Jason Ader proposes $3 billion casino resort in New York

Summary

• Potential $3 Billion New York Casino
• Crypto gaming floor, eSports arena and flying car landing pad to be built
• Ader has competition from MGM and Las Vegas Sands Corp

Former casino analyst Jason Ader will submit his plans for an ambitious casino resort project in New York on 10 December 2021, at a time when US casinos have been asked enforce mask mandates due to the pandemic. In a recent interview, Ader elaborated his vision for the proposed casino whose estimated cost is currently said to be $3 billion.

Ader’s vision for the casino resort is an elaborate scheme as it will feature a number of new innovations in the industry. The proposed name for this casino resort is Mirai which is the Japanese word for future. Ader says this casino resort project will go beyond a quintessential casino outlet as it will cater to each aspect of entertainment.

Mirai would be the world’s largest trading arena for cryptocurrency besides operating as a casino resort. Ader also wants to include a landing pad for flying cars, an esports arena and a venue for big events like the NYFW in the project ambit.

The enterprising analyst prefers Manhattan as a location for the project. However, alternatives like Long Island and other counties in the State are also being considered as prospective site for this innovative casino project. One reason for this is because local legislators in New York have mounted strong opposition to a casino resort in Manhattan.

For the project, Ader has partnered with the Japanese gambling giant Universal Entertainment Corp. The latter is the parent company of the popular Okada Manila resort in the Philippines.

Ader’s special purpose acquisition firm 26 Capital Acquisition Corp. merged with Okada in October 2021 in a deal worth $2.6 billion. He said the Universal’s experience with Okada Manila was a huge strength for the Mirai consortium development.

Contenders Eye New York Casino Licenses

While Ader’s plans for Mirai are ambitious and optimistic, he is not the sole runner in the race for a New York casino license. The New York State Gaming Commission (NYSGC) has finalized 10 Dec as the last date for requests for information for three new unawarded commercial casino licenses in the southern part of New York.

These three licenses are a part of seven new casinos covered under the New York Casino Gambling Amendment, 2013. Four non-tribal casinos have already been built, while discussions and proposals are underway for the remaining three.

Contenders like MGM Resorts International, the Genting Group, Bally’s Corp and Las Vegas Sands Corp (where Ader was a former board member) are actively seeking an opportunity to expand their operations. MGM is eyeing an expansion from slot-machine parlors and horse-racing tracks to offerings like table games. As for the other two operators, they have already discussed a plan for a casino in Citi Field with hedge-fund manager and Mets owner, Steve Cohen.