Steve Cohen, Bally's, Genting Win Approvals For NYC Casinos
Three multibillion-dollar developments anchored by New York City's first full-scale casinos can go forward after years of a political back-and-forth.
The decision by the five-person Gaming Facility Location Board to approve all three final applications was announced Monday. Final approval by the state Gaming Commission is expected by the end of the month.
The biggest project is a casino complex proposed next to Citi Field by New York Mets billionaire owner Steve Cohen and Hard Rock International. It would cost $8B to build and include a Hard Rock hotel, parkland, bars and restaurants, and a nearly 6,000-seat live music venue.
Bally's Corp. also got the go-ahead to build a $4B casino resort in the East Bronx next to its Ferry Point golf course, a project that would include a hotel, entertainment center and spa. The project would be the largest private development in the borough's history — and its selection as a licensee is expected to net The Trump Organization $115M as part of Bally's deal to buy the land from President Donald Trump's family business in 2023.
The third project to receive penultimate approval is Resorts World's plan to expand its gaming facility next to the Aqueduct horse racing track in Southeast Queens. The $5.5B, 5.6M SF project, backed by Resorts World's Malaysian parent, Genting Group, would span 73 acres and include 2,000 hotel rooms, a 7,000-seat venue and more than 30 restaurants.
The process to get to this point began in 2022, when the state announced plans to offer three licenses for casinos in downstate New York following four upstate licenses being doled out in 2015. Eight official bids were submitted this summer, including three in Manhattan from major development groups.
But half of those submissions were rejected by local community boards, and a fifth — MGM Resorts' proposal to expand its Empire City racino in Yonkers — was surprisingly withdrawn in October.
With final approval appearing to be a formality, each of the three casino developers will pay a $500M fee to secure the license then get to work building out developments that, combined, promise more than $17B in investment and roughly $8B in annual tax revenue.
Resorts World could start offering casino gaming at its existing facility as soon as this summer, Crain's New York Business reported. Work could begin on Cohen and Hard Rock's Metropolitan Park by next month, and both it and Bally's Ferry Point project hope to welcome gamblers by 2030.
