The contest for up to three downstate casino licenses in New York has reached its concluding phase, with four development firms currently undergoing formal evaluation by the state’s Gaming Facility Location Board.
The final contenders are Bally’s New York Casino at Ferry Point in the Bronx; Metropolitan Park near Citi Field in Queens, which is supported by Mets owner Steve Cohen and Hard Rock International; an expansion of Resorts World New York City at Aqueduct Racetrack, driven by Malaysia’s Genting; and the proposed enhancement of MGM Empire City’s Yonkers Raceway facility in Westchester.
The five-member board, made up of experts in economic development, will review the proposals and provide their final recommendations by December 1. The New York State Gaming Commission will have the final say, but is not obligated to grant all three potential licenses.
“We must assess the overall financial landscape. What type of revenue will these developments generate for the state based on a detailed financial analysis of their potential operations?” said Vicki Been, the board’s chair, as reported by Spectrum News.
Applications will be evaluated based on anticipated tax revenue, job creation, construction timelines, financial viability, and their capacity to pay a $500 million license fee while investing an additional $500 million in their venues.
“How practical are their construction plans, and how swiftly can they commence operations?” Been added.
The competing firms have made significant investments to garner political and community backing. The team behind the Citi Field proposal alone spent $1.8 million across 14 lobbying firms in 2024, according to city reports. Genting spent nearly $1 million, Bally’s more than $900,000, and MGM approximately $300,000.
Metropolitan Park estimates its Queens resort could yield $3.9 billion in annual revenue by its third operational year and contribute $850 million in tax revenue to the state and city.
Nonetheless, industry analysts view Resorts World and MGM Empire City as early frontrunners, thanks to their ability to quickly transition existing racetrack casinos into full-scale gaming operations.
Local opposition has been particularly robust against the Citi Field project, with community organizations planning demonstrations in Queens later this month. The Bronx proposal has encountered dissent at public hearings, while the racino proposals have faced minimal opposition.
“We can issue up to three licenses,” Been stated. “However, we can choose not to award any if we determine that the applications do not generate adequate revenue or lack sufficient development.”
A prior report from the state comptroller warned against overly optimistic forecasts, noting, “Local gaming revenue is not always a guaranteed source.” They emphasized that meticulous financial planning is essential to mitigate risks while capitalizing on this revenue stream.