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News and Updates

02.08.18 - ​Resorts World opening touted as ‘rebirth’ of Catskills

"The fourth, and by far the largest, full-scale casino opened Thursday on a site that had once been a jewel of the Borscht Belt. The $1.2 billion Resorts World Catskills is composed of a 1.6 million-square-foot resort complex that had once been the site of the Concord Hotel. "This is the rebirth of the Catskills," Lt. Gov. Kathy Hochul said at the opening. "I'm tired of people talking about the glory days of the Catskills and the Borscht Belt in the past tense.""

""They could have put these four casinos anywhere, but New York state showed its heart and not its greed, when it handed out these licenses," said state Sen. John Bonacic (R-Mount Hope), chair of the Senate's Racing, Gaming and Wagering Committee, whose district includes the casino. "Sullivan County needed it the most." Casinos' economic benefit was one of the major selling points of Gov. Andrew Cuomo's campaign to pass the 2013 constitutional amendment permitting these facilities. "Unfortunately, I'm old enough to remember the thriving Catskills resorts," Cuomo said in a video message played at the event. "There were decades of disinvestment. We saw other states capitalizing at our expense." Resorts World expects to employ about 2,000 people once fully staffed."

Read the full Politico article here

02.01.18 - LIA: Farmingdale State Revs A Strong Economic Engine

Smart money: Farmingdale State College has produced billions in regional domestic product over the last nine years, according to the Long Island Association.

"Higher education on Long Island may be dominated by Hofstra and Stony Brook Universities, but a relatively small SUNY school is proving to be the region’s little economic engine that could. A new and very detailed report compiled by Long Island Association Chief Economist John Rizzo pegs Farmingdale State College’s “economic impact” over the last nine years at $2.51 billion."

“Farmingdale is an engine of opportunity for its students and the region,” [College President John] Nader said Wednesday. “The investments we make in our students clearly yield great returns.” Put it all together, and Farmingdale State’s average annual economic output weighs in at better than $314 million, according to “Solving the Brain Drain,” with the college returning roughly $5 in economic output for every $1 invested by New York State between 2009 and 2017."

"That’s nearly as impressive as the 19,800 jobs the report credits the college with creating over those nine years, with a distinct emphasis on applied sciences and technology – fields of study that directly support the rising industries rapidly forming Long Island’s new economic spine. “As the report’s title indicated, we are addressing the ‘brain drain,’” Nader said. “Our students thrive here and contribute greatly to Long Island’s future.”"

Read the full InnovateLI article here

02.01.18 - Uber, Lyft take pledge to help make cities ‘livable’

"Uber and Lyft are leaders of an industry accused of choking Manhattan with traffic. But they are among 15 transportation and technology companies that just agreed to a set of principles aimed at ensuring innovations in mobility to make cities livable. The agreement, announced Thursday by a global nonprofit dedicated to sustainability, has no enforcement provisions but means to provide a framework of cooperation among local governments, private companies and nongovernmental organizations."

"Led by the World Resources Institute, the initiative comes as the transportation industry races into uncharted territory with the development of self-driving cars and a potential shift to shared vehicles in place of personal ownership. The 10 “shared mobility principles for livable cities” that the companies signed onto are a sort of moral code for that new world."

"Asked how they would square their pledge to support the efficient use of vehicles with a business model that relies on flooding the streets with cars, representatives from Uber and Lyft said they supported congestion pricing to ease traffic. They added that their respective pooled-ride services, UberPool and LyftLine, could play a role."

Read the full Crain's New York Business article here

01.29.18 - New Catskill casino challenging Bethlehem Sands for NYC customers

"Charles Degliomini of Empire Resorts Inc. told The Morning Call that his company’s focus on the East Coast Asian gaming market was going to put Sands Bethlehem in a pinch.

“We’re going to pursue that market too, and we think we’re going to win it,” he said to Morning Call.

With a destination resort in the works and slotted for opening Feb. 8 (just before Chinese New Year), Resorts World Catskills will feature:

-100,000 square-foot casino floor

-2,150 slot machines

-Over 150 live table games

-An entertainment village

-An 18-hole Rees Jones golf course

-An indoor water park

-Private gambling salons

-18-story glass casino and hotel

This $1.2 billion investment in Sullivan County will compete with Sands Bethlehem. While Sands will maintain its location advantage, only 80 miles outside New York, it’s only winning by about 10 miles."

Read the full Play Pennsylvania article here

01.24.18 - The Madison Square Garden Company and Lyft Announce Partnership

Lyft is Now the Official Rideshare Partner of Madison Square Garden

"The Madison Square Garden Company and Lyft today announced a marketing partnership, naming the nation’s fastest-growing rideshare company as the Official Rideshare Partner of Madison Square Garden. The agreement provides Lyft with premier brand integration and exposure across Madison Square Garden’s unrivaled set of assets, including digital platforms, venue signage and presence in Madison Square Garden as well as discounts for new and existing Lyft users."

Read the full press release here

01.23.18 - JPMorgan Chase gives big raise to lowest-paid employees

"JPMorgan Chase, the city’s largest private employer, said today it will raise wages for tellers and other low-paid employees by an average of 10%. About 1,600 bank tellers and customer-service representatives in the metro area will see their pay jump to $18 an hour from the current range of $12 to $16.50 per hour. The change is effective Feb. 25."

"The pay hike is part of a broader $20 billion investment program, unveiled today. Under the plan, the bank has pledged to increase lending for mortgages and affordable housing by $10 billion and small-business lending by $4 billion. It committed $1 billion to preserve affordable rentals in distressed areas. It is also spending $5 billion on its workforce, which in the city includes 33,000 people."

"In addition to raising pay for the rank-and-file, the bank said it would lower medical-plan deductibles by $750 a year for staffers making less than $60,000."

Read the full Crain's article here

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