State Ready to Decide the Future of New York’s Prolonged Casino License Competition
Upcoming Vote Could Conclude New York’s Extended Casino License Race
After years of debate and multiple contenders, New York is approaching a critical decision that could finally resolve its drawn-out casino license competition. The state’s regulatory board is set to vote on Monday to determine which proposals will move forward, drawing significant public and industry interest.
Contest Narrows to Three Proposals Amid Financial Pressures
The competition has evolved through neighborhood disputes, shifting political landscapes, and numerous applicants. Currently, only three finalists remain, but it is uncertain if all or any will receive licenses. The five-member Gaming Facility Location Board will select up to three licensees for casino operations in the downstate area. However, they are not obligated to allocate every available license, although Albany’s budget challenges may encourage full distribution.
Each successful applicant must pay $500 million for their license and invest a similar amount in developing their casino projects. These payments aim to help the state address its financial shortfalls.
Distinct Proposals Highlight Diverse Borough Plans
The proposals represent three separate city locations. In Queens, Mets owner Steve Cohen is partnering with Hard Rock to develop an extensive resort complex on the large parking lots around Citi Field. This resort would feature a casino, a performance venue, and a food hall. While the project has drawn considerable attention from business circles, local residents have voiced concerns about potential traffic increases and congestion.
Intense Competition with Tax Issues and Zoning Approvals in Spotlight
Also in Queens, the company operating Resorts World at the Aqueduct racetrack has raised concerns over its proposed tax structure, which is higher than its rivals’. The operator seeks adjustments to level the playing field, either through tax reductions for itself or increases for competitors. Resorts World plans substantial improvements at its site, including the addition of table games and enhanced amenities.
Meanwhile, Bally’s stands as the third candidate, proposing a large casino and hotel adjacent to its Ferry Point golf course in the Bronx. After successfully navigating a complex zoning approval process supported by City Hall, Bally’s leadership is optimistic about their bid. Should Bally’s secure a license, they must fulfill a financial agreement with former golf course owners, a condition established during the property’s purchase two years ago.
Next Steps After Monday’s Vote and Final Approvals
Following the board’s vote, New York’s Gaming Commission will conduct thorough reviews of the financial and legal status of selected applicants before granting licenses. This process could potentially close a decade-long contest, although the history of New York’s casino endeavors suggests last-minute surprises are always possible.
