All three casino projects slated for New York City won approval by the New York State Gaming Commission on Monday, paving the way for the first full-scale gambling operations to operate legally within the city itself. The approvals were announced during Monday’s New York State Gaming Commission meeting and included Queens Future, LLC’s Hard Rock Metropolitan Park, Genting New York, LLC’s Resorts World New York City, and Bally’s Corporation’s Bally’s Bronx projects.
Formal approval follows earlier clearance
Earlier this month, state officials gave the initial approval for all three licenses, so the formal approval doesn’t come as a huge surprise. The formal approval, decided upon today, hinged on the “security, fitness and background” of the applicants, all of which have been previously laid out. The licenses were issued under the condition that companies appoint outside monitors to ensure they comply with state law and abide by their promises and local investments made to communities.
Details of the approved casino proposals
For those who haven’t yet been familiarized 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 |
Flushing, Queens |
$8.1 Billion |
78 Acres |
5,000 Slots, 375 Table Games, 30 Poker Tables, 18,000 Sq. Ft. Sportsbook |
|
Bally’s Bronx |
Ferry Point, Bronx |
$4 Billion |
16 Acres |
3,500 Slots, 250 Table Games, Poker Room |
|
Resorts World New York City |
Jamaica, Queens |
$5.6 Billion |
500,000 Sq. Ft. (Expansion of existing property) |
6,000 Slots, 800 Table Games |
Expected fiscal impact for the state and beyond
While no approved casinos fall within the bounds of what many consider the borough most synonymous with finances, Manhattan, they do still anticipate a large 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 Location Board projects incremental gaming tax revenue to total $7 billion between 2027 and 2036. Additionally, the Location Board projected that state and local taxes would generate approximately $5.9 billion.
Notable financial beneficiaries of the projects include Nas, who is a backer of Resorts World New York City, and the Trump Organization, which would receive $115 million upon Bally’s being granted a license, as the property is located next to a golf course, of which Bally’s bought the lease from the Trump Organization.
Multi-year approval process
The process itself has been lengthy and has involved numerous considerations. To provide context, the Gaming Facility Location Board’s initial request for applications was released on January 3, 2023 – nearly three years before final approvals were awarded. It is also worth noting that considerable work was done prior to the official Request for Applications being released. Of course, it goes without saying that there is still a long way to go from this point.
Opening dates and schedules are still developing
It’s unclear when these approvals will result in fully realized casino projects being launched, 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 road ahead of all approved proposals, as it already operates the existing Resorts World New York City Casino on the grounds of the Aqueduct Racetrack. ReadWrite will report on future timelines as they become available.
Featured Image: Patrick Tomasso/Unsplash
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