{"id":326289,"date":"2025-12-01T15:40:11","date_gmt":"2025-12-01T15:40:11","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/ny-taps-3-winners-for-casino-licenses\/"},"modified":"2025-12-01T15:40:11","modified_gmt":"2025-12-01T15:40:11","slug":"ny-taps-3-winners-for-casino-licenses","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=326289","title":{"rendered":"NY Taps 3 Winners for Casino Licenses"},"content":{"rendered":"


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New York City is poised to get three casinos.\u00a0<\/p>\n

The state Gaming Facility Location Board on Monday recommended that the Gaming Commission award casino licenses to the three remaining proposals in Queens and the Bronx.\u00a0<\/p>\n

The proposals include Steve Cohen\u2019s Metropolitan Park, an $8 billion facility planned near Citi Field; the proposed $4 billion complex at Bally\u2019s Golf Links at Ferry Point; and Resorts World\u2019s $7.5 billion expansion of the Queens Aqueduct.<\/p>\n

The board assessed the proposals based on four different categories<\/a>, giving the most weight to \u201ceconomic activity and business development,\u201d which included various factors, including total planned investment, jobs potentially created and each team\u2019s ability to finance the project.\u00a0\u00a0<\/p>\n

The proposals now go to the commission, which is expected to issue the licenses by the end of December.\u00a0\u00a0<\/p>\n

The commission will not second-guess the assessment of the board, but will make sure the casino proposals meet statutory requirements<\/a>, many of which were part of the board\u2019s review, a spokesperson for the commission told TRD<\/em> in October.\u00a0<\/p>\n

The three winners were the only remaining competitors in the years-long race for one of three state licenses up for grabs.\u00a0<\/p>\n

The board\u2019s announcement comes after Community Advisory Committees eliminated four teams from the competition, including every<\/a> Manhattan proposal. In a surprise move last month, MGM Resorts dropped<\/a> its bid to turn its Yonkers facility into a full-blown casino. At the time, the company blamed the decision on \u201ca newly defined competitive landscape,\u201d pointing to the fact that the remaining proposals were clustered in a \u201csmall geographic area.\u201d\u00a0\u00a0<\/p>\n

MGM also wanted an initial 30-year license, but based on rules issued by the state in October, the company\u2019s Yonkers proposals would only qualify for 15 years.\u00a0<\/p>\n

Under the rules, in order to qualify for 30 years, an applicant would need to invest at least $10 billion. Resorts World pegs its investment at $7.5 billion, and Cohen estimates $8 billion for Metropolitan Park, which would mean a 20-year license for each. The projected investment at Bally\u2019s is $4 billion, which means it qualifies for a 15-year license.\u00a0<\/p>\n

Plans for Metropolitan Park would turn 50 acres worth of parking lots next to Citi Field into a casino complex with a Hard Rock hotel, a 5,650-person live music venue, restaurants and 25 acres of green space. As part of their casino bid, Cohen and Hark Rock International have also teamed up<\/a> with Slate Property Group to build 450 affordable housing units at 54-19 100th Street in Corona, roughly two miles from the planned casino.\u00a0\u00a0<\/p>\n

The Bally\u2019s casino would be built on 16 acres of parking lots and practice green area at Bally\u2019s Golf Links at Ferry Point. The project would include 500 hotel rooms and a 2,000-seat entertainment venue.\u00a0<\/p>\n

The planned expansion of the Queens Aqueduct would add gaming space (6,000 slot machines and 800 table games), as well as 2,000 hotel rooms and a 7,000-seat arena. Resorts World has also agreed, through an agreement with Cirrus Real Estate<\/a>, to invest in 50,000 workforce housing units citywide.\u00a0<\/p>\n

In the lead-up to Monday\u2019s announcement, Gaming Commission Chair Brian O\u2019Dwyer has emphasized that the state could issue up to three licenses and could opt to award fewer. During a September meeting, he called the competition a \u201ctabula rasa.\u201d<\/p>\n

Still, Resorts World, and MGM before it dropped out, appeared to have a leg up in the contest, given that they were already operating as slot parlors.\u00a0\u00a0<\/p>\n

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Read more<\/h4>\n

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Calculating the odds on New York’s casino bidders<\/p>\n<\/p><\/div>\n<\/article>\n

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NYC\u2019s major developers are betting they’ll win casino licenses. But what if they don’t?<\/p>\n<\/p><\/div>\n<\/article>\n

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Cards on the table: New York clinches casino bids<\/p>\n<\/p><\/div>\n<\/article>\n

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