New York Poised to Award Up to Three Casino Licenses in Downstate Area

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The New York Gaming Facility Location Board is set to make a pivotal decision on Monday, voting on whether to award up to three coveted casino licenses for the downstate New York region. After a rigorous selection process that began with 11 bidders, only three proposals remain, vying for the opportunity to develop major casino resorts.

Key Takeaways

Three final proposals are vying for up to three casino licenses in downstate New York.
Each awarded license requires a $500 million fee and a minimum $500 million in capital investment.
The state anticipates significant revenue and job creation from these developments.

The Final Contenders

The three remaining proposals represent substantial investments and diverse locations within the outer boroughs of New York City:

Metropolitan Park (Queens): A $8 billion project proposed by Mets owner Steve Cohen in partnership with Hard Rock Entertainment. This complex would be located next to Citi Field in Flushing, Queens, and include a casino, a large hotel, a concert venue, athletic fields, and park space.
Bally’s Bronx: A $4 billion plan by Bally’s to develop a casino on a former golf course at Ferry Point in the Bronx. This site was previously owned by President Donald Trump, and Bally’s has agreed to pay the Trump Organization an additional $115 million if the license is awarded.
Resorts World (Queens): An expansion of the existing facility at Aqueduct Racetrack. Genting, the operator, already runs a successful video slot machine parlor and proposes a full casino resort with a hotel, arena, and numerous dining and entertainment options.

Financial Stakes and State Revenue

The state stands to gain significantly from the licensing fees and investments. Each successful applicant must pay $500 million for a license, with these funds earmarked for the Metropolitan Transportation Authority to support mass transit improvements. Furthermore, each project commits to at least $500 million in capital investments, promising substantial economic activity and job creation, including an estimated 1,000 construction jobs per project and more long-term employment.

A Long Road to Decision

The process for awarding these downstate casino licenses has been lengthy, dating back to a statewide referendum in 2013. While some experts caution that the casino market may be maturing and revenue projections can be volatile, proponents argue that these developments will still bring significant economic benefits and jobs to the region. The Gaming Facility Location Board will convene to cast its vote, with the potential to award all three licenses or none, depending on their assessment of the proposals.