The three contenders for a New York casino licence were provided an early Christmas present as the State Gaming Commission granted final approval to all projects.
The decision closely followed the New York State Gaming Facility Location Board‘s recommendation of Bally’s Bronx, Resorts World NYC and Metropolitan Park on 1 December and brings to a close a 13-year process for casino expansion in the Big Apple.
Brian O’Dwyer, the commission’s chair, welcomed the panel’s approval and said the state is looking forward to the economic and employment opportunities presented by the new ventures.
The three projects are expected to contribute $1bn annually in gaming tax by 2036, and a total of $7bn in incremental tax revenue from 2027 to 2036, as well as $1.5bn in licensing fees.
However, to ensure these promises are met, each of the new licensees is now required to appoint an outside monitor to ensure that they are adhering to the community benefits laid out in their proposals.
The three venues will pay a tax rate of at least 25% for slots and 10% for table games.
Long-term vision
Resorts World NYC, a $5.5bn expansion by Genting Group of Resorts World’s current video lottery gaming facility at the Aqueduct Racetrack, and Bally’s Bronx, set to be located at the Bally’s Links golf course, have both been granted 15-year licences by the commission.
Meanwhile, Metropolitan Park, the project planned to sit alongside the New York Mets’ Citi Field home, has been awarded a 20-year licence in recognition of the planned investment in the site.
In conjunction with Hard Rock Entertainment, the Mets’ owner Steve Cohen is planning to embark on an $8bn project to construct a casino resort complete with a hotel, live events venue and food hall.
According to the project’s proposals, the venue is expected to rake in approximately $3.9bn annually once fully operational and generate tax receipts of $850m each year.
“The Commission’s decision confirms the positive impact this project will have on New York City, the state, and the region, and we’re excited to build on our long record of delivering world-class entertainment experiences here in Queens,” said Jim Allen, Chairman of Hard Rock International.
Others fall by the wayside
The Gaming Facility Location Board initially received eight applications for the three licences. However, only four remained after they had been reviewed by their respective Community Advisor Committees (CACs).
One of the four projects to fall by the wayside during this part of the process was Caesars Palace’s proposed Times Square casino backed by the hip hop star Jay-Z.
Meanwhile, MGM Resorts did make it through the CAC process, however, the company abruptly pulled out of the casino race the day before the deadline for submitting the final bids.
MGM Resorts said it no longer made economic sense to pursue the expansion of its existing MGM Empire City venue into a fully-fledged casino resort due to a shift in the “competitive and economic assumptions” underpinning its application and the relative proximity of the four remaining projects.
Resorts World NYC and Metropolitan Park are both located in Queens, while Bally’s will build their project in the Bronx.
Despite this, the population of New York, combined with the volume of domestic and international visitors, has led the commission to believe in the financial viability of the three casinos to sit alongside each other.
Loose ends
Genting Group’s upgrade of its facility is scheduled to be the first of the casinos to open in March 2026.
At the same time as the licensing process has been progressing, Genting Bhd has been moving to acquire Genting Malaysia in an effort to fund the New York expansion.
However, at the beginning of the month, the company’s efforts were struck a crucial blow when its offer closed with Genting Bhd holding 73% of its subsidiary, just 2% below the 75% needed to complete the acquisition.
The setback was sparked by the advice given by Kenaga Investment Bank – the independent advisor appointed to assess Genting Bhd’s offer. Kenanga urged minority shareholders to reject the offer, describing it as “not fair” and arguing that shareholders would be better served on the open market.
Meanwhile, the remaining two projects are expected to open their doors in 2030.
Bally’s Corporation has committed $4bn to construct a casino which would include 3,500 slot machines and 250 table games, as well as house over 3,500 employees.
The decision to pursue expansion in New York comes despite the firm reporting $3.7bn in long-term debt as part of its third-quarter results – a near $400m rise from the same period in 2024. The project also sits alongside plans for Bally’s Las Vegas on the site of the former Tropicana Las Vegas on the Las Vegas Strip.
Soo Kim, Chairman of Bally’s Corporation, commented: “Bally’s is betting on the Bronx. Having grown up in the city, it’s an honour and privilege to be selected by the Gaming Commission to receive a license.
“Our team has worked closely with community leaders, union partners, and local stakeholders to build a project that delivers real jobs, lasting economic benefits, and a world-class entertainment destination for the Bronx.”
