All three casino projects slated for New York City won approval from the New York State Gaming Commission on Monday (December 15), paving the way for the first large-scale gaming operations to operate legally within the city itself. The approvals were announced during Monday’s New York State Gaming Commission meeting and included the Hard Rock Metropolitan Park projects by Queens Future, LLC, Resorts World New York City by Genting New York, LLC and Bally’s Bronx by Bally’s Corporation.
Formal approval follows previous authorization
Earlier this month, state officials gave initial approval for all three licenses, so the formal approval isn’t a big surprise. Formal approval, decided today, depended on the “safety, suitability and background” of the applicants, all of which have been set out previously. The licenses were issued under the condition that the companies appoint third-party monitors to ensure they comply with state law and deliver on their promises and local investments made to communities.
Details of approved casino proposals
For those who are not yet familiar with the proposals that were approved today, ReadWrite has compiled a table below for easy reference:
|
Casino Project |
Location |
Cost |
Size |
Games |
|
Hard Rock Metropolitan Park |
blush queens |
$8.1 billion |
78 acres |
5,000 slot machines, 375 table games, 30 poker tables, 18,000 square meters. Foot. sports betting |
|
Bally’s Bronx |
Ferry Point, Bronx |
$4 billion |
16 acres |
3500 slot machines, 250 table games, poker room |
|
Resorts World New York |
Jamaica, Queens |
$5.6 billion |
500,000 square feet. Foot. (Extension of existing property) |
6,000 slot machines, 800 table games |
Expected fiscal impact for the state and beyond
While no approved casinos are located within the boundaries of what many consider the borough most synonymous with finance, Manhattan, they still anticipate a major financial impact. Aside from approximately $1.5 billion in casino licensing fees going to New York State, there are additional financial benefits to be had. The New York State Gaming Facility Siting Board projects that incremental gaming tax revenue will total $7 billion between 2027 and 2036. Additionally, the Siting Board projected that state and local taxes would generate approximately $5.9 billion.
Notable financial beneficiaries of the projects include Nas, who backs Resorts World New York City, and the Trump Organization, which would receive $115 million when Bally is granted a license, as the property is located next to a golf course, the lease for which Bally’s purchased from the Trump Organization.
Multi-year approval process
The process itself has been long and involved numerous considerations. To provide context, the Gaming Facilities Siting Board’s initial request for applications was released on January 3, 2023, nearly three years before final approvals were granted. It is also worth noting that considerable work was done before the official Request for Applications was published. Of course, it goes without saying that there is still a long way to go from this point.
Opening dates and times are still under development.
It is unclear when these approvals will result in the launch of fully realized casino projects, although Genting has stated that it plans to have hundreds of table games available by the end of March 2026. Genting has perhaps the easiest path ahead of all the approved proposals, as it already operates the existing Resorts World New York City Casino on the grounds of Aqueduct Racetrack. ReadWrite will report on future schedules as they become available.
Cover image: Patrick Tomasso/Unsplash
The post New York Approves Three Casino Licenses, Clearing the Way for New York’s First Large-Scale Casinos appeared first on ReadWrite.
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