New York’s Casino Licensing Nears Completion
Casino Licensing Decision Approaching After Years of Delay
More than ten years after New York voters approved casinos in the downstate area, the lengthy process to select casino operators is finally drawing to a close. The New York Gaming Facility Location Board is set to propose license awards to the final three contenders, signaling a major step forward for expanding full-scale casino gambling within New York City.
All Three Contenders Poised for Approval
The board’s upcoming announcement, scheduled for a morning session at CUNY’s Graduate Center, will be the most impactful development in New York’s casino industry since a 2013 legislative change allowed up to seven casinos statewide. While four casinos operate upstate, the three licenses designated for the New York City region have faced numerous regulatory challenges.
Experts generally expect no unexpected outcomes this time. The state anticipates earning over $1.5 billion from licensing fees, and officials are motivated to find new revenue streams amid growing budget demands. If the Gaming Facility Location Board endorses all three proposals, the state Gaming Commission is likely to confirm these recommendations when it votes later in December.
Governor Kathy Hochul expressed support for the board’s preliminary decisions, highlighting the potential for job creation and economic growth. However, the number of final contenders was reduced compared to initial expectations. From eight original applicants, only four advanced past early evaluations, and one dropped out, leaving Bally’s, Hard Rock, and Resorts World as the three finalists competing for licenses.
Projected Economic Benefits for the State
The Bally’s plan involves building a casino and hotel complex in the Bronx, projected to draw around nine million visitors yearly. The project aims to generate nearly $400 million in tax revenue and create thousands of permanent jobs. The development will occupy the former Trump Golf Links at Ferry Point, featuring a 500,000-square-foot casino, a luxury hotel with 500 rooms, a 2,000-seat entertainment venue, and various retail and dining options.
In Queens, Mets owner Steve Cohen and Hard Rock International propose the Metropolitan Park project next to Citi Field. Spanning over 50 acres, including a 25-acre public park, the project will include a Hard Rock hotel and casino among other facilities. The developers estimate that it could produce more than $1 billion in annual tax revenue and offer over 6,000 union jobs.
Resorts World aims to upgrade its existing electronic gaming site in Queens into a full-scale casino. Since it already operates at the location, it promises swift expansion and faster returns for the state. The Gaming Commission is expected to deliver its final decision by December 31, marking a significant milestone for the casino industry in New York.
