The final hurdles
The battle for the three downstate New York casino licenses is down to just three names after MGM Resorts abruptly withdrew from the race last week. The remaining candidates have submitted detailed plans to the New York Gaming Facility Location Board (GFLB) after getting approval from their local community advisory committees (CACs).
The last proposals standing are the Steve Cohen-backed casino beside Citi Field, a Bally’s property in The Bronx, and an expansion on the existing Resorts World New York City slots parlor into a full casino resort in Queens.
Major investment
Hard Rock International has pitched its comprehensive plan to the GFLB for developing the casino adjacent to Citi Field. It estimates that the resulting tax revenue over the suggested 30-year license period would be $33.5bn and it will generate about 42,100 jobs, directly, indirectly, and induced.
The plan is to invest $6.35bn in developing the integrated resort. Of that total, $1.75bn would go towards improving local infrastructure, developing 25 acres of new park space, and serving local youth, health, and senior service programs.
Confidence in the future
While each of the downstate casino licenses will cost approximately $500m, the properties are expected to start generating significant revenue quickly. Hard Rock estimates its Queens project will have $3.9bn in annual revenue by year three of opening and that the overall economic impact each year will reach $6.6bn.
the plan is to begin construction in January 2026
Those behind this project believe that they can make it a success due to the “unique nature of the site” and the established “world-class leadership, ownership, and management teams.” If the pitch gets the green light from the New York State Gaming Commission in December, the plan is to begin construction in January 2026.
