Jason Ader's proposal

New York City $3B casino pitch to include world's largest cryptocurrency trading floor

Jason Ader, a former casino analyst and Sands board member.
2021-12-09
Reading time 1:28 min

A casino pitch for New York City includes what would be the world’s largest cryptocurrency trading floor. The plans will be submitted by money manager Jason Ader on Friday, and also feature a landing pad for flying cars and an esports arena.

A site for the project, which would cost about $3 billion or more, has not yet been confirmed, although Ader said the preferred location would be Manhattan. The casino would also feature space for events, including the New York Fashion Week, reports Bloomberg.

“The goal is to have a differentiated but comprehensive approach to entertainment that goes beyond casino gaming with some pretty cool elements,” Ader said in an interview on Tuesday. The resort would be called “Mirai,” which means future in Japanese.

Ader, both a former casino analyst and Sands board member, will make his bid through a new business in partnership with Japanese gambling company Universal Entertainment Corp. Ader-founded blank check company 26 Capital Acquisition Corp. is merging with a Philippines-based casino resort owned by Universal.

The new company resulting from the merger will be debt-free, described Ader, and will benefit from Universal’s experience building the millionaire Okada Manila resort. While Ader considers Manhattan the best site for the casino, local legislators have opposed venues to be built in the area, which means other sites would have to be considered.

The New York State Gaming Commission has set December 10 as the deadline to receive requests for information for up to three new casino licenses in the southernmost part of the state, authorized as part of a 2013 ballot measure to allow seven new non-tribal casinos.

MGM Resorts International and Genting Group, which already own slot machine parlors and horse racing tracks in New York, are expected to seek the expanded casino offerings, further reports Bloomberg. Bally’s Corp. and Las Vegas Sands Corp. have also been reported as interested in pursuing a casino license.

The request for information was first launched on October 20, 2021, and was directed to seek information from parties interested in developing and/or operating gaming facilities in the area.

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