Latest news with #NewYorkCity-area
Business Insider
5 days ago
- Business
- Business Insider
The chaos that has plagued Newark is over after lots of 'begging' for help, United's CEO says
After a spell of severe disruption, Newark Airport is back to normal operations — and United Airlines is reaping the benefits. Chronic understaffing, technology outages, and runway construction caused delays of up to five hours in April and May. This was particularly damaging for United, given that it operates around 70% of flights at the New Jersey airport. Following calls for action from the airline's CEO, Scott Kirby, the Federal Aviation Administration limited the number of flights in and out of Newark in late May. In United's second-quarter earnings call on Thursday, Kirby said he was "incredibly appreciative" to government officials and agencies for "finally putting Newark on a level playing field with LaGuardia and JFK." "I've literally been begging them to do that from the time I've been here at United," he added. "It's simple math." The airline reported that its Newark operation regained the title of best on-time performance among New York City-area airports for June. Alongside the hourly flight caps, technology has been upgraded, and runway construction was completed nearly two weeks ahead of schedule. The Port Authority of New York and New Jersey, which operates the airport, did not immediately respond to a request for comment sent outside regular working hours. Toby Enqvist, United's chief operating officer, said the chaos and "extensive negative news coverage" drove away bookings and saw load factors drop by 15 percentage points. That meant margins for the second quarter fell 1.2 percentage points, he added. "Bookings have largely recovered, and we don't expect any impact in Q4 because Newark isn't just back to normal, it's running better than ever," Enqvist said. United reported second-quarter profits of $1 billion, beating Wall Street expectations, on revenues of $15.2 billion. Its share price rose about 3%. Airline stocks have whipsawed this year due to concerns over reduced demand due to economic volatility, largely linked to Donald Trump's tariff plans. However, demand is now coming back. "The economy hit a turning point, an inflection point, at the end of June, and I expect that to continue," Kirby said.
Business Times
08-07-2025
- Business
- Business Times
New York City casinos could become world's biggest, bidders predict
[NEW YORK] Bidders for three New York City-area casino licences are projecting revenue that would place them among the most lucrative resorts in the world, according to an analysis of their proposals. In Manhattan, the Freedom Plaza project is expected to generate US$2.2 billion in annual revenue in its first year of operation, rising to US$4.2 billion by year 10, while billionaire Steve Cohen's project near Citi Field in Queens is forecast to produce US$3.9 billion annually by year three, according to executive summaries the bidders filed with the New York State Gaming Facility Location Board. Those sums rival some of the world's top casino performers. Las Vegas Sands' Marina Bay Sands resort in Singapore generated US$4.2 billion in total revenue last year. Wynn Resorts' two Las Vegas casinos, the Wynn and Encore, produced a combined US$2.57 billion in revenue in 2024. The Coney, a resort proposed for Coney Island, is the only project that shared specific revenue estimates by source and year. Its backers, including real estate investor Joe Sitt, project US$669 million in table-game revenue and US$754 million in slot-machine revenue in its first year of operation. By comparison, Wynn's two Las Vegas casinos generated US$611 million from table games and US$446 million from slots last year. Eight bidders submitted proposals on Jun 27. Their bids still need approval from groups of state and local officials, and will be summited to the state location board if they pass muster. The board plans to pick the winners by Dec 1. The projects would bring the first full-fledged casinos to America's most-populous city. The bidders are a mix of billionaires, property owners and established casino operators. Three of the proposals are for Manhattan, with the rest in a suburb or outer borough. Revenue estimates are just projections, and the numbers may change as the bidders update their offers later in the process. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Caesars Entertainment has proposed a casino in Times Square that it said would generate US$23.3 billion in gambling revenue alone over 10 years. A spokesperson for the project called it an opportunity to generate 'historic tax revenue' for the city. 'We see all of Times Square becoming the resort, with local restaurants, hotels and Broadway theaters all directly benefiting,' the spokesperson said. The Avenir, from developer Larry Silverstein, projects US$2.5 billion in gambling revenue in its first full year. 'Locating a destination casino in Manhattan will generate the most revenue for the state, according to New York's own independent study,' the Avenir executive summary said. 'It is not in the economic interest of Manhattan to force its tourists to travel to other boroughs to enjoy gaming and its amenities.' A study by consultants Spectrum Gaming Group projected nearly US$2.1 billion in gambling revenue for a hypothetical Manhattan-based casino, with ones in the outskirts generating far less. MGM Resorts International, which operates a slot-machine-only facility in Yonkers, and Genting Group's Resorts World, which has a similar property next to the Aqueduct racetrack in Queens, said their gambling revenue would more than double if they're allowed to add table games like blackjack and sports betting. MGM projected casino revenue of as much as US$1.39 billion annually, while Resorts World said its casino revenue would jump to US$2.2 billion a year by 2027. Projections from eager developers can sometimes get ahead of reality. The first four casinos to open in upstate New York fell short of initial projections, as did a temporary casino Bally's opened in Chicago in 2023, ahead of a bigger resort it's building there. Bally's, which is proposing a casino at a company-owned golf course in the Bronx, is projecting US$1 billion a year in gambling revenue when it opens. It said the resort would generate US$200 million annually in gaming-related taxes. As part of the New York bidding process, candidates will suggest their own tax rates for their casino revenue, a process designed to maximise the state's take. That last step has not happened yet. Two of the New York bidders said they were using the minimum 10 per cent tax rate on table games and 25 per cent rate on slot machines required by the state to estimate their proposed tax contributions. Others did not specify tax rates. BLOOMBERG
New York Post
01-07-2025
- Sport
- New York Post
Why a brutal June could lead to a better July for these New York teams — and where it could get worse
For most New York City-area teams, June quickly devolved into a month to forget. The Knicks' season had just ended on the last day of May with a gut-wrenching Game 6 loss to the Pacers, which capped a gut-wrenching Eastern Conference finals that forever will be remembered for the Game 1 choke. That's when the chaos began. Advertisement When the calendar flipped from May, the Mets were 14 games over .500, atop the National League East and operating with a manageable injured list. While the cracks started to show for the Yankees, they still possessed a comfortable American League East edge and, of course, a captain in the middle of yet another historic season. Remember those murmurs about Aaron Judge hitting .400? The reigning champion Liberty still hadn't lost a game, and Jonquel Jones' right ankle hadn't been injured yet.
Yahoo
11-06-2025
- Business
- Yahoo
Citi Field's casino team lobbying against Bally's ahead of key Council vote
NEW YORK — A bid to build a casino in the Bronx became the subject of dueling lobbying efforts Tuesday, hours ahead of Bally's last shot to overcome a key hurdle in the City Council. The proposal for a casino at the former Trump golf course at Ferry Point — now called Bally's Golf Links — needs an added layer of approval from the state Legislature since the site is classified as public parkland. Before Albany lawmakers can take up that measure, the Council must pass a resolution permitting the move. Bally's last shot to secure that so-called home rule message before the end of Albany's legislative session is during the Council meeting Wednesday. Cue the eleventh-hour drama. As the Bronx bidder tried to whip votes in favor of the resolution, and over the objections of the local lawmaker representing the area, the team behind a competing casino bid backed by Mets owner Steve Cohen embarked on a lobbying effort of its own, according to several people familiar with the calls. 'Their large army of lobbyists is going very hard,' said one Council member familiar with the matter who requested anonymity to speak freely. Council Member Kristy Marmorato, who represents the area, presents a major challenge for Bally's: She is resisting its plans for a gaming facility in her district, according to people familiar with her position. That's made the company's effort to win over some of her fellow lawmakers more difficult, as they'd be breaching unwritten protocol by overriding a colleague on a local matter, the people said. Marmorato did not return requests for comment. Karl Rickett, a spokesperson for Metropolitan Park — the name of Cohen's proposed complex at Citi Field, which would include a casino — declined to comment. Meanwhile, other Council members have expressed reservations that if Bally's won a casino license, it would have to pay $115 million to the Trump Organization, per the companies' purchase agreement reported by the New York Times. Bally's is one of eight bidders competing for one of three New York City-area casino licenses. The field has narrowed in recent months as other bidders — including Related Companies, which had planned a gaming facility at Hudson Yards — have scrapped casino plans amid political headwinds. Late into Tuesday evening, the Council still lacked enough votes to approve the home rule for Bally's, according to multiple people familiar with the matter. That could change by the time the Council is scheduled to vote on Wednesday, and Bally's team was working Tuesday to turn around its fortunes. The state legislative session ends on Thursday, and casino applications are due to the state by June 27. The home rule resolution would simply allow the state Legislature to act, rather than automatically guaranteeing the allowance of a casino on the site. Bally's needs a separate city land use approval to compete in the state-led licensing process. The Metropolitan Park proposal recently won its required state parkland measure, known as alienation, in Albany. A Bally's spokesperson did not return a request for comment on its competitor's lobbying push.
Politico
11-06-2025
- Business
- Politico
Citi Field's casino team lobbying against Bally's ahead of key Council vote
NEW YORK — A bid to build a casino in the Bronx became the subject of dueling lobbying efforts Tuesday, hours ahead of Bally's last shot to overcome a key hurdle in the City Council. The proposal for a casino at the former Trump golf course at Ferry Point — now called Bally's Golf Links — needs an added layer of approval from the state Legislature since the site is classified as public parkland. Before Albany lawmakers can take up that measure, the Council must pass a resolution permitting the move. Bally's last shot to secure that so-called home rule message before the end of Albany's legislative session is during the Council meeting Wednesday. Cue the eleventh-hour drama. As the Bronx bidder tried to whip votes in favor of the resolution, and over the objections of the local lawmaker representing the area, the team behind a competing casino bid backed by Mets owner Steve Cohen embarked on a lobbying effort of its own, according to several people familiar with the calls. 'Their large army of lobbyists is going very hard,' said one Council member familiar with the matter who requested anonymity to speak freely. Council Member Kristy Marmorato, who represents the area, presents a major challenge for Bally's: She is resisting its plans for a gaming facility in her district, according to people familiar with her position. That's made the company's effort to win over some of her fellow lawmakers more difficult, as they'd be breaching unwritten protocol by overriding a colleague on a local matter, the people said. Marmorato did not return requests for comment. Karl Rickett, a spokesperson for Metropolitan Park — the name of Cohen's proposed complex at Citi Field, which would include a casino — declined to comment. Meanwhile, other Council members have expressed reservations that if Bally's won a casino license, it would have to pay $115 million to the Trump Organization, per the companies' purchase agreement reported by the New York Times. Bally's is one of eight bidders competing for one of three New York City-area casino licenses. The field has narrowed in recent months as other bidders — including Related Companies, which had planned a gaming facility at Hudson Yards — have scrapped casino plans amid political headwinds. Late into Tuesday evening, the Council still lacked enough votes to approve the home rule for Bally's, according to multiple people familiar with the matter. That could change by the time the Council is scheduled to vote on Wednesday, and Bally's team was working Tuesday to turn around its fortunes. The state legislative session ends on Thursday, and casino applications are due to the state by June 27. The home rule resolution would simply allow the state Legislature to act, rather than automatically guaranteeing the allowance of a casino on the site. Bally's needs a separate city land use approval to compete in the state-led licensing process. The Metropolitan Park proposal recently won its required state parkland measure, known as alienation, in Albany. A Bally's spokesperson did not return a request for comment on its competitor's lobbying push.
