Saks Fifth Avenue will open a casino

Hudson's Bay Company applied for a license for gambling activities.

Hudson's Bay Company plans to open a casino in one of the top department stores in New York City Saks Fifth Avenue. The company has already applied for a license for gambling activities.

The casino is supposed to give the top three floors of 12-story Saks Fifth Avenue. It currently houses a department selling dresses, lingerie, children's books, and holiday decorations and a co-working space for SaksWork. A separate red-carpet entrance is also envisioned for the casino.

Opening casinos in iconic New York City locations are becoming a trend. Last year, Caesars Entertainment and developer SL Green announced plans to open a casino with Jay-Z in the heart of Times Square. In addition, Thor Equities plans to open a casino on Coney Island, and Las Vegas Sands plans to open a casino at the Nassau Veterans Memorial Coliseum on Long Island.

Experts expect Hudson's Bay to be able to convert the top floors of the 5th Avenue department store in less than a year, although it could take much longer to get a license from the state.

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