscape of the New York City metro area. Currently, only video lottery terminal (VLT) wagering is available in this region at places like Resorts World New York City Casino at Aqueduct Racetrack and MGM Empire City at Yonkers Raceway — with the parlors helping to support the horse racing industry statewide. In order to make this happen, the group is working with legislators to get a bill passed to amend the South Carolina Code of Laws. It aims to establish the ‘South Carolina Gaming Commission’ to award casino licenses in certain counties. A handful of speakers supported the zoning change, but those who did highlighted the potential economic benefits of the Sands Corp. proposal.
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Their role is to gauge the interest of the community and make a recommendation. At least four of the six committee members must approve of the plan for it to move forward. The Sands Corporation said even if all that happened, the project could still be five to seven years away. The vast majority of neighbors at the meeting were against any kind of resort and casino, and they made their voices heard.
To a large extent, that corridor has been left behind on economic growth for quite some time and so they need it,” Hefner said. A recent economic development study shows that the investment in the Santee area would support the underdeveloped Orangeburg community. The study found it would generate over $75 million in annual tax revenue according to Santee Development Corporation.
Some framed their opposition in religious terms and argued gambling would undermine the city’s family-friendly character. An official with University of Dallas, which would neighbor the resort, was among those to voice concerns about the plans. More than 170 people signed up to speak before the early Friday vote, with every speaker either criticizing Sands Corp.’s proposal or the city’s process. It is a good start, but having a license from a good regulator does not automatically guarantee that a yesplay online will treat you well. At the same time, having a license from a bad regulator does not mean that the casino will be unfair and try to scam you. There are good and bad casinos on both sides of the licensing spectrum.
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