The process for casino proposals began with eight contenders, with four moving forward after an initial elimination round to compete for up to three available casino licenses downstate.
These applicants will undergo evaluation by the Gaming Facility Location Board, with up to three licenses anticipated to be granted by year-end.
This potential financial windfall has been years in development, with various teams aiming to capitalize on the state’s much-anticipated decision.
While fully operational casinos are still a few years away, obtaining licenses is a significant milestone, especially since a voter-approved amendment in 2013 expanded gambling in the state.
Current Standing of the Four Casino Proposals
The Bronx
Location: Ferry Point, Throggs Neck
Developer: Bally’s Corporation, which manages 19 casinos across the U.S.
This proposed complex will be situated on the current Bally’s Golf Links, leveraging its proximity to the Whitestone Bridge and major highways. The project includes a 500-room hotel, a 2,000-seat event center, and 500,000 square feet of gaming space. An unusual stipulation is that if Bally’s secures the license, the Trump Organization will receive $115 million from the deal.
Queens
Location: 126th Street, Willets Point near Citi Field
Backers: Mets owner Steve Cohen and Hard Rock International.
The proposal suggests a large resort adjacent to Citi Field, featuring a full casino, hotel, multiple dining options, and a theater, along with plans for 25 acres of new parkland. Preliminary drilling is already taking place on a Citi Field parking lot, and Albany lawmakers have authorized the use of nearby state-controlled parkland for development.
Westchester
Location: 810 Yonkers Ave., Yonkers
Developer: MGM Resorts
This project aims to expand the current Empire City Casino, adding additional gambling space, restaurants, theaters, and a new parking structure.
Next Steps in the Process
Developers must complete various administrative requirements, primarily estimating the expected revenue from each proposal. The Gaming Facility Location Board has requested additional information, including revenue projections and proposed taxation on gaming earnings, by October 14.
Decision-Making Criteria for the Board
The Gaming Facility Location Board will analyze the revenue potential of each proposal, focusing on key objectives like maximizing financial benefits for the state, creating quality job opportunities, and ensuring swift construction timelines. The Board will recommend up to three finalists to the State Gaming Commission, which will verify that selected applicants meet financial and operational criteria.
Evaluating Winning Potential
Determining which project is most likely to succeed is complex. Factors include the financial investments made to gain support and projected revenues. Proposals at Citi Field estimate a revenue generation of $3.9 billion within three years, considerably higher than others. However, the Yonkers and Resorts World projects could start operations sooner as they currently function as gambling institutions.
