NYC Bets Big: Three Casino Licenses awarded in Historic Expansion
Table of Contents
New York City is poised to become a major player in the lucrative casino resort market, as state regulators on Monday approved licenses for three distinct projects located in Queens, the Bronx, and near Kennedy Airport, bringing Las Vegas-style gambling to the metropolitan area, a prospect debated for years and ultimately approved by voters in 2013.
Landmark Decision Follows Years of Debate
The awards, handed down by the New York State Gaming commission during a meeting in upper Manhattan, represent a culmination of a highly competitive process. The selected projects – anchored by the new York Mets’ Citi Field, a former Trump Organization golf course, and an existing slots parlor – were chosen from a field of contenders that included enterprising proposals for Manhattan and Brooklyn.
The commission stipulated that each winning company must appoint an independent monitor to ensure adherence to financial,legal,and community investment commitments. “You all have an crucial charge ahead of you, and you can be assured that this commission takes our duty to keep your feet to the fire with great respect,” stated the commission’s chair, Brian O’Dwyer, to representatives of the approved projects.
The Winning Bids: A Look at the Projects
Hard Rock at Citi Field: Billionaire Mets owner Steve Cohen, in partnership with Hard Rock, plans an $8.1 billion casino complex adjacent to Citi Field in Queens. The project envisions a multifaceted entertainment destination, incorporating a hotel, performance venue, and retail space.
Bally’s at Ferry Point: Bally’s has proposed a roughly $4 billion casino at the Ferry Point golf course in the Bronx, a property previously operated by the Trump Organization. The plan includes a hotel, event center, and a range of dining and entertainment options.
Resorts World Expansion: Resorts World aims to invest over $5 billion to transform its existing slots parlor at Aqueduct Race Track in Queens into a full-scale casino resort, complete with a hotel, dining, and entertainment offerings.
Economic Impact and Community Concerns
New York Governor Kathy Hochul hailed the decision, predicting the projects would inject billions of dollars into the state’s transit and education systems and generate “tens of thousands of jobs.” A state panel estimated the casinos would collectively produce $7 billion in gambling tax revenue between 2027 and 2036, alongside $1.5 billion in licensing fees and nearly $6 billion in state and local taxes.
Though, the declaration was met with opposition from groups concerned about the potential for increased gambling addiction. Protesters at Monday’s meeting voiced their discontent, shouting, “You picked a billionaire over New Yorkers! Shame on you!” as they departed.
Trump Organization Stands to Benefit
The approval of Bally’s project at Ferry Point also presents a potential financial windfall for the Trump Organization. In 2023, Bally’s acquired operating rights for the city-owned golf course from the Trump Organization with a provision for an additional $115 million payment upon securing a casino license.Representatives for the Trump Organization did not respond to requests for comment regarding the anticipated payout.
manhattan Bids Fall Short
The selection process saw several high-profile proposals rejected, including plans for casinos in Manhattan’s times Square – backed by rapper Jay-Z – and on Coney Island’s boardwalk in Brooklyn. MGM also withdrew from the competition despite initial local support. The gaming Facility Location Board determined that the region’s population density and tourism levels could support all three approved projects, even with their relative proximity..
The decision on Monday, in many ways, was a formality, as millions of dollars in gambling revenues are already included in the state’s budget. The approved projects are now poised to reshape the entertainment landscape of New York City and contribute considerably to the state’s economic future.
