3 New York City casino sites get final approval from state Gaming Commission
From left, the three sites that are receiving casino licenses: Bally's Bronx, Resorts World at Aqueduct and Hard Rock at Citi Field.
ALBANY — The state Gaming Commission approved casino licenses to three New York City applicants on Monday, following the recommendation of a state board that voted earlier this month.
The licenses were granted without discussion to the Hard Rock casino adjacent to Citi Field, Bally’s at Ferry Point in the Bronx and Resorts World at Aqueduct Racetrack.
The three casinos will have to sign five-year monitoring agreements with an independent third party that will ensure the casino operators abide by community benefit agreements they signed as part of the licensure process.
Gaming Commission Chair Bryan O’Dwyer warned the casino operators the commission will take enforcement of the community benefit agreements seriously.
Gov. Kathy Hochul echoed that in a statement, adding that the three casinos will generate billions of dollars to fund transportation and education as well as create tens of thousands of jobs.
"Each of the projects made significant commitments to their communities and to New York State, and the Gaming Commission was clear that they will hold these projects accountable and make sure they keep their promises," Hochul said. "That is what New Yorkers expect and what they deserve."
The three license winners also will pay a $500 million licensing fee that primarily will benefit the Metropolitan Transportation Authority to help upgrade mass transit.
The three projects estimate generating a total of $7 billion in state tax revenue by 2036 and an additional $6 billion in hotel, property and other taxes over that span.
Attractive market
The downstate casino market has long been eyed as a potentially lucrative market by casino operators.
More than a dozen companies once promised to bid for one of the three licenses. Eight spent millions of dollars preparing site plans, figuring out zoning and unions, making public presentations and formally submitting bids in June.
But four were voted down by neighborhood screening panels and another, MGM/Yonkers Raceway, withdrew, citing economic factors.
That left just the two proposals in Queens and one in the Bronx.
When the Gaming Facility Location Board gave its recommendation earlier this month, it signaled that economics and tax revenue were its primary considerations, noting the statutory criteria outlined in state law required 70% of its scoring to hinge on potential "economic activity and development." Site impact, workforce and diversity made up the other 30%.
Board members said they were confident of the financial projections from the three applicants, even while considering market saturation and a trend of casinos nationwide overpromising financial benefits.
Opening dates
Bally's and Hard Rock said they could open in 2030. Hard Rock has partnered with Steve Cohen, the hedge fund manager who owns the Mets. Bally's acquired its site from the Trump Organization — and will pay President Donald Trump's company a $115 million fee now that it has won a license, per the parties' agreement.
Resorts World already operates a video slot machine parlor and hotel at Aqueduct and, therefore, always had promised it could be the quickest to open a full casino. It said it can open a significant portion of the full casino by June 2026.
The Gaming Commission meeting was briefly interrupted by protesters, shouting "Shame on you" and "Hochul must go."
"This is not over," one protester could be heard saying. "We will see you in court."
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It's Your Business! This month's roundup including how to protect yourself from digital scams Join NewsdayTV as we recount the top business stories on LI that you need to know about.
