Fierce competition
The battle to secure one of three $500m downstate New York casino licenses is nearing a conclusion, as only four proposals are left in the fight. Queens, Yonkers, and the Bronx all have a chance of housing a casino, while Manhattan and Brooklyn are left out in the cold.
the New York State Gaming Commission (NYSGC) will make its final decisions before the end of 2025
It’s been a long-running process as lawmakers first approved the plan to issue these licenses in April 2022. The hope is that the New York State Gaming Commission (NYSGC) will make its final decisions before the end of 2025, after the Gaming Facility Location Board has had its say.
Some proposals failed to get off the ground, such as Saks Fifth Avenue, Wynn Resorts in Hudson Yards, and Las Vegas Sands. The latter withdrew a proposal in Long Island due to concerns about online casino legalization. They all dropped out before the Community Advisory Committee (CAC) stage.
Others were left disappointed after local leaders opposed projects with their final votes, like the Jay-Z-backed Times Square casino, the Coney Island pitch, The Avenir on the West Side of Manhattan, and Freedom Plaza.
MGM planning more modest investment
MGM Empire City was the first proposal to pass a CAC vote, gaining approval on September 25. The plan is to spend about $2.3bn develop the facility in Yonkers to start offering live table games, expand the retail sportsbook, and build a 5,000-seat venue. MGM believes all this work could be completed by mid-2029, allowing it to get up and running sooner than a project built from scratch.
MGM Empire City has always been a frontrunner to secure a license alongside Resorts World
While locals expressed concerns about the traffic, noise, and infrastructure strain the expanded facility might cause, MGM Empire City has always been a frontrunner to secure a license alongside Resorts World New York City. They’re already operating slots parlors in the area and claim they can expand in stages, which reduces some of the risks associated with the projects.
Ambitious plans for Resorts World
The Genting-owned Resorts World New York City received CAC approval the same day as MGM Empire City. Currently housing the Aqueduct Racetrack, the facility will expand with $5.5bn in investment, including a 350,000 square-foot gaming floor, 1,600 new hotel rooms, and a 7,000-seat arena for the 5.6 million-square-foot integrated resort.
allowing it to generate an estimated $1bn in extra revenue in 2026
The company’s plans are ambitious. It’s aiming to become the “premier integrated resort” in the US and one of the best in the world. The operator plans to continue operating its existing facility while the work is ongoing, allowing it to generate an estimated $1bn in extra revenue in 2026.
Bally’s looking to get locals on board
The Bally’s Ferry Point project in the Bronx passed its CAC vote 5-1 on Monday. It’s hoping to build a resort on the site of a golf course formerly owned by the Trump Organization after buying the land in 2023 for $60m. A clause in the deal means that Bally’s will have to pay another $115m if it secures a casino license. Bally’s also had to secure land rezoning to allow for commercial usage. Mayor Eric Adams vetoed a vote by the City Council in July to enable the application to proceed.
the chance to purchase an equity stake worth up to 10% of the total project
The company intends to invest $4bn in the project, which would feature a 500,000-square-foot gaming floor, a 500-room hotel, and a 2,000-seat venue. To try to drum up local support, Bally’s has offered residents in the Bronx the chance to purchase an equity stake worth up to 10% of the total project and is pledging 1% of the property’s gross revenue to local projects.
Citi Field project overcomes sticky opposition
The fourth and final proposal to pass a CAC vote was Steve Cohen’s Citi Field project in collaboration with Hard Rock International. It received unanimous support on Tuesday, overcoming initial heavy resistance from local lawmakers.
Queens Senator Jessica Ramos had blocked the rezoning of parkland on the proposed 50-acre site on parking lots surrounding the New York Mets’ Citi Field ballpark, which looked for a time to doom the project. However, Senator John Liu was able to introduce legislation to secure rezoning despite his jurisdiction only containing a sliver of the planned site.
Metropolitan Park project intends to spend up to $8bn
The Metropolitan Park project intends to spend up to $8bn creating the casino resort complex that would feature 1,000 hotel rooms, 5,000 slot machines, and 20 acres of public park space. It is also committing significant funding to improve local infrastructure, including $460m to improve the Mets-Willets Point subway, a $163m Community Impact Fund, and building 450 affordable housing units.